The Institute of Technical Education (ITE) and DBS Bank are rolling out an enhanced ITE-wide financial literacy programme to all 27,000 of ITE’s attending students.
With ITE rolling out Home-Based Learning (HBL) given elevated COVID-19 social-distancing measures, lessons have been adapted accordingly for students. This year’s iteration expands on last year’s pilot, which involved 10,000 Year 1 students. The new curriculum for Year 2 students will focus on teaching them how to manage their finances after they graduate and enter the workforce.
The DBS-ITE financial literacy programme complements the government’s current MoneySense financial education curriculum, with each lesson structured to help students relate easily to bite-sized information. This approach, optimised with the use of intuitive digital learning tools, will enhance lesson delivery for HBL.
As part of the curriculum refresh, more time has been allocated to hands-on activities this year so students can more easily apply the personalised insights gleaned to their daily lives.
“In challenging times like these, it has become more critical for students to be equipped with the right knowledge and tools to make prudent financial decisions. This is especially since more monetary transactions are being conducted digitally,” said Li Xinling, lecturer at ITE College West. “We have continued to support our students’ financial learning in this period, by adapting the lessons for delivery as web-based exercises.”
Year 2 students will be taught subjects such as how Central Provident Fund (CPF) accounts work; learn about the different types of insurance coverage available; and acquire best practices on cybersecurity. They will also be introduced to the basics of investing and how to protect their assets against inflation.
Year 1 students can make use of DBS’ new digital advisory solution, NAV Planner, as a complementary digital learning tool which provides them a personalised balance sheet as well as insights, analyses and suggestions unique to them.
An assessment of the pilot batch shows that more than 95% of 2,500 students say they now have a better understanding of their spending habits and are committed to saving more of their allowance.