Chapter 32

Approaches to Teaching Financial

Literacy: Evidence-Based Practices
in Singapore Schools

Noi Keng Koh

Abstract As financial literacy is quickly becoming one of the most important

twenty-first century skills, educators worldwide are striving to develop and
implement financial literacy programmes that are targeted at different age groups
and education levels. This chapter gives an overview of the Financial Literacy Hub
for Teachers that was established in the National Institute of Singapore in 2007 and
has become an incubator of innovative financial literacy programmes that have been
introduced and effectively implemented at all levels, from preschools to tertiary
institutions. The chapter outlines evidence-driven approaches to curriculum
development and programme implementation that have been informed by the latest
research findings in the field of financial literacy education. The Hub’s approach
that emphasizes partnerships with educational institutions, development of scalable
programmes through gamification and ICT-enabled learning can serve as a model
for financial literacy education worldwide.

Keywords Financial literacy

Curriculum development
Gamification



ICT-enabled learning Economic literacy

32.1 Introduction

Financial literacy has become the focus of active research in recent years. The
reason for its increased importance as a knowledge domain and research subject is
the ever more complicated economic landscape brought about by globalization and
the development of financial services sector. For this chapter, financial literacy can
be defined as ‘a combination of awareness, knowledge, skill, attitude and behaviour
necessary to make sound financial decisions and ultimately achieve individual

N.K. Koh (&)

National Institute of Education, Nanyang Technological University,
1 Nanyang Walk, 637616 Singapore, Singapore
e-mail: noikeng.koh@nie.edu.sg

© Springer Science+Business Media Singapore 2016 499

C. Aprea et al. (eds.), International Handbook of Financial Literacy,
DOI 10.1007/978-981-10-0360-8_32
500 N.K. Koh

financial wellbeing’ (OECD INFE 2011, p. 3). As Lusardi et al. (2010) highlighted,
in today’s world people become consumers and have to make financial decisions at
young ages, with financial services being accessible even to school children. This is
especially true of high-income economies, like Singapore’s. This chapter traces
Singapore’s success story of how financial literacy, which was non-existent a
decade ago, is now part and parcel of Singapore schools’ programmes.

32.2 Financial Literacy Education: Challenges

and Affordances

Although it is often assumed that most people know the basics of managing money,
statistics suggest otherwise. Studies investigating financial knowledge and financial
behaviour of young people (mainly young adults of college age) starting from
Danes and Hira’s (1987) pioneering effort, consistently showed that this demo-
graphic group lacks financial sophistication necessary for effective functioning in
modern societies, such as in-depth knowledge about credit, insurance and invest-
ment. These findings were corroborated by a host of other studies probing the
knowledge about personal investment, credit and financial risks among the young
people (e.g. Markovich and DeVaney 1997; Chen and Volpe 1998; Avard et al.
2005). Beal and Delpachitra (2003) surveyed college students in another high-
income economy, Australia, and found generally low levels of financial literacy.
Summarizing the extensive research on levels of financial literacy and their relation
to age, Xu and Zia (2012) demonstrate that this relation forms an ‘inverted U-
shape’, with younger demographic being one of the two age groups showing
inadequate grasp of financial matters.
Even more disturbing were the findings of Henry et al. (2001), which showed
that less than a half of the US college students in their study reported keeping a
budget on a regular basis. Thus, young people not only lack essential knowledge of
financial matters, they also do not possess the necessary habits that enable efficient
money management. These findings are echoed by Joo et al. (2003) who discovered
that about a half of the college students in their sample had accumulated rollover
credit card debt, with another 40 % being unaware of the interest rate charged on
their credit card debt. The Monetary Authority of Singapore reported in 2010 that
young people aged 21–29 represented a disproportionate 39 % of frequent revol-
vers, i.e. those who left their credit card bills unpaid for more than 30 days.
According to another set of data from DP Credit Bureau (2012), 6 % of credit users
aged from 21 to 30 defaults on their credit repayments as compared to 2.7 % for the
Singaporean population as a whole. For credit card debts the figures are similar,
with 6.3 and 3.3 % of defaulters, respectively. These findings show that adolescents
and young adults entering the workforce possess inadequate levels of financial
literacy and lack the necessary habits not just for achieving long-term saving goals
and financial well-being, but even for everyday money management.
32 Approaches to Teaching Financial Literacy … 501

