Expanding Financial Literacy and Scam-awareness Modules in Secondary School Curriculum to Address Digital Payment Risks, "Buy Now, Pay Later" Schemes and Money Mule Solicitation

Name and Constituency of Member of Parliament

Mr Gabriel Lam, Sembawang GRC

Question

To ask the Minister for Education whether the Ministry will consider expanding practical financial literacy and scam-awareness modules within the secondary school curriculum, specifically focusing on digital payment risks, Buy-Now-Pay-Later schemes, and illegal investment or money mule solicitation targeting young adults.

Response

1. Through various subjects, students learn foundational financial literacy concepts and skills, including scam awareness and prevention. Using age-appropriate resources and examples, students are guided to discern and make responsible financial decisions. These resources are updated regularly to ensure their relevance to students’ daily lives.
2. Money mule dangers and Buy-Now-Pay-Later (BNPL) schemes are covered in Character and Citizenship Education (CCE) lessons at the pre-university level, and through financial education modules in polytechnics and the Institute of Technical Education.
3. Secondary school students learn about different modes of e-payment and ways to protect themselves from scams in Food and Consumer Education.
4. MOE also works with partners such as Inter-Ministry Committee on Scams (IMCS), the Singapore Police Force, the Association of Banks in Singapore and other agencies to conduct anti-scam talks and programmes in our schools, which cover money mule solicitation and other scam-related issues.
5. MOE will look into strengthening the coverage of topics on scam awareness and money mule dangers in the secondary school curriculum.