Ravi Chandran
MoneySense campaign for 2020 to help Singaporeans build financial resilience
MoneySense has updated its outreach messages to help Singaporeans better manage their finances and stay resilient amidst the challenges posed by COVID-19. With a tagline of #stayunitedstayresilient, its 2020 Campaign will focus on helping Singaporeans manage their finances prudently, cope with tighter cash flows, minimise debt, and avoid scams. The campaign will run for 12 weeks from 14 August 2020.
The MoneySense campaign will provide Singaporeans three resources to help strengthen their financial resilience:
Table of Contents
MyMoneySense Expense Manager is a new free online tool that helps users review their financial situation, and better plan their resources to tide over periods of financial challenges. Users are taken on a step-by-step journey to adjust their expenses to best suit their needs.
MyMoneySense is a financial planning digital service jointly developed by the Ministry of Manpower and Government Technology Agency. Leveraging technology as the enabler, it aims to make financial planning easier for Singaporeans.
The current version of MyMoneySense is its first step towards delivering a onestop service that provides trusted, personalized, and actionable guidance in personal finance. Key features for the beta service include:
- Expense manager – a budgeting tool to help Singaporeans review their spending and set up a new budget to cope with financial challenges
- Active savings module – a 3-step guide to help young working adults save better and achieve their emergency fund and goals.
In the coming months, the service will be enhanced with more features to support an automatic consolidation of financial information from public and private sources as well as enhanced guidance in financial planning. It will also progressively expand the service over the next few years to cover financial needs of people across different life stages.
Financial Resilience Guide is a new section on the MoneySense website that helps individuals facing financial challenges could take steps to improve their financial situation. The guide provides curated information pertinent for the current period, such as coping with reduced income and meeting recurring financial obligations such as mortgage loans or insurance premiums. The section also brings together relevant information on the government’s COVID-19 relief schemes for individuals.
Financial Resilience Seminars will be organised to allow individuals to hear from experienced financial trainers and discuss issues of concern. This series of online seminars will be held jointly with the Institute for Financial Literacy (IFL) and cover a range of financial topics, including on financial issues brought on by COVID-19. Places for each session are limited.
The Institute for Financial Literacy (IFL) is a collaboration between MoneySense and Singapore Polytechnic Enterprise Pte Ltd. IFL provides free and unbiased financial education programmes to the public without promoting commercial financial products. IFL holds talks and workshops at workplaces and works with numerous social service agencies as part of their outreach.
These financial education programmes cover basic money management, financial planning and investment know-how.
The aim of these programmes is to develop Singaporeans’ core financial capabilities. Available programmes include:
- Understanding Money
- Understanding Yourself, Your Rights and Responsibilities
- Managing Everyday Money
- Planning Ahead
- Selecting Financial Products suitable for You
The public can find out more or sign up for IFL’s programmes on IFL’s website.
Handy tips and fun quizzes will also be posted on MoneySense’s social media platforms over the next 12 weeks. Members of the public can find us on Facebook by searching “moneysense” and on Instagram @moneysense_sg. On the Government website, there are articles uploaded to help make money matters simple, and individuals can also find digital tools and resources such as mortgage calculators and a Financial Health Check to help them manage their finances well.
MoneySense is Singapore’s national financial education programme, started in 2003. It seeks to help Singaporeans to manage their money well and make sound financial decisions on their own.
MoneySense aims to make money matters simple and intuitive for all Singaporeans. Its programmes and resources are:
- Practical – There is something to help everyone – whether it is with everyday financial decisions or longer-term planning.
- Unbiased – it gives objective information so that everyone can decide for themselves what works and what doesn’t.
- Relevant – it breaks things down on the latest developments relating to personal finance so that you can act promptly.
The educational programme wants to help Singaporeans:
- Have the skills, knowledge and confidence to weigh their options in financial matters
- Know their rights and responsibilities in financial decisions
- Make informed decisions when it comes to personal finances
- Plan well for their future
Beyond resources published on the MoneySense website and social media, and large-scale campaigns and seminars that MoneySense runs, our Institute for Financial Literacy also brings talks and workshops to workplaces and also for the public.
These cover a wide range of financial planning topics to help participants understand their own financial needs, make better financial decisions and plan for their financial future. The programmes are always free and unbiased. It also works with industry and community partners as well as schools on bringing financial education programmes to different target segments.
Partners
The programmes’ volunteers and partners play a valuable role in making its products a success. It works with a variety of partners from:
- Schools and Institutes of Higher Learning
- Consumer and investor associations
- Financial industry associations
- Community organisations
Governance and Stakeholders
MoneySense programmes are overseen by the MoneySense Council. The Council is co-chaired by the Monetary Authority of Singapore and the Ministry of Manpower, and comprises representatives from MCI, CPFB, HDB, GovTech, MOE, MCCY, MND, MOF, MOH, MSF, PMO, and PSD.
