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Always wondered if financial and investment literacy can be improved in our education systems
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Ngooi Zhi Cheng
02 Mar 2025
Student Ambassador 2020/21 at Seedly
Understanding money is only one aspect of financial literacy; another is turning knowledge into insight that informs life choices. As Singaporean professionals, we face a paradox: despite constant exposure to financial data, we often lack the contextual framework to meaningfully apply it to our daily lives.
Several misconceptions impede meaningful financial education:
Myth: Financial literacy is primarily about investment knowledge.
Reality: While investment education matters, it's essential to first establish a fundamental understanding of protection planning, cash flow management, and long-term security architecture. Many young Singaporeans jump to learning about crypto or stocks before understanding how to structure their financial foundation.
Myth: Financial education in schools is adequate.
Reality: Most financial education programs emphasize theory over practical application. Understanding compound interest mathematically differs from applying it to make significant life decisions.
Myth: Financial literacy is a destination.
Reality: Financial literacy is a continuous journey that evolves with life stages and changing financial landscapes. What serves a young professional differs dramatically from what serves someone approaching retirement.
From working with professionals across various sectors, effective financial education requires:
Financial education must align with life stages. For Singaporean students and young adults, focus should be on fundamentals of CPF optimization, protection planning basics, and establishing saving habits. As they progress to early career, education shifts toward debt management strategies and initial investment frameworks. Mid-career professionals need more sophisticated knowledge around tax efficiency and wealth accumulation strategies.
Financial concepts must be taught through realistic scenarios relevant to Singaporean contexts. Understanding how property purchases interact with CPF regulations is more valuable than abstract discussions of mortgage theory.
True financial wisdom emerges when financial knowledge aligns with personal values. Young Singaporeans need guidance not just on how money works, but how to make money decisions that support their life objectives and values.
Financial education should establish frameworks for ongoing learning rather than one-time knowledge transfer. The financial landscape evolves constantly, particularly in Singapore's dynamic economic environment.
How might we improve financial education for young Singaporeans?
The challenge of financial literacy isn't about access to information—it's about transforming that information into applicable wisdom. Our education systems need to focus less on disseminating financial facts and more on building frameworks for financial decision-making that evolve throughout life.
The distinction between those who merely possess financial information and those who embody financial wisdom will determine who achieves true financial clarity and security as we navigate increasingly complex financial landscapes.
For those interested in continuing this conversation or learning more about stage-appropriate financial education, feel free to follow me on Instagram (@ngooooied) where I regularly share insights on navigating financial complexity with clarity.
Ngooi Zhi Cheng
Private Wealth Advisory
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I think basic financial literacy should start in primary school... P6 kids should at least go through a course on spending money. Sec 4 kids should go through another about credit cards/ debit cards/ debt /loans... I think these are basics
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