Do you know that the likelihood of matching six numbers for Toto is one in 8 million? And there is only a one in 3.2 million chance of winning the first prize for Big Sweep?

These were some of the interesting nuggets of facts shared by a trainer from the National Council on Problem Gambling (NCPG) with 33 SMU student trainers of the Citi-SMU Financial Literacy Programme for Young Adults on 25 February 2014.

NCPG, together with the Housing & Development Board (HDB), are the new partners which have been roped in to augment the content offerings to the Programme’s beneficiaries.

During the training session, NCPG elaborated on the gambling landscape in Singapore, the issues related to problem gambling, and provided an overview of the current social safeguards. HDB shared the housing options available in Singapore, the eligibility conditions, and financial planning for a flat purchase.

Jointly launched by Citi and SMU in April 2012, the Citi-SMU Financial Literacy Programme for Young Adults (‘Fin Lit Programme’) is Singapore’s first structured financial literacy programme for young adults. Through lectures, workshops and course curriculum, the Fin Lit Programme seeks to equip young adults with essential personal finance knowledge and skills applicable to their life stage to give them a firm foundation in managing their money, as well as a financial head-start early in their lives.

This is the third batch of SMU students to undergo training under the Fin Lit Programme’s train-the-trainer model to deliver the financial literacy outreach curriculum to the young adult community. Comprising a total of 28 hours of workshops and seminars, the student trainers will learn about the various aspects of personal finance and investment which they will then impart to ITE and junior college students.

Explaining the rationale for bringing in HDB and NCPG as partners, Associate Professor Jeremy Goh, Programme Director of Citi-SMU Financial Literacy Programme for Young Adults, said, “The Fin Lit Programme is targeted at 17-30 year olds. For individuals in this age group, a major expenditure in their entire lifetime will be the procurement of a home. As such, I felt that HDB will be a good and appropriate partner for this programme. Individuals in this age group may be new to the new found financial freedom. It is important for them to understand good versus bad debt. Partnering with the NCPG will allow us to disseminate information that will mitigate potential pitfalls as these individuals navigate through life.”

Mr Colin Tang, a student trainer from the School of Economics, shared, “The rigorous workshops have helped to equip me with the necessary financial knowledge and soft skills. I am prepared and excited to apply what I have learned and share with the Fin Lit Programme’s beneficiaries by structuring information in a concise yet comprehensible manner and using interactive methods to share our knowledge. Understanding the repercussions of gambling as well as the amount of effort and planning that goes behind purchasing a house in Singapore will raise their awareness and prepare them for life in the future.”

Fellow student trainer Mr Siddiq Poh from the School of Accountancy added, “I have always believed in “What you have is not yours, what you give is yours.” Through the Citi-SMU Fin Lit Programme, I desire to contribute by positively impacting youths to start managing their finances effectively to achieve a head start in their life. The relevant knowledge presented by the speakers of HDB and NPCG has better prepared me to achieve this goal. For example, information about the process and requirements of acquiring a Built-To-Order Flat would definitely translate to practical application for youths in the near future.”

Following its success last year, the Fin Lit Programme will conduct another round of financial literacy workshops for 3000 first-year ITE students at their College West campus over three days in August this year as part of the Citi-SMU Financial Literacy Campaign at ITE. Other plans for 2014 include the inaugural Citi-SMU Financial Literacy Symposium, and the Citi-SMU Financial Literacy Awareness Day, which aims to reach out to 1500 students from the three ITE Colleges through games designed by SMU student trainers.

[Featured photo: Dr Larry Haverkamp (front row fourth from right) of the SMU School of Economics, an instructor with the Citi-SMU Financial Literacy Programme for Young Adults, with SMU student trainers and speakers from HDB and NCPG]