SPEECH BY DR ONG SEH HONG, MP FOR ALJUNIED GRC AT THE GRADUATION CEREMONY FOR "TALKING DOLLAR AND SENSE" AT NORTH EAST CDC's CONFERENCE ROOM ON SATURDAY, 14 MAY 2005 AT 2.00PM. 

Council members
Volunteers
Distinguished Guests
Ladies and Gentlemen
Good Afternoon 

1  It is my pleasure to be here today to meet up with the dedicated volunteers from the Insurance and Financial Practitioners Association of Singapore (IFPAS) and families who have participated in the "Talking Dollar and Sense" Workshop, a financial education programme.

2  Financial education programme is a matter close to my heart.  I have met many of my constituents at my Meet-the-People sessions, who often ask me for help to solve their financial problems. Many of them have a "live-for-today" mentality. They chalk up huge credit card bills buying furniture and electrical appliances and later realize that they cannot service the installment payments. Others borrow for day-to-day needs because they have misplaced priorities. I know of some who choose to pay their handphone bills rather than service more important needs such as their utility bills and children's education.  Often, their families suffer financial hardship as a result of their poor spending habits. 

3  The bottomline is that every financial decision we make has longer term financial implications.  These include decisions such as how much we spend on a day-to-day basis, how much we borrow and how we prioritize our expenditure.  Some families know that they should have a better grip on their finances, but they do not know just where and how to start.

4  It is for this reason that North East Community Development Council has introduced the "Talking Dollar and Sense" Programme.  It is essentially a financial education programme which aims to equip participants with the necessary skills and knowledge of good budgeting.  The programme has been supported by the MoneySENSE national financial education programme which was launched by Prime Minister Lee Hsien Loong in October 2003.  With 4,000 households benefiting from the various financial assistance schemes between April 2004 to March 2005 and with more applications coming in, North East CDC hopes that through the series of workshops, our residents especially those who are receiving financial and employment assistance would be able to live within their means. Since the introduction of "Talking Dollar and Sense" Programme, 700 residents have participated in this workshop. 

5  They have not only gained financial budgeting skills, but have helped themselves out of financial difficulties. I understand that the workshop is not just a once-off session but there are follow up sessions for the participants to review their progress and put into practice the various ways of trimming unnecessary expenditures and setting aside savings to meet unanticipated needs.  Overall, they would be able to prioritize their needs, be prudent in how they manage their money, and plan ahead for their future.   

6  I am glad to note that MoneySENSE will be incorporating "Talking Dollar and Sense" as one of the core programmes under their initiatives. With this, more families beyond the North East district will also be able to benefit from this programme. 
  
7  Moving forward, North East CDC will be introducing the second stage of the programme for those who have completed the "Talking Dollar and Sense".  This second stage programme entitled "Bringing in the Money" is a series of workshops where participants will have the opportunity to explore their potential to earn additional income. North East CDC is aware that having financial education programme alone is not sufficient.  In order for some of the families to improve their financial situation, they also need to explore the various alternative ways on how they can improve their income.  These are laudable efforts in ensuring that the participants will continue to receive support in their attempt to improve their financial situation and work towards being self-reliant. 

8  To all the participants who have completed the "Talking Dollar and Sense", Congratulations!  You are now moving up into the second stage.  I believe once you have learnt to be self-reliant and take greater responsibility for your own financial decisions, you will be clear about your financial goals.  If you are disciplined in managing your money, and review your financial plan as your personal circumstances change, then I am confident you will have a brighter and more secure future ahead.

9 Lastly, I would like to thank the Monetary Authority of Singapore (MAS) and the volunteers from Insurance and Financial Practitioners Association of Singapore (IFPAS) for their efforts and time spent to provide support to the participants.

10 Thank you.