Planning for retirement? MoneySENSE

Posted by Vanessa Keng on

Retirement is indeed a rising concern among baby boomers, mostly because of the financial burden that comes with it. It is no surprise that, given inflation and high costs, living standards are also rising. Baby boomers need to realize the importance of planning for their retirement, so that maintaining the same standard of living all through their retirement journey remains plausible.
However, how practical are their retirement plans? One of the factors that will have an impact on a baby boomer’s retirement plan would have to be their level of financial literacy.
Now, the question is this – What constitutes financial literacy? Who’s to decide that a person is financially prepared, and what determines that benchmark?
Financial literacy does not necessarily come with higher education qualification per se, neither do answers on financial queries come about as readily on google. Also, more often than not, financial advisors from insurance companies are not exactly the most reliable sources of information. At the end of the day, all the information that they impart unto you will ultimately work to their advantage.
Which is where MoneySENSE comes in. MoneySENSE, which is a national financial education programme, covers the 3 tiers of financial literacy: Tier I – Basic Money Management; Tier II – Financial planning; and Tier III – Investment Know-How.
MoneySENSE has created a framework known as the MoneySENSE Core Financial Capabilities Framework. The framework defines financial literacy as having knowledge and performing well in these five areas –
  1. Understanding money
  2. Understanding yourself, your rights and responsibilities
  3. Managing everyday money
  4. Planning ahead
  5. Selecting financial products suitable for you
Now, does it all seem a little too much to take in? With all the bills that seem to run endless, and with all confusion the competitive insurance industry tell us, it is easy to fall off guard and steer clear from even thinking about retirement in the first place.
Fret not. Various resources are available for consumers and worried baby boomers alike. These include educational articles, radio and TV programmes, seminars, and online financial calculators and tools.
The following are links that you might find extremely useful:  
Furthermore, MoneySENSE provides financial education programmes covering basic money management, financial planning and investment know-how. The programmes are conducted in lecture theaters and classrooms, and are executed in the form of talks or workshops. These programmes are becoming increasingly relevant especially so when you feel like you no longer understand your finances any longer. Topics include:
  • Basic Money Management
  • Making sense of your money
  • Are you borrowing too much?
  • Insurance Planning
  • Do I need every type of insurance?
  • Understanding basic health insurance schemes
  • Investing
  • Introduction to personal investing
  • Financial Planning
  • Financial Planning begins now
  • Buying a home within your means
  • Introduction to estate planning
  • Retirement Planning
  • Building your nest egg
  • Managing CPF money for your retirement
For more information, visit
And the best part? These talks/workshops are free! Here’s to increasing your financial literacy, for the betterment of yourself and your loved ones. J


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