As it is evident from the troubling statistics on rising consumer debt and personal
bankruptcies, financial literacy education has become a sine qua non for successful
functioning in modern societies. Assessing the impact of financial literacy pro-
grammes, many studies showed that financial literacy education focused on such
important topics as saving, prudent spending, medium- and long-term financial
planning, credit management improved not only the programme assessment scores,
but knowledge, skills and behaviours as well (Asarta et al. 2014; Borden et al.
2008; Bowen and Jones 2006; Danes 2004; Danes and Haberman 2007; Fox et al.
2005; Furtuna 2008; Jump$tart Coalition 1997, 2000, 2002, 2004; Mandell 2006a;
Tennyson and Nguyen 2001; Varcoe et al. 2005; Walstad et al. 2010). This is true
even of short financial literacy interventions that have been shown to have a pos-
itive impact on cognitive and aff ective measures (Fox et al. 2005). Nevertheless,
Mandell (2006b, c, 2009) reported that full-time high school and college personal
finance courses had negligible impact on the participants’ financial literacy.
Mandell and Klein (2007) concluded that the lack of motivation was primarily
responsible for such an outcome due to the fact that the content of the courses did
not have direct relevance to financial decisions made by the students in real life
focusing instead on investment strategies and retirement planning. Beck and Neiser
(2009) argue that the content of financial literacy courses should be directly relevant
to the students’ needs for them to successfully retain and implement the knowledge
they acquire in these courses. When the topics taught are adapted to students’
interests, financial literacy scores show marked increase (Bowen and Jones 2006).
Financial education programmes therefore should strive not for maximal syllabus
coverage but for helping adolescents and young adults in tackling real challenges in
making day-to-day monetary decisions.
As soon as the Hub was established, it was clear that financial literacy pro-
grammes should not be too technical. Instead, the emphasis should be placed on
back-to-basics issues, and the foundation of financial literacy programmes should
be values-based financial education. Prudent money management, goal setting,
meticulous tracking of expenses, and discipline in keeping to budget and long-term
financial planning do require acquisition of a set of techniques, but before such
techniques can be put to use, it is necessary to possess the right values, mindset and
habits, something that is acquired at an early age. Inculcating habitual saving early
in life translates into efficient consumption later. It is achieved through imbibing the
right values (savings, managing and sharing) and understanding how these values
permeate everyday monetary transactions (Koh 2005, 2009).
Financial literacy education should ideally start not from adolescence but much
earlier. Bucciol and Veronesi (2013) suggested in their research that savings edu-
cation received during childhood translates into beneficial savings behaviours in
adulthood. Another important goal of financial literacy education is inculcating
beneficial habits from a young age. These habits are rooted in general psychosocial
make-up that is malleable and amenable to pedagogical interventions, including those
interventions that are conducted during financial literacy programmes in schools.
In a 30-year longitudinal study with 1000 New Zealand children tracked from
birth to maturity, Moffitt (2012) showed that lack of self-control during childhood
502 N.K. Koh

