Speech by RAdm (NS) Lui Tuck Yew, Minister of State, Ministry of Education, at the Launch of CITI-NIE Financial Literacy Hub for Teachers, on Wednesday, 31 October 2007, at 10.00 am at National Institute of Education

SPEECH BY RADM (NS) LUI TUCK YEW, MINISTER OF STATE, MINISTRY OF EDUCATION, AT THE LAUNCH OF CITI-NIE FINANCIAL LITERACY HUB FOR TEACHERS, ON WEDNESDAY, 31 OCTOBER 2007, AT 10.00AM AT NATIONAL INSTITUTE OF EDUCATION

Mr Piyush Gupta
Citi Country Officer for Singapore and Head of ASEAN for Citi Markets and Banking

1. I am pleased to be here at the launch of Citi-NIE Financial Literacy Hub for Teachers.

2. The Citi-NIE Financial Literacy Hub for Teachers is the first of its kind. This teacher development education programme will better equip our teachers with the knowledge and skills to manage their personal finances. The Hub will also empower teachers with the pedagogy to teach financial literacy to our students. Currently, our secondary school teachers are benefiting from this programme. In time, this will be extended to our primary school teachers as well.

3. I understand that NIE is spearheading this financial literacy programme for teachers with the support of Citi Foundation. I am heartened that Citi Foundation has pledged a commitment of some S$800,000 over two years to support teacher training as well as research efforts and events to promote financial literacy in schools. This is a laudable effort by NIE and Citi Foundation to raise financial literacy standards among our teachers and students.

4. The Citi-NIE Financial Literacy Hub for Teachers will bring financial education in schools to a whole new level. The Citi-NIE Financial Literacy Hub for Teachers can build teacher competency in financial literacy on two fronts. On a personal level, teachers are able to acquire knowledge and skills related to money management by attending related seminars. On a professional level, teachers will be equipped with pedagogical skills and ideas to deliver financial literacy lessons in an engaging, stimulating and fun way to students, on the formal as well as informal curriculum.

5. Since January 2004, financial education messages have been delivered through appropriate subjects in the formal curriculum such as Civics and Moral Education and Social Studies at the primary and secondary levels. Through these subjects, teachers are able to instil in students the importance of saving, budgeting and prudent spending. At the primary level, a financial literacy enrichment activity entitled ‘SAVING – the Sensible Habit’ has been made available to all schools. At the secondary level, students are taught under a module on basic money management why they must exercise caution when they borrow and about the dangers of relying on credit facilities excessively.

6. Schools have also been working with external partners to supplement these lessons on financial education with financial literacy board games, workshops and inter-school competitions for their students. Hence, it is heartening to see that NIE has strengthened our commitment in promoting financial literacy in schools through this latest innovative initiative.

7. Financial literacy is an essential life skill. It is important that we continue to work with various stakeholders to ensure that all students will be financially literate as the decisions and choices students make about money will have an enduring impact throughout their lives. Given the rising affluence in Singapore, advertisers increasingly see our young children as consumers with significant spending power. Our young should learn the importance of responsible decision making and develop good habits in financial matters from an early age.

8. By encouraging students to have good money management skills, sensible spending habits, and the awareness to grow their savings through prudent investments, students will be able to respond competently to various financial demands and challenges as they move into adulthood. A high level of financial literacy is a critical attribute that will assist our students to achieve financial stability and a secure future.

9. In conclusion, I applaud NIE and Citi Foundation for their partnership in the Cit-NIE Financial Literacy Hub for Teachers and I look forward to seeing more of such financial education initiatives. I would like to encourage all secondary school teachers to partake of in this innovative teacher development education programme.

10. Once again, I am glad to launch the Citi-NIE Financial Literacy Hub for Teachers.