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Source:
www.mas.gov.sg |
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First National Financial Literacy Survey Reveals
Encouraging Findings About Singaporeans' Approach to Money Matters |
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Mr. Tharman Shanmugaratnam, Minister for
Education and Deputy Chairman of the Monetary Authority of Singapore
(MAS) today announced findings of the first National Financial Literacy
survey at the Taman Jurong Community Club Official Opening and
Singapore's 40th National Day Celebration. |
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Commissioned by the MoneySENSE national
financial education programme, the survey revealed encouraging findings
about Singaporeans' approach to money matters. |
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The survey findings also indicate that
Singaporeans have healthy attitudes toward managing their finances.
However, there are areas for improvement as many have not translated
these positive attitudes to concrete actions. |
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While the findings are not surprising, the
survey provides empirical data confirming anecdotal evidence of how
Singaporeans approach financial matters. It also includes an aggregate
Financial Literacy Score to benchmark improvements in financial literacy
over time. |
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Key Survey Findings |
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The majority of Singaporeans save, monitor
their spending and are generally responsible in the use of credit. |
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Most Singaporeans recognize the importance
of financial planning and have taken some basic steps. Among those who
invested, many considered the risks before doing so. They also monitored
their investments. |
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While these findings are positive, the
survey showed that many do not have a clear idea of how much they would
need for their retirement. |
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Many have also not set aside sufficient cash
savings to meet emergency needs. In addition, the majority are not aware
of the key features of common financial products such as life insurance
policies and unit trusts. |
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Segmented Approach To Address Different
Groups |
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As the survey revealed varying levels of
financial literacy among different segments, MoneySENSE will adopt a
segmented approach and introduce specific initiatives to address the
needs of different target groups. |
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However, financial literacy levels
cannot be improved solely through the efforts of MoneySENSE.
Consumers also need to take the initiative to enhance their own
financial literacy and be responsible for their own financial
decisions. |
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The National Financial Literacy survey
covered 2,023 Singapore citizens and Permanent Residents between 18
to 60 years, and was undertaken in March and April 2005. |
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The survey covered three main areas -
basic money management, financial planning and investment know-how. |
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The survey aimed to: |
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(i) understand what actions Singaporeans
have taken to manage their finances; |
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(ii) assess their level of knowledge
about common financial products and services; |
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(iii) gauge the attitudes of
Singaporeans towards financial matters; |
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(iv) identify areas where more consumer
education is required; and |
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(v) measure the level of awareness of
MoneySENSE. |
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More..... |
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Source:
www.mas.gov.sg Press Release 30
Jul 2005 |
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Findings of First National Financial Literacy Survey
