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Evidence-Based Approaches To Increase Financial Literacy

Evidence-Based Approaches To Increase Financial Literacy

The evidence-based pilot programme by the Methodist Welfare Services (MWS) to help low-income households clear their debts sets a good precedent for other voluntary welfare organisations (VWOs) to track the efficacy of their endeavours, and the finding that “there was not enough evidence to suggest that the programme had worked” (TODAY, Apr. 25) could suggest the need to increase financial literacy beyond the reactive debt management, for instance, which are offered by most VWOs at present. In the past helping families increase their net worth by an average of S$2,500 would have been hailed as an achievement, yet increased rigour in assessment – through performance measurement and management (PMM) for instance, wherein data is captured and checked – holds VWOs to higher standards. Continue reading

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