Updating Existing In-school Financial Literacy Programmes Given Ready Availability of Financial Credit to Young People

Name and Constituency of Member of Parliament

Assoc Prof Razwana Begum Abdul Rahim, Nominated Member of Parliament

Question

To ask the Minister for Education with regard to the availability of financial credit to young people, whether the Ministry is considering reviewing existing in-school financial literacy programmes to ensure their relevance and effectiveness.

Response

1. The Ministry of Education (MOE) regularly reviews its financial literacy programmes to keep up to date with the evolving financial landscape. For example, the most recent review for the Secondary level was in 2023.

2. At polytechnics and the Institute of Technical Education, students take mandatory financial education modules, which cover key concepts like savings and costs of borrowing. At the Autonomous Universities, financial education is available through course modules in finance and investment, as well as various campus activities, which build awareness of good money management and financial planning.