MoneySENSE plans to set up financial literacy institute
By Satish Cheney, Channel NewsAsia | Posted: 28 November 2009 1827 hrs

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SINGAPORE: More financial education will be available for Singaporeans soon. National financial education programme MoneySENSE plans to partner a university or polytechnic to jointly set up a financial literacy institute.

The Monetary Authority of Singapore (MAS) said at the Mind Your Money seminar on Saturday that even though there are many financial education programmes now, more needs to be done.

Heng Swee Keat, managing director of MAS, said: "Building on the work of MoneySENSE, the institute will identify core financial literacy competencies at each stage of our life and develop and conduct programmes that enable us to learn those skills."

Experts said this is timely, with recent green shoots being threatened by the dark clouds of Dubai's debt crisis.

Shockwaves emerged in global markets after the Dubai government's investment firm Dubai World asked on Wednesday for a half-year delay in repaying a major portion of its US$80 billion debt.

However, experts said more time is needed to assess the real extent of the damage.

David Gerald, president and CEO, Securities Investors Association of Singapore, said: "We do not know the extent of the involvement of the banks in the loans and in this particular episode. Until the information comes out, you must not assume that things are going to be bad.

"I would want to wait for correct information and just because there are other jurisdictions where the markets have reacted, doesn't mean we need to react the same way."

While the air of uncertainty lingers on, more than 350 people attended the Mind Your Money seminar, which was presented by MoneySENSE and MediaCorp.

Lucas Chow, CEO of MediaCorp, said: "MediaCorp has always kept our pulse on the financial heartbeat for the benefit of our audience. Apart from the nightly financial reports on Singapore as well as on Asia Business Tonight, our channels produce current affairs programmes that give viewers the insight on how to manage their own investments."

Asia Business Tonight is aired Mondays to Fridays at 10.30pm on Channel NewsAsia.

Besides getting information on investing, those who came for the seminar were also treated to special appearances by local celebrities, some of whom shared their own investment experience with the crowd.


- CNA/so