Financial literacy is important: do Singaporeans know enough? – Health Guild News


The financial landscape of millennials in Singapore today is very different from that of their parents.

Today’s life expectancies are higher than ever. In accordance with Asia News Channel, the life expectancy of Singaporeans is one of the highest in the world, with 81.4 and 85.7 men and women respectively in 2019.

Also, by 2040, Singaporeans will live even longer. A forecast of the Institute of Metrics and Health Assessment (IHME) projected that Singapore’s average life expectancy would be 85.4 years by 2040.

This fact, coupled with a higher cost of living, makes it important for young adults to make sound financial decisions, and Singaporeans are aware that these decisions will greatly affect their future.

From achieving FIRE (Financial Independence, Early Retirement) to creating a small fund for children, Singaporeans are more tuned to their financial goals.

For example, David Geh, 26, wants to make sure he has fully planned his retirement when he turns 30.

Her feelings are echoed by 23-year-old Jasmine Goh, who said: “Like most people, my financial goal is to be able to achieve financial independence and retire as soon as possible, which gives me more time later in life to focus on my passions. ”

What level of financial knowledge do you have?

However, despite increasing understanding of the importance of financial literacy, few have the knowledge and skills to make good financial decisions.

A Survey of financial planning attitudes commissioned by MoneySense in 2017 showed that only one in five Singaporeans feel they have knowledge about investing.

Some Singapore also have misconceptions about when to start financial planning.

One-fifth believe that they should only start financial planning when they want to retire, and half of young adults working between the ages of 17 and 29 have not started thinking about financial planning because they believe it is still too early to do so. ho.

To make educated financial decisions about investing money and saving for the future, a deeper knowledge is needed.

Besides, Same storm, different boat, a paper published as part of a series of DBS NAV Financial Health research studies, highlighted that those between the ages of 25 and 35 have a higher tendency to invest probably because of their lower financial commitments. This makes financial literacy even more important for today’s youth.

Many would have gathered their basic financial knowledge about savings, investments and budgets from their parents or peers.

However, since the experiences of previous generations do not fully apply to ours, other avenues need to be sought to stay relevant and informed.

So where can they develop the financial literacy young Singaporeans need?

Meet The Burrow of DBS

Image credit: DBS

He falls is the first bank-run community in Singapore to share concepts and tips on financial literacy. Led by a small team of community managers, the community is a safe place that encourages members to learn, share, and support each other.

From fundamentals related to investment tools like Exchange Traded Funds (ETFs) and Unit Trusts (UTs) to daily reflections on what could be done with an unexpected expectation: members can expect different motivating conversations.

The Burrow is also a place where members can get the first results in product launches and campaigns, participate in contests and giveaways, and even attend exclusive events with DBS experts and other key opinion leaders.

This allows members to grow on their own financial journeys, but have the power to set aspirational goals while leading satisfying lives.

Over the past two years, the community has thrived through two Facebook groups: He falls i POSB parents – with a combined affiliation of approximately 30,000.

The Burrow was conceived as a group of projects to provide useful tips and tricks to DBS Multiplier account holders, allowing them to unlock higher interest rates.

On the other hand, POSB Parents started as a platform to help users of Smart Buddy (the world’s first savings and payments in school for children) to resolve queries related to users.

Still, the community team saw potential to elevate the next phase of the community by creating it in conjunction with members. Over a two-year process, members shared feedback and their vision of an ideal community space through face-to-face dives and online surveys.

This fundamental collaboration led to the merger of both groups, now simply known as The Burrow (members voted to keep the name). A treasure trove of financial knowledge driven by everyone, from graduates to young parents.

Larger conversations, no restrictions

The Burrow DBS
Image credit: DBS

Today, The Burrow continues to thrive as a place for members to raise the bar of their financial literacy game with content crafted by DBS experts.

Members also participate regularly to find out what they would like to see and learn, so that the content can be skillfully tailored to their needs.

Burrow’s forum-like travel tour, located on the DBS Bank website, allows members to chat about anything with peers with similar ideas, from cryptocurrencies to investment platforms.

In fact, the community team encourages discussions on a variety of topics, even if they do not fall within the scope of DBS products or services. This allows for transparent conversations around money.

The community also provides a resource library so that users can gain knowledge on relevant financial topics in Singapore Learning units. Topics range from understanding the Central Providence Fund (CPF) to tips for cultivating a money-saving mindset.

The best part? Burrow members are always ready to share their two cents. This is important for young adults looking for real feedback.

Shermane Wong, 26, can testify. While frequently browsing blogs and financial literacy sites for information on how to invest and save, he prefers to hear first-hand the experiences of other people at similar stages of life.

“My parents are illiterate financially, so they can’t guide me either. While I would love to say that I have control of my finances, I am afraid I still lack information, ”he said.

This is where The Burrow comes into play. The new community space includes categories for dedicated conversations, so members can easily find a specific thread that fits their needs or interests.

The Burrow DBS
Screenshot of The Burrow

In the “Prepared for Retirement” category, you can get tips on how to maximize the Central Providence Fund (CPF) or how to retire early.

“Improving how I manage my money” is a popular conversation category, with more than 32 community members sharing the places where emergency funds would be parked.

The Burrow DBS
Screenshot of The Burrow

Starting a family is a new monumental milestone that entails a whole host of different challenges that one might not expect. For young parents, this means not only having good personal money management skills, but knowing how to set financial goals for the whole family.

Burrow’s “Kids and Family Matters” conversation category is the perfect place to start, with discussions such as saving children’s accounts.

“Although I feel adequately equipped to achieve my financial goals, you can never be fully equipped. There will always be people with a better or smarter way of doing things, and resources that I may not know, ”said the next father, Jacky Yap.

“Our long-term financial goal is constant work in progress and we are always looking for ways to save money and invest in good financial products,” he added.

Derrick Teo, 24, is interested in starting a small business after graduating from college, but believes he needs more information about the financial aspect of his company.

“I’ve researched a lot about the type of business I’d like to start, but in financial terms, I hope to be able to receive advice from other people who might have been in the same position as me,” he said. dit.

A community that continues to grow with you

Image Credit: Mimi Thian turned on Unsplash

While The Burrow offers two-way conversations, young adults can also subscribe to DBS For Young Adults Telegram – a broadcast channel for those who favor updates on the fly anytime, anywhere.

In fact, we look forward to notifications from upcoming community exclusives. There will soon be Reddit-style “Ask Me Anything” sessions at The Burrow, where community members can get up close and personal with DBS experts and other interesting contributors.

Members can also expect to connect with each other through community meetings and get the first comments on exclusive swag community. With previous events that include exclusives like a free community movie, workshops with background homes, and even parent-child bonding sessions, there’s certainly a lot to look forward to.

This article was written in collaboration with The Burrow by DBS.

Featured Image Credit: Dr. Wealth

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