Principles of Accounts to be made a compulsory subject for all upper secondary students

Name and Constituency of Member of Parliament

Mr Don Wee, Chua Chu Kang GRC

Question

To ask the Minister for Education whether Principles of Accounts can be made a compulsory subject for all upper secondary students so as to improve Singaporeans' financial literacy going forward.

Response

1. Principles of Accounts (POA) is an elective subject offered at the Upper Secondary level. While the POA curriculum covers transferable skills such as analysing accounting and non-accounting information for decision-making, which students can apply in their daily lives to make sound financial decisions, the subject may appeal more to students with a particular interest in accounting topics. It is not necessary to make POA a compulsory subject just to equip students with basic financial literacy.

2. Financial literacy is already infused into subjects such as Character and Citizenship Education (CCE), Social Studies (SS) and Food and Consumer Education (FCE) that are taken by all students. In primary school, students are taught foundational concepts such as the value of thrift and spending within one's means in CCE lessons. Secondary school students are guided to become responsible and discerning consumers through simple financial planning and responsible use of credit in FCE. In SS, students learn about the need to manage trade-offs and the importance of individual responsibility in meeting the needs of individuals and society.

3. MOE will continue to review the curriculum and subject offerings in schools to ensure all students are equipped with basic financial literacy.