POSB steps up financial literacy efforts for youths, families in the heartlands
It is one of 10 financial literacy roadshows held in different communities across the country
POSB on Saturday (Nov 2) held a financial literacy event – carnival-style – in Yishun, attracting about 800 attendees.
The initiative, Your Neighbourhood Carnival, allowed children and families in the Nee Soon GRC to learn more about topics ranging from budgeting to money management skills through interactive experiences.
Nelson Neo, head of POSB, said: “Singaporeans are increasingly recognising the value of taking charge of their financial future early. While this shift is promising, we see even greater potential in strengthening retirement readiness.”
The aim of the carnival was to promote financial literacy in a “fun (and) engaging way”, he added.
Minister for Home Affairs and Minister for Law K Shanmugam, who is grassroots adviser to Nee Soon GRC GROs, said: “When we look at the needs of our community, we also think of the life skills they need. A skill that everyone can benefit from, even from a very young age, is financial literacy.”
One of the activities at the carnival was the POSB Mini Mart, where children learned how to budget with a certain amount of money. They could also visit a series of interactive ATMs to learn about money management skills via gamified experiences.
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POSB volunteers were also onsite to engage attendees about money habits and scam awareness.
Promoting financial literacy to the wider community
On the sidelines of the carnival, POSB hosted three financial literacy workshops for Nee Soon GRC residents and other members of the public. There were more than 800 sign-ups, including seniors.
The workshops discussed issues such as achieving financial freedom, Central Provident Fund schemes, and insurance and financial planning.
Shanmugam noted that banks have the resources to teach communities about financial literacy, and can do so by hosting public events. He added that this task was especially vital given the increasing number of scams each year, making awareness and education efforts all the more important.
The number of scam cases in the first half of 2024 increased by 16.3 per cent to 26,587, according to the police’s mid-year scam and cybercrime statistics. Victims lost more than S$385.6 million, a 24.6 per cent increase compared with H1 2023.
More initiatives for communities
The Your Neighbourhood Carnival is part of POSB’s Support Our Heartlands initiative, which launched in July this year. It is one of 10 financial literacy roadshows held in different communities across the country.
Neo noted that these initiatives come under the POSB brand because it is especially familiar to children – he noted that about 70 per cent of children in Singapore have a POSB bank account.
The bank also plans to expand its financial literacy outreach programmes and run workshops for up to 50,000 students from at least 100 primary and pre-schools.
POSB said it will continue to develop financial literacy programmes with partners such as the People’s Association and the National Library Board via various community clubs.
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