predicted a slew of negative outcomes in adulthood, such as unplanned single

parenting, high-school dropout, criminal offending, addiction, poor personal
finances and lower income, lack of savings for retirement, and poor physical health
and illness. This single predictor was significant even after controlling for intelli-
gence and family social class. Other studies have also shown that children can be
taught self-control and delayed gratification (Mischel et al. 1989). Starting financial
literacy education early, relating financial literacy programme content to students’
everyday experiences and needs, enhancing positive attitudes towards prudent
financial management and acquisition of the necessary skills and habits are there-
fore imperative for financial literacy education’s success.
The advent of ICT-enabled learning has brought about new learning affordances,
especially for subjects like financial literacy, where knowledge and skill application
in realistic settings is a crucial part of the learning process. Financial literacy
programmes can especially benefit from implementing flipped classroom peda-
gogical approaches (Lage et al. 2000) where students engage in collaborative work
with multimedia content before being taught in the classroom. In addition to novel
and effective modes of content delivery, such as e-books and mobile applications,
that enable more engaging and easily shared content, digital games have recently
become important teaching and learning tools (Klopfer et al. 2009; Steinkuehler
et al. 2012; De Grove et al. 2012; Deater-Deckard et al. 2013). Kiili (2007) shows
that digital games provide meaningful learning by leveraging on the introduction of
authentic contexts and learning by doing. As financial literacy instruction empha-
sizes highly contextualized real-life problem solving, digital games are a natural
choice for developing the necessary skills and habits in students. Introducing digital
games also enhances students’ motivation (e.g. Inal and Cagiltay 2007), which is
highly desirable for financial literacy education due to the fact that only highly
motivated students can absorb the values behind the content delivered. ICT-enabled
learning and gamification therefore change learning environment in such ways as to
make authentic pedagogy possible through simulation.
Programme evaluation is an integral part of the financial literacy programme
implementation due to the fact that assessment of programmes’ effectiveness
informs evidence-based practices (e.g. Fox et al. 2012). It is important to determine
the baseline of financial literacy to design programmes that are pitched at the right
cognitive level, as well as take into account students’ values, interest and readiness
to acquire financial knowledge. Assessment should also be authentic as financial
literacy knowledge is meant to be actively applied, and not simply passively
retained.
The National Institute of Education (NIE), Singapore has spearheaded the effort
of devising and implementing a multipronged approach to financial literacy edu-
cation at all education levels, from primary school to university, with funding from
Citi Foundation. The Ministry of Education Singapore has defined the desired
learning outcomes as developing the child to his full potential to eventually become
a confident, self-directed learner who is concerned with and contributes actively to
society (http://www.moe.gov.sg/education/desired-outcomes/). Financial literacy is
an integral part of this development as only a financially literate person can become
32 Approaches to Teaching Financial Literacy … 503

a productive and concerned member of society. Values and knowledge acquired in

financial literacy programmes are part and parcel of successful socialization.
This chapter describes the evolution of a large-scale financial literacy pro-
gramme in Singapore that has been formulated and implemented by the Financial
Literacy Hub for Teachers since 2007. This programme has been unique in its scale
and depth, engaging both teachers and students in novel ways.

32.3 Empowering Educators, Engaging Students

Launched on 31 October 2007 at the National Institute of Education (NIE),

Singapore, the Financial Literacy Hub for Teachers was established to provide
financial literacy education for the nation’s young. The Hub’s programme aims at
equipping teachers with the necessary skills and knowledge to impart the necessary
personal finance principles to their students. At the same time, teachers are actively
assisted in the process of building capacities in their students to effectively manage
their personal finances and resources, while honing their leadership and commu-
nication skills in the process.
The aims of the Hub are to:
• Equip teachers with necessary personal financial management knowledge and
skills.
• Promote financial literacy to students through pre-service teachers, in-service
teachers and school leaders.
• Set up a community of practice where resources and pedagogy for teaching
financial literacy are made accessible to teachers; this includes creating a digital
repository of multimedia resources available to educators throughout the nation.
• Evaluate the impact of and help improve on existing financial literacy pro-
grammes through research.

32.4 Teacher Training Programmes

Promoting financial literacy education in schools starts with personal and profes-
sional development programmes for teachers.
i. Personal Finance Seminars
Personal Finance Seminars guide teachers to manage their personal finances
effectively. Topics include budgeting, credit management, risk planning and
retirement planning. Acquiring the skills and knowledge necessary for suc-
cessful financial management, as well as awareness of financial issues, prepares
the teachers to promote financial literacy to their students and enhances their
readiness to teach financial literacy. Recently, the Hub has partnered the
504 N.K. Koh

