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Financial Literacy varies amongst individuals and in a competitive and pressurizing environment such as Singapore, managing one's finances has become a crucial aspect towards living a stable and secure life. Countless young Singaporeans are not taught financial literacy formally and with the lack of understanding of related matters, find it difficult to cope with finances and struggle to grasp their long term financial objectives. To better equip students with important financial decisions they need to make, the Business Career Development Committee (BizCare) invited Win Financial Group, a team of Financial Service Consultants from AIA Singapore at the National University of Singapore for an interactive Financial Literacy Workshop on 26 October 2022.
Students were taught on how to build up a passive income through a classic investing game called “CashFlow”. Designed to educate students the basics of investment through real life scenarios, it allows them to test their financial knowledge and learn their mistakes without losing any money. Some key takeaways include starting early to accumulate one’s “first pot of gold”. It is vital to save up to start investing early and regularly for financial security as it has been historically proven to gain profit in the long run. Another takeaway is to focus on growing one’s money exponentially. By creating wealth, it helps one during times of need, job loss or future goals.
In addition to the game, students were highlighted on the various metrics that are needed to be taken note of when graduating and entering the work-force, as well as the significance of establishing a secure financial groundwork for a stable future in the long-term. Concepts relating to investment, retirement planning and the ideal ratio to save and spend on a monthly basis to better meet future goals such as one’s wedding or buying a house were eloquently brushed upon. The dilemma faced by countless individuals being stuck in the sandwich generation, providing for their eventual spouse, children and parents becomes a key period where financial planning becomes essential to ensure the needs and interests of all parties are met. Ultimately, students walked away with a greater financial awareness to certain decisions that they will eventually have to take upon themselves as they enter the corporate world and grow older, planning for retirement and writing out their wills.