Financial Literacy Games and Workshops


Financial education games and workshops for students

Since January 2004, financial education messages have been delivered through appropriate subjects in the formal curriculum such as Civics and Moral Education and Social Studies at the primary and secondary levels.

We encourage schools to supplement these by organising financial literacy games and workshops for their students. Many schools have done this by engaging vendors to deliver the programmes. Schools may also apply for co-funding from MoneySENSE to defray some of the costs if the programmes selected meet MoneySENSE’ criteria. Please refer to the following Q&A for details.

Q1. What types of vendor-run financial literacy programmes are eligible for MoneySENSE co-funding? 
Q2: How much co-funding can MoneySENSE provide?
Q3: What is the application procedure?
Q4: How are the co-funding monies disbursed to the school?

Q1. What types of vendor-run financial literacy programmes are eligible for MoneySENSE co-funding?

Schools may apply for co-funding for financial literacy games and workshops delivered by external vendors if the programmes meet all of the following criteria:

  • The programme encourages students to build up competencies in at least one of the three tiers of financial literacy defined by MoneySENSE (Tier 1: Basic money management; Tier 2: Financial planning; Tier 3: Investment know-how).
  • The programme does not promote or endorse a specific financial institution, its products and services, or membership of an industry association.
  • The programme is targeted at individuals and is suitably pitched for the target audience.
  • The programme is delivered by well-qualified practitioners with the requisite experience and expertise.
  • The programme will not commence until at least four weeks after the school’s application is submitted to the MoneySENSE Secretariat. Please note that a longer lead time may be required if the proposed programme is one that MoneySENSE has not co-funded previously.

MoneySENSE will review each application and advise the school accordingly on whether its application is approved. In addition to the criteria above, MoneySENSE will consider factors such as whether the proposed participating students have attended other financial literacy programmes in the last year, the effectiveness of previous financial literacy programmes organised by the school, the amount of MoneySENSE co-funding provided to the school thus far, whether the proposed programme includes longer term plans to build capabilities within the community, whether there are similar programmes currently offered on a complimentary basis by MoneySENSE volunteers, etc.

Schools are responsible for sourcing financial literacy programmes that meet their students’ needs. Click here for some of the vendor-run financial literacy programmes that MoneySENSE co-funded previously. This is not an exhaustive list, and the information is updated from time to time. For schools that wish to engage vendors not included in the list, please contact MoneySENSE directly. 

Q2: How much co-funding can MoneySENSE provide?

MoneySENSE typically co-funds up to 50% of the net qualifying expenses, subject to a maximum of $25 / participating student. The net qualifying expenses refer to the total cost of the programme minus fees (payable in cash and/or Edusave) charged to participating students.

As a special concession, MoneySENSE also co-funds up to 80% of the fees charged to a participating student if the student is on the MOE Financial Assistance Scheme (FAS).

The example below illustrates how the MoneySENSE co-funding amount is computed.

Example:
ABC Secondary School is organising a financial literacy workshop for 100 students. 10 students are on MOE FAS. The school decides to select a vendor that charges $35 per student. The school decides to charge each student $25 (to be deducted from each student’s Edusave). The calculations are as follows:

 ABC Secondary School

 Total cost of programme  $35 x100 = $3,500 
 Less: Fees from students  $25 x 100 = $2,500 
 Net qualifying expenses  $3,500 - $2,500 = $1,000 
 50% co-funding from MoneySENSE  50% of $1,000 = $500 
 Amount to be borne by school  $500
 Special concession: Additional co-funding for students on MOE FAS  80% x $25 x 10 = $200
 Total co-funding from MoneySENSE  $500 + $200 = $700

Q3: What is the application procedure?

Schools interested in applying may take the following steps. Please note that vendors are not allowed to apply on behalf of schools:

Step 1: Click here to download a copy of the Investor Education Scheme (IES) form. Schools that require a copy of the IES form in Microsoft Word format may email their request to consumers@mas.gov.sg.

Step 2: Complete the IES form. Click here for things to note when completing the IES form.

Step 3: Send the completed IES form and any attaching documents to the following address. If the proposed programme is to be conducted by a vendor that MoneySENSE has not co-funded previously, please attach a detailed description of the proposed programme, together with a corporate overview of the vendor and CV of the trainers/facilitators.

MAS Building
10 Shenton Way
Singapore 079117
Attn: MoneySENSE Secretariat, Consumer Issues Division

MoneySENSE will evaluate the application and inform the school if its application is approved. This process usually takes between four to six weeks.

Where an application is approved, MoneySENSE will send a letter of offer and acceptance to the school. Schools are advised to read through the terms and conditions in the letter of offer and acceptance. If the school is agreeable to the offer, the school should send the acceptance form with an authorised signature and school stamp to the same address as above.

Q4: How are the co-funding monies disbursed to the school?

MoneySENSE’s co-funding works on a reimbursement basis. Hence, the school will have to pay the vendor first.

After the programme is completed, the school will need to submit the following to the MoneySENSE Secretariat:

  • Certified true copy of the invoice billed to the school
  • Evaluation report/feedback for the programme

After receiving all relevant documentation from the school, MoneySENSE will process the payment and arrange for a cheque to be sent to the school. This process usually takes about three months. It may take longer if there are discrepancies in the information in the invoice, evaluation report/feedback and school’s co-funding application.