[Singapore, 13 August 2013 (Tuesday)] – For three days starting today, 30 trained SMU students will coach 3,000 first-year students from the Institute of Technical Education (ITE) in a financial literacy programme specially tailored to meet their needs.  The students will be taught the basics of personal finance, especially the key financial knowledge and skills applicable to their life stage.  Thirty teachers from ITE will also participate in workshops helmed by SMU’s faculty members so that they can go on to coach the remaining student population at the Institute.

This first-of-its-kind programme and partnership was made possible through a Letter of Collaboration signed between SMU and ITE.  Citi-SMU Financial Literacy (Fin Lit in short) Programme was launched in April 2012 last year as Singapore’s first structured financial literacy programme for young adults.  It aims to equip those between 17 and 30 years old with essential personal finance knowledge and skills to give them a firm foundation in managing their money and a financial head-start early in their working lives.

Since April 2012, 55 SMU students have been trained under a train-the-trainer programme to deliver the financial literacy outreach curriculum to young adults.  They have been involved in various outreach initiatives since they completed their training. The collaboration with ITE, however, is the largest and most extensive outreach to date.  Besides delivering the programme to 3,000 ITE students this week, the team behind the Citi-SMU Fit Lit Programme will also be spreading important financial literacy knowledge and tips through fun and interactive activities via a three-day carnival to be held at ITE College West.

“Singapore is facing a fast aging population which might not have generated enough retirement savings or ‘nest eggs’.  One of the challenges is therefore to help Singaporeans generate enough retirement income to last them through their retirement years.  This is a long-term problem and it is more acute among the youths from families with lower household incomes in Singapore.  If youths today can’t live within their means, they will not be able to save and accumulate enough retirement funds when they age.  We hope to turn that around gradually through programmes such as this,” said Dr Benedict Koh, Programme Director, Citi-SMU Financial Literacy Programme for Young Adults, and Professor of Finance at SMU’s Lee Kong Chian School of Business.

On the partnership, Dr Jeremy Goh, Programme Director, Citi-SMU Financial Literacy Programme for Young Adults, said, “The level of financial literacy among Singapore’s youths is generally low, the main reason being the lack of exposure to such life skills through their formal educational journey.  We are very happy to have found a like-minded partner in ITE and are able to reach out to such a large number of youths this time round.  The knowledge on basic financial concepts and planning tools that we have incorporated into our programme will lay the foundation for these youths to attain financial security in adulthood.”  Dr Jeremy Goh is also an Associate Professor of Finance at SMU’s Lee Kong Chian School of Business.

Mr Michael Zink, Head of ASEAN and Citi Country Officer, Singapore, said, “Financial education has been a key focus of our corporate citizenship efforts since 2002.  At Citi, we believe that we can make a difference in people’s lives by improving their financial capability as a natural extension of the work we do as a financial institution. There is no better investment than empowering young adults with the essential knowledge and skills to make wise decisions on their finances today. With strong foundations in managing their money, they can embark on their life journeys and achieve their aspirations with greater confidence.”

Dr Yek Tiew Ming, Principal of ITE College West, said, "We are delighted to collaborate with SMU and Citi Foundation on this Financial Literacy Programme. As we prepare students to step into the working world, the programme will be useful in teaching students personal financial knowledge, budgeting and responsible spending habits. The activities, games and the financial amazing race organised is age-appropriate and are engaging and useful to students.”

Enclosure: 

• Annex 1: About Citi-SMU Fin Lit Programme

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

About Citi Foundation

The Citi Foundation is committed to the economic empowerment and financial inclusion of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving to priority focus areas: Microfinance, Enterprise Development, Youth Education and Livelihoods, and Financial Capability and Asset Building. The Citi Foundation works with its partners in Microfinance and Enterprise Development to support environmental programs and innovations.

Additional information can be found at www.citigroup.com

About SMU Sim Kee Boon Institute for Financial Economics

Established in July 2008, the Sim Kee Boon Institute for Financial Economics (SKBI) at Singapore Management University promotes the study of Financial Economics and Financial Econometrics in areas of strategic relevance to Singapore’s economy and economies of the region. A significant addition to Singapore’s efforts to be a financial hub in Asia, SKBI is a leading institute for academic research with strong industry application and practical dimension in the area of Financial Economics.

The institute has major research centres for quantitative financial analysis and offers training programmes for professionals in the financial industry. Its work is conducted in close collaboration with leading scholars in financial economics and financial econometrics from around the world as well as leading international organisations and experts from industry.

For more information, visit www.skbi.smu.edu.sg

About the Institute of Technical Education

The Institute of Technical Education (ITE), Singapore, was established as a post-secondary education institution in 1992 under the Ministry of Education. ITE is a principal provider of career and technical education and key developer of national occupational skills certification and standards to enhance Singapore's workforce competitiveness. Under its "One ITE System, Three Colleges" Model of Education and Governance, ITE has three Colleges, comprising ITE College Central, ITE College East and ITE College West.

For more information, visit: www.ite.edu.sg.