SINGAPORE’S school-going children seem unaware of terms such as ‘recession’ or ‘economic downturn’.
To the average teenager, a budget meal costs $8 at a fast-food outlet and saving means putting aside money for a ‘cool’ $248 iPod nano. When they run out of cash, they just ask their parents for more.
The Straits Times polled 100 students - aged 13 to 19 - who received pocket money. Their responses showed most of them did not think the current recession here would affect their spending habits or that of their families.
The students who were polled received an average weekly allowance of $20 to $30 - in addition to extra funds for transport and mobile phone bills.
Almost 60 of those surveyed said they spent three quarters or more of their allowance. When their cash ran out, they asked for more, with as many as 86 per cent thinking that this was acceptable.
Xavier Ong, 14, gets $100 a week in addition to his transport and mobile phone expenses. However, he said that when he needs more money, he asks his parents.
Tiffany Li, 15, eats out at least four times a week, spending $6 to $8 on each meal. She dines at cafes and fast-food outlets rather than at school and eats only dinner at home because, as she puts it: ‘If we can afford it, why not?’
Dr Brian Lim, head of communication at SIM University, who does research on youth social behaviour and popular culture, said many young people ’spend money like there is no tomorrow’.
He came to this conclusion after organising a focus group discussion with 30 teenagers aged 18 and 19 in early January.
Young Entrepreneur Startup (YES) Challenge - Singapore
5 October 2009 - Singapore - Upon having a very successful YES Challenge in Malaysia, MoneyTree Singapore is confident to have a better and more successful event.
The MoneyTree Young Entrepreneur Startup(YES) Challenge is focused on helping future Entrepreneurs launch new ideas that could ultimately be turned into profitable ventures. This challenge would allow young Entrepreneurs / aspiring Entrepreneurs to not only learn skills that would sharpen their Entrepreneurial mindsets, but to also provide them with the opportunity to experience the practical applications of the Entrepreneurial skills they have acquired through the MoneyTree Entrepreneur Fast Track programme.
YES Challenge’s advisory panel now includes Ms Elaine Teh, Exec Director of Octopus Group, Mr. Lai Gin Nyap, Director of WestComb Capital, Mr. Tan Yinglan, Senior Assistant Director / Economist of Ministry of Trade and Industry and Dr Lim Wee Kiak, CEO of Eagle Eye Centre.
TMC Education Group & Stansfield College are among the schools that will be sending their students to take part in the YES Challenge. “We see MoneyTree YES Challenge as a platform for our students to gain practical business skill and enhancing their soft skill abilities.” Mr. KS Muraalii, Programme Director of Stansfield College.
The official opening ceremony of YES Challenge-Singapore will be on 17 November 2009, Tuesday, 2pm to 4pm. This is in line with the Global Entrepreneurship Week 2009, which is from 16 to 22 November 2009, hosted by NUS Enterprise & Action Community for Entrepreneurship (ACE).
MoneyTree Singapore is looking for an official media partner for YES Challenge-Singapore. Interested partners please contact Ryan @ 9669 0376/Ryan@MoneyTree.sg
For more information about YES Challenge - Singapore, please visit www.YESChallenge.com or email YES@MoneyTree.sg.
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Note to Editors
AboutMONEYTREETM
The MoneyTreeTM Programme is a unique programme designed to educated and creates financial savvy-ness in today’s young generation so as to prepare them for the financial challenges they will meet in the future.
The MoneyTreeTM Programme is a proprietary programme developed by MoneyTree Singapore Pte Ltd, with license from MoneyTree Asia Pacific Ltd.
MoneyTreeTM is currently being conducted in Singapore, Malaysia, Indonesia with more centres opening soon in Brunei and other countries in Asia Pacific region.
Global Entrepreneurship Week will encourage youth to think big, to turn their ideas into reality, and to make their mark. From Nov. 16-22, 2008, millions of young people around the world will join a growing movement to generate new ideas and to seek better ways of doing things.
Thousands of activities are being planned in more than fifty countries from around the world. Global Entrepreneurship Week is: founded by the Ewing Marion Kauffman Foundation and the Make Your Mark campaign; sponsored by NYSE Euronext, IBM and Ernst & Young.
MoneyTree offers 6 different levels of workshop, Basic, Junior 1 , Junior 2, Apprentice 1, Apprentice 2 & Entrepreneur. Each level is focused on different aspects of Financial Management. […]
The MoneyTree programme is divided into several products: Face to Face Camps, E-Learning Courses, Portal, Young Entrepreneurs’ Start Up programme (Y.E.S.)
We aim to prepare kids and adults for a challenging financial future - where loans and credit cards are easily available, and being in debt for a good part of life is an accepted norm. We plan to achieve this through the use of face to face sessions, simulations, an online follow up programme and e-learning courses - to ensure that the principles taught are understood & practiced.
The current high credit card debt amongst young adults and the high percentage of retirees who are unable to meet their daily expenses, have made Governments across the region more aware of the need to educate the young on matters pertaining to Financial Management and Retirement Planning These factors provide for an excellent environment in which to launch the Money Tree programme, as a ready market is available.
MoneyTree is established to provide Financial & Entrepreneurship skills and knowledge to youths aged 6 to 26 , which would be required to build a career or business, as well as plan for their financial freedom. It has been created to fill the void left by the education system and school curriculum and to explore the opportunities available worldwide to further the dissemination and propagation of high-quality e-learning programmes utilising state of the art technology, and to groom the next generation of entrepreneurs.
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