Fact Sheet on MoneySENSE (as at 11 June 2013)
MoneySENSE is a national financial education programme launched by Mr. Lee Hsien Loong, then Deputy Prime Minister and Chairman of the MAS on 16 October 2003. MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.
Since its launch in October 2003, MoneySENSE has published over 263 educational articles in the media, organised talks, seminars and workshops that have attracted over 97,000 participants as well as issued 29 consumer guides with a total circulation exceeding 2.2 million.
MoneySENSE has also disseminated financial tips and messages in interesting ways such as a series of games at the inaugural MoneySENSE 2006 Roadshow which attracted over 89,000 visitors, organised a MoneySENSE-CPF inter-polytechnic financial education outreach that saw over 33,000 visitors, and subsequent roadshows at the Institute of Technical Education and various locations. In addition, MoneySENSE commissioned TV shows “Dollar and Sense” and “Mind Your Money” which saw over 2 million viewers and various radio programmes with total listenership exceeding 2.5 million.
The MoneySENSE programme covers 3 tiers of financial literacy:
Tier I – Basic Money Management – which covers skills in budgeting and saving, and provides tips on the responsible use of credit;
Tier II – Financial Planning – to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs; and
Tier III – Investment Know-How – which imparts knowledge about the different investment products and skills for investing.
MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee (FESC). The FESC provides strategic direction for the MoneySENSE financial education programme. It comprises representatives from the Ministry of Education, Ministry of Health, Ministry of Manpower, Ministry of Social and Family Development, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People’s Association.
The FESC works closely with the MoneySENSE Industry Working Group (MIWG) to implement MoneySENSE programmes. The MIWG comprises the Association of Banks in Singapore, the Association of Financial Advisers (Singapore), the Consumers Association of Singapore, the Financial Planning Association of Singapore, the General Insurance Association of Singapore, the Insurance and Financial Practitioners Association of Singapore, the Investment Management Association of Singapore, the Life Insurance Association of Singapore and Singapore Exchange Ltd.