This tag is associated with 10 posts

Singapore’s Financial Literacy Problem

That 80 per cent of those who invested their monies through the Central Provident Fund Investment Scheme (CPFIS) “would have been better off leaving their monies in the Ordinary Accounts” (TODAY, Sept. 14), and that 45 per cent of them actually lost money should not come as a surprise, if these empirical findings are evaluated in the context of financial literacy rates in Singapore. Notwithstanding the limitations in its methodology – as to whether the sample might be representative of demographics – a survey conducted by Mastercard earlier this year found that even though the 422 respondents scored well in investment knowledge, retirement planning was the lowest-scoring component. Continue reading

Financial Illiteracy

Even as a business student with some knowledge of financial concepts making sense of these policies takes time and effort. On the one hand financial education should be emphasised, and on the other financial information should be presented in more intuitive ways. At the present moment many are overwhelmed by the avalanche of details and figures. Continue reading

Much Ado About Trust

Talk about trust – and the trust deficit – is not new. In a letter to The Straits Times after the haze last year consultant Mr. Devadas Krishnadas defined trust as “the confidence and conviction that the government is competent and committed to ensuring the well-being of Singaporeans”. At Singapore Perspectives 2012, a conference by the Institute of Policy Studies, academic Mr. Cherian George identified three barriers to building trust in Singapore: the credibility problem of the mainstream media, the lack of independent voices in public debates, and the conflict between national interest and interests of the dominant People’s Action Party (PAP). Continue reading