Singapore Exchange (SGX) Academy to roll out a comprehensive financial

literacy course for teachers that consists of eight modules and covers topics
from basics of financial literacy to technical analysis and investment strategies.
ii. Pedagogy Workshops
The pedagogy workshops are the conduits of pedagogy and ideas to impart to
students relevant financial literacy knowledge, skills and values. Mentors and
facilitators work closely with a cluster of schools to provide customized
training workshops based on a needs assessment survey. These workshops aim
at providing teachers with a conceptual understanding of the different models to
motivate students in acquiring financial literacy skills and knowledge.
iii. Mentoring Sessions
Schools can choose to become the Hub’s partner schools where the Hub’s
trainers guide a team of teachers called the task force to work on planning and
implementing of financial education in the school. Coaching the task force that
spearheads the financial literacy programmes in the school involves assisting
the team in achieving the desired outcomes and providing funding and resource
personnel support where required. Coaching is carried out through a structured
process, combining training, consultation and designing supportive learning
environments for implementing financial literacy as a whole-school approach.

32.5 Curriculum Development and Programme

Implementation for Financial Literacy Programmes

Apart from teacher training, curriculum development is where the Hub applies most
of its expertise. The Hub’s financial literacy packages focus on authentic lessons
that are most relevant to primary and secondary school students, namely, basic
money management and financial planning.
The basis of the financial literacy curriculum is built upon the key messages in
economic literacy. It is important to be mindful of the scarcity of resources and that
wants are unlimited; to ensure optimal allocation of resources, there is a need to
differentiate between needs and wants and to understand that there is opportunity
costs incurred with each decision. In addition, it is important to prioritize and
balance expenditure with income to preserve and improve the quality of life. Hence,
it is important for the child to learn how to manage their day-to-day money deci-
sions by understanding the factors that influence his desires and learning to plan so
that he can be in a better position to optimize his limited resources. He should also
know what alternatives are available and understand that he can only spend within
his means. With this knowledge, it is less likely that he will be an impulsive spender
of limited funds and hence, be more responsible. Table 32.1 summarizes the themes
for critical understanding in financial literacy and the key standards to be
developed.
32 Approaches to Teaching Financial Literacy … 505

Table 32.1 From economic literacy to financial literacy: critical understanding and standards
Economic literacy messages Financial literacy—critical Standards
understanding
Resources are limited and have Personal resources are limited Managing the
to be allocated through various and have to be allocated for day-to-day money
mechanisms, including pricing, different purposes. Hence we decisions
queuing or rationing and must plan the use of resources
taxation to enjoy the maximum benefits
Government expenditure comes Personal present expenditure Understanding the
from current or future tax comes from income that is different sources of
revenue earned in the past (savings), finance, their benefits
present and future. Hence we to risks
must ensure the expenditures
are met by income earned
Economic stability is achieved Personal financial stability and Save and plan for the
through high savings, low well-being is achieved through future
inflation and stable exchange adequate personal savings and
rates financial planning. Hence we
must take the long-term view in
making financial decisions to
preserve and improve the
quality of life

The standards define the key learning outcomes, which, in turn, specify the
attitudes, skills, knowledge, and values to be imparted to learners. The premise is
that the right attitude towards financial literacy leads the student to seek knowledge
and skills, and undergirding these decisions and dispositions are the values.
The knowledge, skills, values and attitudes that should be taught and developed
are then specified to ensure that the key learning outcomes will be achieved. These
include knowledge related to factors affecting purchasing decisions, as well as the
impact of purchasing decisions, not just on the self and the community, but also the
environment. This helps nurture responsible consumer decision-making and con-
tributes towards character development. In addition, the child will also learn to plan
for the short and long term and to defer current satisfaction of wants for future
benefits. These knowledge, skills and values are further organized into three themes
—Save, Manage and Share—to facilitate the infusion of financial literacy into the
core and non-core curriculum in schools. These are summarized in Table 32.2.

