October is the month of financial education. The third edition of the initiative is held until 6 November, with a series of online events to increase basic knowledge on the management and planning of personal and family financial resources, insurance, and social security issues. Central themes, especially in a time of economics tuition and financial crisis such as that generated by COVID-19, to which most of the events of the month will be dedicated. Because, especially at this moment, knowing the economy and finance can make a difference.
What is Financial Education: What We Are Talking About
They develop attitudes and knowledge to understand the risks and opportunities to make informed choices, where to receive support or help to make these choices and for the actions to be taken to improve their state and the level of protection “.
The Singapore numbers
But the Singapore numbers in terms of financial education are still very low. Only 30% of individuals in Singapore have financial literacy, with enormous disparities in terms of gender, professional role. And territorial distribution. And the numbers are very low even among students. According to the latest OECD Pisa survey, the percentage of Singapore students able to solve the most complex tasks (top performer Level 5) is less than half that recorded at the OECD average level (4.5% vs 10.5%), while approximately one in five students lack the minimum skills necessary to make responsible and well-informed financial decisions.
And the effects of disinformation do not only have personal and family repercussions
Rendering individuals unable to cope with unexpected events such as reduction. Or deprivation of income for a certain period. Economics tuition in Singapore awareness becomes indispensable for the whole country to prosper and innovate. And, in this case, start again after the upheaval caused by the pandemic. In fact, savers with financial literacy record annual returns that are approximately 0.5% higher. They can avoid complex and expensive products and can identify the correct degree of risk in the savings portfolio. Furthermore, according to the Bank of Singapore, individuals able to control their spending possibilities. Show a greater propensity for economics tuition planning. And take precautions against future job and health uncertainty.
The Crisis and Financial Education Economics tuition
The economics tuition effect of the COVID-19 emergency was analyzed by the Committee for the planning. And coordination of financial education activities, which considered several indicators of financial fragility. Finding that – in the pre-COVID era – over 36.6 % of the interviewees did not have sufficient resources to face more than two months without income. And two families out of ten did not have the financial means to face a month without income.
And What Counts Are the Level of Education and The Age of the Financial Decision Maker:
Those who can cover a lack of income for up to six months are in fact holders of degrees or more (39.1%) and those over 65 (39.9%). Much less those with a lower level of education and among young people.
“A lot of data tells us that the financial knowledge of Singapore is still lacking and must be strengthened.
Three out of ten families, among those interviewed, today would have difficulty coping with an unexpected medium-sized expense. And 35% of financial decision-makers say they experience a feeling of anxiety thinking about their financial situation More learn to click here.
In the face of these data
It is clear that the strengthening of financial education in our country is no longer postponed. Making the consumer aware and resilient is the first step in making the country resilient in the face of any other future shocks.