Singapore’s MAS evaluates financial literacy of country’s residents
05 August 2013
By Asia Asset Management
The Monetary Authority of Singapore (MAS) announced on August 1 that the Financial Education Steering Committee (FESC), which oversees MoneySENSE, the national financial education programme, will conduct a nationwide literacy survey from August 1 to September 26.
The survey aims at assessing the current level of financial literacy and well-being among Singapore residents across different age groups. The survey will involve face-to-face interviews with a representative sample of 2,000 individuals. It will include questions on spending patterns, saving habits, investments, and retirement planning. The results of the survey will help FESC understand the financial education needs of different segments of the population, and respond with relevant programmes that will be developed under the MoneySENSE brand. The last time a similar survey was conducted was in 2005.
According to MAS's 2012 Singapore Asset Management Industry Survey, assets managed by fund managers in Singapore stood at S$1.63 trillion. Asset under management (AUM) grew by 21.5 % year on year as a result of strong inflows and higher market valuations. While the figure is clearly high, approximately 80% of the AUM was sourced from outside Singapore.
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