Financial literacy institute to offer free workshops

The newly launched MoneySENSE-SP Institute for Financial Literacy will educate Singaporeans on cash management and investment planning.

The Institute will specifically try to shore up five core financial capabilities among the local population.

These include 1) understanding money and having numeracy skills to be able to evaluate costs and benefits; 2) understanding yourself, your rights and responsibilities; 3) managing money to live within one’s means; 4) planning ahead; and 5) selecting financial products.

"The Institute aims to build core financial capabilities across a broad spectrum of the Singapore population," said a release from the Monetary Authority of Singapore, which is part of the organizing MoneySENSE Financial Education Steering Committee, and Singapore Polytechnic (SP). "With a dedicated team led by Dr Alex Lum, the Institute will be able to deliver financial education to the public in a regular and structured manner."

"The Institute’s programmes will build on MoneySENSE’s work on basic money management, financial planning, and personal investing. It will offer free talks and workshops to help consumers develop capabilities to make financial decisions that directly affect them and their families," it said.

"As a start, the Institute will offer free talks and workshops to the public on the following topics in October 2012: Making the Most of Your Money, Financial Planning Begins Now, Are You Borrowing Too Much?, Do I Need Every Type of Insurance?, Building Your Nest Egg, and Investment and Financial Products," it added.