“In view of such numbers, it shows that financial literacy education should go beyond teaching youngsters how to balance their budgets. It should extend to areas such as investing, financial planning, and retirement planning,” says Pam Chuang, head of growth at Revolut Singapore.
According to a survey conducted in 2019 by now-closed fintech company GoBear, Singaporeans were revealed to have the highest financial literacy rates in Southeast Asia.
The survey also showed that some 40% of Singaporeans are aware that they are not optimising their finances, with 25% not knowing when or how to begin planning for their retirement.
