Balanced Approach in Equipping Students with Financial Literacy in Schools

We thank Mr Lai Yew Chan for his views (Age of children should be considered for e-payments, 11 February) on the importance of students acquiring age-appropriate financial literacy skills in schools.

As cashless transactions are becoming more prevalent in our society, the setting up of e-payment infrastructure in schools provides parents and students with an option to use e-payment safely in schools. Students can also continue to use cash for transactions in school.

We are mindful to balance the benefits of e-payment modes with basic money management skills, especially for our younger learners. The Ministry of Education (MOE) has existing school curricula that teach age-appropriate key financial concepts.

In Mathematics, "money" is taught as a topic and primary school students are taught how to count using activities and manipulatives that simulate physical money to make concepts such as cash transactions tangible and relatable. Through Character and Citizenship lessons, students are taught to appreciate the value of money, spend wisely, and manage money prudently. In Food and Consumer Education, secondary school students learn important values and knowledge such as living within one's means, using credit responsibly and different modes of e-payment. Relevant concepts are also covered in Mathematics, Economics and Commerce subjects across the secondary to pre-university levels.

MOE also collaborates with partners like MoneySense, a national financial education programme, to organise programmes and outreach activities for students to learn financial literacy concepts in an engaging manner, such as through games.

Inculcating good financial habits in our students is a whole-of-society effort, with real learning and application of financial concepts also taking place at home and in the daily lives of our students. We remain committed to ensuring our curricula and programmes continue to equip students with financial knowledge and important life skills that promote positive financial behaviours.

We welcome parents to partner schools in this effort by actively inculcating good money management habits in their children, using both cash and digital payment methods.

Ong Kong Hong
Divisional Director, Curriculum Planning & Development Division 1
Ministry of Education