The Central Provident Fund (CPF) Board is now giving financial literacy lessons to students at secondary and tertiary institutions, in an effort to motivate pupils to start saving early and “develop an appreciation for CPF.”
The programme was launched in February this year and the CPF Board has rolled the initiative out to 40 secondary and tertiary schools thus far.
On Wednesday (24 July), the authority went to Guangyang Secondary School and met with 250 pupils to teach them how they can use their CPF funds that are accrued when they start working.
Using a game-show assembly format, CPF Board reportedly incorporated interactive board games as it taught students financial literacy concepts such as compound interest. CPF staff also visit junior colleges and tertiary institutions to teach students about financial literacy, through the use of game machines.
CPF Board’s director of its outreach and partnerships department Jeffrey Png told the Straits Times that the authority “will continue to reach out to as many schools as possible.”
The programme by CPF Board is expected to supplement other initiatives launched by the Government to improve financial literacy among youths.
From this year, all first year polytechnic and ITE students will have to undergo a compulsory module on financial literacy that will include lessons on budgeting and the effect of interest on debt and savings.
Other financial literacy modules for selected second year and third year students, to teach them about CPF, insurance and investments, are also in the works.