Students Taught Age-Relevant Financial Concepts at Different Levels

We thank Mr Ethan Lau ("Schools should teach young people about risks", Apr 26) and Mr Fong Cheng Hung ("Study, share good money management practices", May 4) for sharing their feedback on the need for schools to educate students about financial risks and money management practices.

The Ministry of Education (MOE) recognises the importance of financial literacy for our students, and has incorporated age-relevant concepts into the school curricula at different levels appropriately.

In secondary schools, students are guided to become responsible and discerning consumers through Food and Consumer Education where simple financial planning, spending within one's means, responsible use of credit and knowledge of consumer rights are taught.

At the pre-university level, financial literacy is taught through Character and Citizenship Education lessons to help students understand financial goals in the context of their aspirations and to empower them with the knowledge and skills to manage financial responsibilities in adulthood. Financial literacy is also included in A-Level Economics, which is studied by a sizeable proportion of our A-Level students. Students learn how to weigh costs and benefits, and consider constraints and perspectives in making well-informed decisions.

At our polytechnics and the Institute of Technical Education, all students take mandatory financial education modules to learn basic financial knowledge and practical tools, and are encouraged to cultivate good financial habits. Students learn about key financial concepts such as budgeting and compound interest, and acquire a basic understanding of national schemes such as the Central Provident Fund and how it can be used to meet their housing, healthcare and retirement adequacy needs.

At the Autonomous Universities, financial education is available through course modules in finance and investment, as well as various campus activities, workshops and talks which build awareness of good money management and financial planning.

Beyond our schools and institutions, MoneySense, Singapore's national financial education programme, has ongoing initiatives to educate consumers on financial planning including the factors to consider before committing to an investment and risks involved in trading crypto products. Individuals can also get a wealth of online resources on topics like making investments and financial planning (refer to www.moneysense.gov.sg and www.facebook.com/MoneySense).

MOE will continue to reach out to students across academic levels to inculcate essential financial literacy knowledge.

Mr Sin Kim Ho
Divisional Director, Curriculum Planning & Development Division
Ministry of Education