Key concepts of financial literacy incorporated in school curricula

We are heartened by Youth Forum writer Mathilda Poh's suggestion for students to take an interest in financial literacy (Young people must learn to be more financially savvy, April 1).

We agree it is important to teach young people financial literacy. This is why the Ministry of Education (MOE) has incorporated age-relevant financial concepts into the school curricula. For example, primary school students are taught basic concepts such as differentiating between needs and wants, as well as the value of thrift and savings. Secondary school students learn to become responsible and discerning consumers through food and consumer education, as well as learn how to respond to global economic uncertainties in social studies. Financial literacy is also included in A-level economics, where students learn how to weigh costs and benefits to make informed decisions.

Students also take part in programmes and outreach activities organised by national financial education programme MoneySense, and partners, which complement the curriculum. For example, the CPF Board created Catching Insomnia, a virtual escape game that helps students learn financial literacy concepts in a fun way.

At the institutes of higher learning, students learn to adopt a long-term perspective to pursue their financial goals. For instance, the autonomous universities offer modules in finance and investment, and campus activities, to teach students financial management skills. These programmes are reviewed regularly to help students navigate new economic threats and risks.

We agree with Mathilda that parents play a role in helping their children to be financially savvy. The Institute for Financial Literacy and MoneySense deliver the MoneySense For Your Child programme, to help parents instill good financial habits in their children from young. Parents can teach financial literacy in everyday life by setting aside a weekly budget and discussing with their children how to apportion the money daily.

We encourage all our students to stay curious and informed of global economic developments. MOE will continue to work with schools, parents, and partners to help our students develop financial literacy.

Ong Kong Hong
Divisional Director, Curriculum Planning & Development Division 1
Ministry of Education