Let’s face it: when it comes to our finances, sometimes we’re not the best role models for our kids. But that doesn’t mean they can’t learn about money from us. It just means we need to be a little more creative in teaching them. Allow us to outline a few ways you can teach your kids about money, even if you’re not great with it yourself. Talk about money openly Speak with your kids about what you’re doing to get
Financial literacy is a life skill. Similar to other life skills, financial literacy takes time to learn. Starting your journey can be intimidating and daunting for some Singaporeans. As personal finance is not typically taught in schools, you need to take conscious decisions to improve your own skills. Whether you are an expert or a novice at financial literacy, keeping your knowledge base growing matters! #1: READ MORE FINANCIAL BOOKS Retail CEO Sandra Campos believes that financial literacy is a
An eye-opening study showed that only 17% of teenagers between the ages of 12 and 17 knew how to manage their money. Among these respondents, 24% said they did not know the difference between credit and debit cards. Budgeting was a concern as well as learning how to save money. One of the reasons why the teenagers lack knowledge of money matters boils down to their parents. They elaborated that their parents were not doing an excellent job in teaching
DEFINITION Financial literacy is the ability to understand and efficiently use various financial skills including financial management, investing, and budgeting. Financially literate consumers not only manage their money with confidence, but also have a better chance of handling the inevitable ups and downs of their financial lives. It is the foundation of your relationship with money, which enables you to create a lifelong journey of learning. It will help you understand how to prevent and manage financial issues as they
Several consumer-facing Financial Technology (FinTech) companies, from digital payments to insurance and transfer payments, have arisen to support Singaporeans’ personal finances. You may have heard of robo-adviser companies such as StashAway, Syfe, and AutoWealth that help with investments. What are robo-advisers? To optimise investment portfolios according to the risk profile of the customer, Robo-advisers rely on algorithms. In reaction to market changes, portfolio readjustment is performed automatically. As such, there is little need for active monitoring by the investor with
