The Singapore National Financial Education Program, MoneySense said on Saturday that all students of polytechnic and technical education institutes (ITEs) that will start the schools from 2019 will have to complete a financial education course.
This module was one of the three new MoneySense initiatives launched on Tuesday by the Minister of Education of the Ministry of Finance of Singapore, Ong Ye Kung.
MoneySense stated that this course "will provide our young people with a solid basis for financial ability." Almost 7,000 students who attended this successful pilot this year learned how to calculate, discover their personal habits and learn how interest interest works.
As MoneySense said, "feedback from students and lecturers was positive, and students agree that the module on saving, preparing budgets and understanding their financial personality has encouraged them to take steps to create better financial habits."
He added that several modules of curricular education for financial education with selected pupils of the second and third year will be introduced over the coming years.
During the launch, Ong said: "We have always asked people to perform physical checking from time to time … It is also important that we periodically check our financial health and make sure we are healthy financially."
It should be noted that MoneySense debated a free online financial health checking tool. He also said that they will organize several road trips to assess the financial health of the people of Singapore, identify these gaps, and take steps to address these gaps.
Although the website is now in English, MoneySense said that it aims to make a website a multilingual website. It has also strengthened its services to the Governing Board of the Central Fund (CPF) and the Housing and Development Council (HDB).
However, there will be a free individual health clinic from now until 2019 at various locations. Students of polytechnics and ITE will also be able to participate in activities in their schools. They will have the opportunity to take a financial health examination tailored to students, said MoneySense.