Table 32.2 The learning themes of the Hub’s curriculum framework

Learning themes
Save (S) Manage (M) Share (S)
• Every cent counts in • Personal expenditure comes • Personal resources are
saving from current and future limited. It is therefore
• Save with goals in mind income important to be able to make
• For long-term gains, we • Plan a budget and stick to rational choices and
need to withhold immediate it. Identify needs and wants distinguish between one’s
gratification needs and wants
(continued)
506 N.K. Koh

Table 32.2 (continued)

Learning themes
Save (S) Manage (M) Share (S)
• Differentiate between • Describe the components of • Spend on your loved ones
long- and short-term goals a budget • Share with the less
• Reducing wastage can • Prepare a personal budget fortunate
help me cut spending document • Check out value for money
• Personal savings and • With planning I can pay for before making a purchase
prudent money management expenses that are needs (non- • A discerning consumer is
help to ensure one’s negotiable) and decide how aware of marketing hype
financial stability and much to allocate to wants • A smart consumer knows
security • Needs are basic, but wants the difference between
• Save regularly and early are limitless. Prioritizing is wants and needs, and shops
• I must set aside money for the way to go intelligently
savings every time I receive • Maintaining a balance
any allowance between income and
expenditure will keep us
financially stable
• Expenses can be non-
negotiable like water and
electricity bills or negotiable
like new toys. Negotiable
expenses are wants and I can
delay getting them
• Spending within one’s
means keeps one from
incurring bad debts and facing
the negative consequences
that come with it

As there is no separate subject devoted solely to financial literacy in Singapore

schools, financial literacy is either infused into one or several core curriculum
subjects, or taught in stand-alone enrichment lessons, talks and events. The Hub has
created and developed numerous financial literacy lesson plans woven into teaching
mathematics, social studies or other subjects. These were built in close partnership
with teachers from the partner schools and pilot-tested with students before making
them available to all Singapore schools. The tailored stand-alone financial literacy
lessons are designed for primary and secondary school students and include lessons
on budgeting, risk management and insurance, savings and investments, smart
shopping, income and careers, and money management, in alignment with the core
curriculum in every day lessons. A special, 6C (Consistency, Confidence,
Compassion, Carefulness, Commitment, Contentment) financial literacy framework
has been designed to cater to the students from the kindergarten to lower primary
school levels and provide them with values-based financial literacy education.
Objectives of this curriculum framework are summarized in Table 32.3.
32 Approaches to Teaching Financial Literacy … 507

Table 32.3 Objectives of the 6C curriculum framework

Consistency Confidence Compassion Carefulness Commitment Contentment
Saving Managing Sharing Prioritizing Goal setting Decision-making
Needs/wants
Objectives: Objectives: Objectives: Objectives: Objectives: Objectives:
Saving a Managing a We can Needs are Staying We need to
little each budget is share our things we committed practice self-
day will lead being financial must have, means control and
towards a responsible resources to whereas setting goals discipline to
good to keep track help those wants are and being make decisions
amount for of how we who are less things we focused as carefully with
our future use our fortunate can do we work our limited
financial money from without towards resources, e.g.
security day to day them time, energy and
money
Exploratory Exploratory Exploratory Exploratory Exploratory Exploratory
questions: questions: questions: questions: questions: questions:
- Why is it - Why is - Why do - Why do - Why do we - Why do we
important to budgeting some people different need to plan sometimes regret
have important? have less people have for the a decision?
savings? than us? different future?
needs and
wants?
- What are - What are - What are - What are - What are - What
some some ways some things some of some things information do
situations that we use that we can your needs that cause us we need to make
that might our money share with and wants? to give up a decision?
need us to every day? our friends? before we
use our reach our
savings? goals?
- How can - How can - How do we - How do we How can we - How can we
we start we keep know when decide encourage practice
saving, or track of our to help whether each other to self-control in
continue money? others? something is achieve our our
saving more a need or a goals? decision-making?
money? want?

