Summary: Teachers will be equipped to teach financial literacy, social workers to be trained too. The move, which is being rolled out as part of the national financial education programme MoneySense, is aimed at addressing various financial issues faced at different points in a person’s life. The aim is to give teenagers skills that they will find useful later in life. A survey found that more than half of the respondents do not have enough insurance to protect their dependants if something were to happen to them, while one in three did not know they were covered by MediShield. Eight out of 10 respondents save monthly, while 86 per cent do not like taking on debt. The level of financial awareness, however, is not very high, said Mr Tharman. “We can do more to help Singaporeans plan ahead, by expanding financial education for all age and income groups all over Singapore,” he said.
Opinion: In my opinion, financial literacy in school is essential for all students. Students should be taught from a young age the importance of saving and not spending extravagantly. In recent years, the number of young adults getting into credit card debts is on the rise and this poses a serious social problem. Therefore, by educating students from a young age about financial literacy, they will become responsible adults with a good sense of money. Increasing their knowledge about financial literacy also means that they can better plan for their future. Thus, introducing financial literacy from a young age is extremely essential.