Never Too Early to Get Started on Financial Education at MoneyTree AsiaPac

SPEECH BY RADM (NS) LUI TUCK YEW, MINISTER OF STATE, MINISTRY OF EDUCATION, AT CITIBANK SINGAPORE’S PREVIEW OF ‘AGENT PENNY AND WILL POWER IN OPERATION FINANCE’ COMIC BOOK AND SKIT, ON MONDAY, 24 JULY 2006, 4 PM AT NTUC CENTRE AUDITORIUM
Mr Jonathan Larsen,
Country Business Manager and CEO, Citibank Singapore Ltd

Mr Brian Tucker,
Project Manager, Learning Society

Principals and Teachers

Ladies and Gentlemen

Boys and Girls
Good afternoon
Introduction

I am pleased to be here at the official preview of “Agent Penny and Will Power in Operation Finance” comic book, by Citibank and Learning Society. I understand today’s preview follows on from the very well-received “The Adventures of Agent Penny and Will Power” last year. Such innovative initiatives complement the efforts made by our schools and the Monetary Authority of Singapore to promote financial literacy among our children, and together, they create a strong message about the values of saving and budgeting.

Never Too Early to Get Started on Financial Education

2. Instilling good money handling habits early in childhood begins a child’s life-long journey in financial education. Children who grow into adulthood without learning to appreciate the real value of money very often face the consequences later in life when they find themselves unable to manage their finances. During my time in the Navy, where I worked with young adults, I knew of a small number who succumbed to the temptation of easy credit and excessive spending, forgetting that financial independence comes with heavy responsibilities. They had to learn their lessons the hard way, through their struggle to free themselves from financial difficulty. Hence, I feel imparting such critical life-skills early is essential for preparing our children for the challenges of a constantly changing future.

3. In schools, financial education messages such as budgeting and saving, are taught through subjects such as Social Studies and Civics and Moral Education at the primary and secondary levels. The Ministry also provides resources and workshops to enhance teachers’ competency in financial literacy. However, additional opportunities extended by other organisations enhance our work greatly in reinforcing these messages. MAS’s MoneySENSE, for instance, has assisted about 30 schools in conducting extra-curricular activities such as interactive board games and inter-school financial literacy competitions, and the MoneySENSE roadshow has travelled to all the polytechnics to spread their message. At its closing ceremony, I was glad to see that many of these students who have attended these activities, in fact, are moving on to become “MoneySense ambassadors,” youths who will actively pass on their new skills to others in their community. However, we cannot rest on these efforts. As the benefits of a cashless society extend outwards, we will find that our young children will need these life-skills sooner rather than later. Our children will grow up in a society that is increasingly cashless. They are also likely to have access to credit earlier in life. It is thus important that we anticipate such developments and prepare for them. In my opinion, it is never too early to get started.

The Adventures of Agent Penny and Will Power in Operation Finance

4. I am pleased therefore, to see Citibank taking the lead in promoting financial education early in childhood. The Agent Penny comic books series was the first financial literacy initiative of its kind targeted specifically at primary schools, and its popularity testifies to its success. The creative use of an adventure comic book setting and superhero characters make for an engaging teaching tool to inspire children to start drawing up their first income and expenditure budget, and developing good money habits. I understand that Citibank and Learning Society have even tied up with our home-grown theatre group, The Necessary Stage, to create an interactive skit that will go out to schools together with the comic series. This is another appealing and fun-filled method to complement its central message.

5. It is certainly heartening to see private sector organisations like Citibank partnering Learning Society in bringing forward such innovative learning experiences through the likes of “The Adventures of Agent Penny and Will Power” and “Agent Penny and Will Power in Operation Finance”. The private sector plays an important role in helping community organisations create opportunities for our children to develop life skills, be it in corporate sponsorships or development of innovative learning programmes.

6. Financial literacy is a life skill, which will have lasting impact throughout our children’s lives, and it will serve them well as they join the workforce and become self-reliant individuals of society who need to make responsible personal choices about their lifestyles. As children learn about money, they also begin to grasp other broader life lessons such as goal-setting, decision-making and task responsibility. In the long run, high levels of financial literacy will prove beneficial not just for the individual, but for the well-being of our country as a whole.

Conclusion

7. In conclusion, it is good to see financial literacy promoted from an early age, and I encourage all primary schools to start your pupils on the right path early with the Agent Penny comic books and skit. Also, it is worth remembering that skills learnt should be practised to be retained, so let us all find opportunities in our daily lives to use the tips and lessons we learn. With that in mind, let us enjoy the preview. Thank you.

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