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#lifehacks preliminary recommendations
At least three in five youths surveyed by the #LifeHacks panel raised concerns over cost of living, in areas such as housing, food and healthcare. In addition, while youth seek better management of their finances, many face challenges in building financial knowledge due to the complexity of financial topics, lack of time, and uncertainty about the accuracy and reliability of sources of financial information.
To support youth in increasing financial literacy, build better financial habits and be financially resilient, the #LifeHacks panel proposes a Financial Literacy Excellence (FLEX) Guide, a one-stop resource to guide youths to make informed financial decisions at important life stages, and a Starter Savings Plan to support lower-income Singaporeans in building emergency funds to improve their financial well-being.
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PRELIMINARY RECOMMENDATIONS
of youths surveyed do not see themselves as financially savvy, yet 81% feel that financial literacy is important in preparing for the future.
FINANCIAL LITERACY EXCELLENCE (FLEX) GUIDE
- A customised guide with easily digestible content and curated information to help youth make informed financial decisions at important life stages. The guide may integrate information across areas such as CPF and housing, which currently sits on separate government websites.
- Possible topics include budgeting and saving after receiving one’s first salary, purchasing insurance, buying a house and getting married.
PRELIMINARY RECOMMENDATIONS
of Singaporeans were unable to accumulate six months’ worth of emergency funds, even though majority agreed that it is essential.
STARTER SAVINGS PLAN
- A savings plan to support lower-income Singaporeans in building up three to six months of emergency funds.
- The plan may complement existing efforts that support lower-income families and introduce possible incentives to encourage savings behaviour, such as a top-up scheme by the Government or other funders, whenever a savings milestone is achieved.
MORE ABOUT
#LIFEHACKS
Young adults aged 18 to 35 face key milestones such as entering the workforce, buying a home and starting a family. They are concerned about the cost of living, with inflationary pressures leading to greater uncertainty about their future.
The #LifeHacks panel believes that financial literacy is crucial for youth. The panel aims to support young people in building good financial habits and making informed financial decisions, so that all youth – regardless of their background – can achieve their full potential.