i. Kindergarten Learning Packages and Programme Implementation

For kindergarteners the Hub has devised a series of age-appropriate pro-
grammes aimed at inculcating the necessary values related to effective money
management and planning, as well as the importance of differentiating between
needs and wants. An example of a stand-alone programme is Breakfast with
Dad, which is built upon parent–child bonding and joint budgeting activities. In
addition to Breakfast with Dad, kindergartens are offered financial literacy
lessons infused in numeracy and literacy, through immersive storytelling that is
similar to the programmes designed for lower primary pupils. The Hub pro-
vides training for early childhood educators enabling them to successfully
achieve the learning objectives of the 6C framework.
508 N.K. Koh

ii. Primary Schools Learning Packages and Programme Implementation

Financial literacy packages that infuse financial literacy in mathematics and
languages (English language and Mother Tongue), character and citizenship
education, social studies, as well as the programme in entrepreneurship, have
been crafted. There is also an interactive programme to engage the upper
primary school students in drafting a business plan and introducing them to
business concepts such as marketing, budgeting and finance.
In mathematics, financial literacy is infused by leveraging on authentic peda-
gogy. Through solving mathematical problems in calculating utility bills, or
unit price of a jar of jam, the importance of money and the benefits of saving
and budgeting, are discussed. Values like sharing with those who are less
fortunate are also imbibed through character education. The Hub also imple-
mented immersive storytelling to infuse financial literacy into primary school
English language curriculum. Through immersive storytelling and story retold
learning activities, Primary 1 and 2 students become aware of the importance of
differentiating between needs and wants, the importance of saving, and delayed
gratification. Each learning package includes learning activities and teacher
resources. All these are available as hard copy as well as interactive e-books.
iii. Secondary School Learning Packages and Programme Implementation
For secondary schools, the school task forces design and implement their own
financial literacy-infused programmes in consultation with the Hub. The Hub
provides follow-up mentorship and supports schools to implement the pro-
gramme and then share the resources with other schools in the cluster. In
Singapore, schools are grouped into four geographical zones, and in each zone
there are seven clusters of schools.
Financial literacy messages and activities are also infused into mathematics,
social studies and arts. Financial literacy can enrich project work, national educa-
tion and character development. These resource packages are uploaded onto the
Hub’s e-portal for sharing with the partner schools. Recently, with the introduction
of Food and Consumer Education (FCE) as a mandatory subject offered to all
secondary 1 and 2 students, there emerged a possibility for a dramatic expansion of
financial literacy education in Singapore secondary schools. Forging beyond the
traditional home economics areas of food and nutrition, the revised FCE syllabus
also promotes teaching of responsible decision-making and resource management
in a consumerist society. FCE has evolved to encompass skills and knowledge for
self-empowerment and achieving well-being and for facilitating self-discovery, self-
management, and the development of personal resources (including financial
resources) and capabilities through responsible decision-making. FCE syllabus
lends itself well to teaching financial literacy as it contains Consumer Studies,
which covers resource/money management, consumer awareness and the use of
credit. These are the key themes of financial literacy education covering a similar set
of attitudes, skills, knowledge and values. The Hub spearheaded innovative peda-
gogies and developed online games and applications to provide curriculum support
and teacher training for FCE. At the request of MOE, funded by MoneySENSE,
32 Approaches to Teaching Financial Literacy … 509

500 FCE teachers attended professional development courses run by NIE and
became the agents of change for new modes of learning and content delivery.

32.6 Mixed Mode Delivery for Cluster and

Nation-wide Events

The Financial Literacy Hub for Teachers has been active in promoting mixed mode
delivery since its launch. Financial literacy education is inherently multidisciplinary
and applied in nature, and this calls for engaging and authentic pedagogy.
Transforming learning environment to encourage self-directed learning and peer
collaboration is an important part of the Hub’s programmes. The teaching and
learning resources are shared in the form of e-books. This helps create a community
of practice comprising networks of educators who actively use the resources and
contribute to their development. To encourage students’ self-directed learning, the
Hub uses the flipped classroom framework. Using ePub, students can collaborate on
and annotate the learning resources. Learners thus acquire a sense of psychological
ownership of the content rarely achievable in teacher-centred learning environ-
ments. The Hub also uses Google and Apple’s iTunes U platforms for content
delivery.
The Hub has been organizing zonal and cluster events at the end of the semester
to supplement its lessons in class. At these events, for which the Hub’s partner
schools become centres, activities, such as games, competitions, carnivals and
camps are organized to motivate the students to acquire financial knowledge and
beneficial money management habits. Games and role-playing activities have
always been part of these events and proved to be both pedagogically effective and
engaging for the participants. The Hub also organizes events for post-secondary
(polytechnic, junior college) and tertiary students that include board game com-
petitions at national level. Mobile learning platforms and mobile games are offered
to schools to enhance teaching and learning. For authentic learning in primary
schools, the mShopper mobile application, which encourages collaborative learn-
ing, was designed by the Hub. The students learn how to spend within their budget
and make prudent consumer choices by not succumbing to common marketing
ploys. Thus, gamification has been successfully used in the Hub’s programmes to
help students acquire the necessary skills and values in realistic settings. Financial
literacy-infused FCE programmes have especially benefitted from deploying digital
games and simulations. The concept of a mobile learning trail has proven to be very
successful, and is now used in programmes that target all levels, from primary to
secondary, as well as tertiary students. The most recent development is the SG50
Entrepreneurs Trail that is designed for primary and secondary school students in
celebration of the 50th anniversary of Singapore’s independence in order for them
to appreciate the role of entrepreneurship in Singapore’s economic history and in
society in general, entrepreneurial values, and the importance of financial literacy.
510 N.K. Koh

