|
By Curriculum Planning and Development Division |
| - |
Financial literacy is not taught as a subject in the curriculum.
Our approach is to teach financial literacy concepts through
the economic messages which are infused in relevant subjects
such as Social Studies, Civics and Moral Education (CME) and
Civics.
| • |
Personal
resources are limited and have to be allocated
for different purposes. Students need
to learn to differentiate between a need
and a want and make rational choices in
purchases. |
| • |
Personal expenditure
comes from one’s current or future income.
Students need to learn the importance
of spending within one’s means and know
that spending beyond one’s earning capacity
will lead to debts which have to be repaid
by drawing on future income. |
| • |
Adequate
personal savings, early financial planning
and wise investments are important for
personal financial stability. Students
need to learn to cultivate good saving
habits, engage in financial planning early
and understand that resources can be increased
through investments. |
|
|
The sophistication and level at which each of the concepts are
pitched vary according to the age and ability levels of students.
This is done through illustrations or discussions of everyday
examples in the lessons. (Click on each example for details.)
| In a Pri 5 CME lesson on ‘Bonding with Family’,
pupils reflect on how a girl’s request for a
new pair of expensive roller blades could affect
her family’s expenses. From the lesson, students
learn the importance of considering the needs
of other family members when making decisions
on purchases of non-essential goods. They also
learn about the consequences of spending money
unwisely. |
| In a Sec 1 Social Studies lesson on ‘Managing
Population Changes – Retirement Planning’, students
are taught how to plan their expenditures and
save money using a personal ‘Money Plan’. Students
learn that they can invest their personal and
Central Provident Fund savings into different
forms of investment schemes to increase their
resources. From the lesson, students understand
the importance of good financial planning to
ensure that they will have sufficient resources
after retirement. |
| In a Sec 3 CME lesson on ‘Lifelong Learning
and Me’, students reflect on the consequences
of spending beyond one’s means. Using the strategy
of situational studies, students discuss the
consequences on a family’s financial status
when parents are unable to repay loans due to
an unforeseen retrenchment. |
|
Workshops have been organised annually to assist teachers in
the effective delivery of financial literacy concepts through
their subjects. Sample lesson plans specific to the subject
and a CD-ROM entitled ‘Promoting Financial Literacy in Schools’
have been produced and distributed to schools for teachers’
reference. Definitions, illustrations, case-studies, templates
and statistical facts are included in the CD-ROM to provide
teachers with a better understanding of the financial literacy
concepts and tools.
 |
|
CD-Rom on financial literacy. |
|
MOE is a member of the Financial Education Steering Committee
(FESC) which was formed in February 2003 to develop 'MoneySENSE',
a national financial education programme for Singapore. Through
the programme, MOE has worked with several institutions such
as the Singapore Management University, VISA and the Association
of Banks in Singapore which provide training and resources for
teachers to teach financial literacy. Schools also collaborate
with external agencies to conduct enrichment activities and
financial literacy programmes to meet the needs and interests
of their students.
Benedict Koh & Fong Wai Mun (Revised Edition) (2004) Managing
Your Money. Singapore: McGraw Hill
Benedict Koh & Fong Wai Mun (3rd Edition) (2003) Personal
Financial Planning. Singapore: Prentice Hall
|
| |