32.7 Research

Research has been an integral part of the Hub’s activities from the very beginning.
The need for programme evaluation led to prioritizing research to design pro-
grammes that are scalable. When the Hub was just launched, it carried out a
baseline survey to better understand the training needs of teachers and students, and
there is ongoing study to investigate the impact of the programmes offered by the
Hub and her partner schools. The research objectives were to explore teachers’ and
students’ attitudes and perceptions towards financial literacy and the usefulness of
financial literacy programmes, track progress of the implementation of financial
literacy programmes, and identify key priorities for improvement. Both quantitative
and qualitative methods were used in the study in 2008–2009, which involved 5055
secondary students and 1056 teachers from 70 schools in Singapore. A follow-up
study was conducted in 2010 with 141 teachers from 81 schools on the progress of
implementation of financial literacy programmes in the schools after attending the
Hub’s training programmes. A marked increase has been found in the positive
attitudes towards and perception of the importance of financial literacy, as well as a
better understanding of financial concepts such as saving and budgeting. Teachers
have also rated highly the usefulness of the workshops and teaching materials. The
results of these studies were reported in Teo et al. (2011); Koh (2012); Lee et al.
(2012); Koh and Fraser (2014). All the events and programmes organized by the
Hub include surveys and focus group discussions with participants to assess the
impact thereof.

32.8 Conclusions

Since its launch, the Financial Literacy Hub for teachers has trained 11,000 teachers
and tutors in Singapore. These include school leaders and teachers who have been
trained in personal finance, in-service school teachers, pre-service school teachers
and self-help group tutors who have received training in pedagogy for teaching
financial literacy to students. The Hub has partnered 90 schools to actively promote
financial education to their teachers and students using a whole-school approach
and organized over 430 events. An estimated number of 320,000 students, parents
and teachers from more than 300 schools have participated in the Hub’s financial
literacy programmes and events. Within 7 years, the Hub has become the leader in
financial literacy education in Singapore despite having a relatively small staff. The
key factors behind the Hub’s impact on the financial literacy education in Singapore
can be summarized as follows:
• Engaging teachers through personal finance seminars and pedagogy workshops
to enhance their readiness to teach financial literacy and equip them with the
required knowledge and skills
32 Approaches to Teaching Financial Literacy … 511

• Forming close partnerships with schools to develop learning and teaching

packages and organize programmes and events
• Empowering teachers to become mentors and impart their knowledge and skills
to their peers
• Investing in curriculum development, engaging all the stakeholders to develop
curriculum guidelines and infuse financial literacy into the main curriculum
• Using authentic and engaging pedagogy to deliver financial literacy content
• Harnessing digital technology to teach financial literacy
• Making research an integral part of the Hub’s activities thereby transforming
financial literacy teaching practices to become truly evidence-based
The Financial Literacy Hub for Teachers can therefore serve as a model for
developing comprehensive financial literacy programmes beyond the shores of
Singapore.

Acknowledgements The study reported in this chapter was supported by funding from the Citi
Foundation.

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