POSB ramps up financial literacy efforts to empower more Singaporeans to manage their finances and enhance retirement adequacy

Singapore, 02 Nov 2024 - As part of its commitment to enhancing financial literacy, POSB is intensifying efforts to equip Singaporeans with the knowledge and advice to manage their finances and get an early head start on building their nest egg. Today, one million customers actively invest and insure with DBS/POSB, with many consistently setting aside a fixed sum each month to grow their wealth. For instance, the number of Regular Savings Plan (RSP) investments on digiPortfolio^[1] has more than doubled year-on-year, signalling an upward trend in building wealth through quality assets that compound and grow over time.

To help more people to kickstart financial planning early, POSB is spearheading a range of initiatives that make financial guidance accessible, convenient and tailored to individual needs, with a focus on enhancing retirement adequacy. Unveiled at the ‘POSB Your Neighbourhood Carnival’ – where Minister for Home Affairs and Minister for Law, K. Shanmugam, also Grassroots Adviser to Nee Soon GRC GROs engaged with some 800 Nee Soon residents – these efforts are:

• Since April 2024, eight in 10 retail customers^[2] have access to personal Wealth Planning Managers (WPMs) via digibank: Since April 2024, close to three million eligible retail customers have access to a personal WPM – a first-of-its-kind service that a bank is providing to retail customers in Singapore. The WPMs, whose details^[3] are available via the “Plan” tab in DBS/POSB digibank, offer advice in four essential financial pillars: Save, Protect, Grow and Retire. Customers can get advice tailored to their evolving needs across various life-stages, from early wealth building to securing retirement adequacy. They may contact the WPM via a phone call or contact form in digibank, ensuring that they are directly connected to the WPM who has been assigned to them.

In addition, the WPMs send customers regular email updates, called ‘eNotes’, informing them about important government initiatives and market trends, which have a bearing on financial matters. Since April, eNotes have nearly tripled customer enquiries relating to financial planning.

• Bolstered outreach efforts to strengthen financial literacy education: The bank has been bringing interactive digital and financial literacy workshops to schools and heartland communities across Singapore. They include the POSB Your Neighbourhood Carnival, making it easier for people of all ages to gain practical, hands-on digital and financial knowledge that aligns with their lifestyles. To date, DBS/POSB’s outreach efforts have drawn more than 130,000 participants across over 450 digital and financial literacy workshops.

Earlier this year, POSB had also launched a national savings drive, encouraging over one-third of primary and secondary students in Singapore to collectively save an additional SGD 35 million by 2026. The initiative has been well-received, with 20,000 children collectively boosting their savings by approximately SGD 200,000 in just the first month since launch. The programme also includes age-appropriate educational content to support parents in reinforcing money management lessons at home.

• Continuous enhancements to digital capabilities: Recognising the importance of making financial planning both intuitive and actionable, DBS/POSB has continually improved its digital platforms, ensuring customers can seamlessly access and engage in their financial planning journey with ease.

(From left) Mr Derrick Goh, Chairman of NSTC, Minister for Home Affairs and Minister for Law, K. Shanmugam, Mr Nelson Neo, Head of POSB and Mr Lim Him Chuan, Group Head of Strategy, Transformation, Analytics & Research, DBS Bank, at the POSB Your Neighbourhood Carnival at Tzu Chi Humanistic Youth Centre, which is among the series of outreach activities under the POSB Support Our Heartlands initiative.

“Singaporeans are increasingly recognising the value of taking charge of their financial future early. While this shift is promising, we see even greater potential in strengthening retirement readiness,” said Mr Nelson Neo, Head of POSB. “Our phygital solutions and offerings have proven effective in supporting our customers in their financial journeys – they engage more with us, find the insights helpful, and feel more confident in making informed investment decisions. By combining accessible financial literacy programmes with tools and guidance across digital and in-person channels, we remain committed to empowering every individual to shape a financially resilient future for themselves and their loved ones.”

Earlier this year, the bank shared its vision of quadrupling the number of clients who invest and insure with the bank, across its markets, by 2027.

Celebrating financial literacy at POSB Your Neighbourhood Carnival

Building on Nee Soon GRC’s ongoing efforts to improve financial literacy among its residents and the bank’s commitment to empowering financial literacy, the POSB Your Neighbourhood Carnival brings this mission to life through a community-focused, interactive experience. Designed for all ages, the carnival offers hands-on and immersive activities that make financial literacy engaging and enjoyable. Visitors can explore simulations, participate in games, and interact with financial planners – blending digital technology with personalised guidance such that financial concepts are easy to grasp and put into practice.

“When we look at the needs of our community, we also think of the life skills they need. A skill that everyone can benefit from, even from a very young age, is financial literacy,” said Minister for Home Affairs and Minister for Law, K. Shanmugam, also Grassroots Adviser to Nee Soon GRC GROs. “Having a good understanding of financial concepts is key to cultivating responsible financial behaviour. From budgeting to planning for retirement, it allows everyone to have better control of their financial future. PA, with the support of POSB, has curated a wide range of programmes for our residents. There are talks to better understand CPF and MediShield. Children can participate in the mixed reality games to learn about finances.”

Children of all ages discover budgeting basics at the POSB Mini Mart booth during the POSB Your Neighbourhood Carnival, which drew over 800 residents of Nee Soon.

Attendees can look forward to engaging games, educational challenges and interactive stations, each crafted to demystify money management in a fun, inclusive way. Highlights include:

• POSB Mixed Reality financial literacy game for kids: This game marks the bank’s first public mixed reality pilot and is a first in the Singapore banking ecosystem. Featuring “POSB Coin Chaos”, a dynamic, space-themed game co-developed by the DBS Innovation Group, Amazon Web Services and Slalom, participants are challenged to allocate “floating coins” into Spend, Save and Share buckets. This innovative approach not only makes budgeting lessons interactive and memorable but also introduces essential financial skills in a fun, futuristic setting, setting a new benchmark for educational engagement in Singapore.
• Scam awareness quizzes: Through interactive quizzes, adults and children alike can gain essential skills in spotting common scams, empowering them to make informed decisions in today’s digital landscape.
• POSB Kids ATMs: Created with EYEYAH!, these interactive ATMs are designed to introduce children to money management skills in an engaging, hands-on way. Through gamified experiences, children can explore fundamental concepts such as saving, spending and budgeting.
• Financial literacy workshops:
  • Achieving financial freedom: This workshop guides individuals on maximising CPF schemes and building sustainable income flows for retirement.
  • Safeguarding your income and assets: Discover the importance of insurance in protecting yourself and your loved ones, understand different plans and schemes, and learn how to determine the coverage needed for each life stage.
  • Financial empowerment for everyone: Designed to impart essential skills for cash flow management, informed decision-making and investment readiness.

A senior participates in POSB's Mixed Reality financial literacy game, co-developed by the DBS Innovation Group, Amazon Web Services and Slalom, at the POSB Your Neighbourhood Carnival.

The POSB Your Neighbourhood Carnival is part of POSB’s ‘Support Our Heartlands’ initiative, through which the bank fulfils its longstanding mission of nurturing financially empowered communities, reinforcing its role as a trusted partner in the heartlands and beyond. Through digital innovation, personalised advisory and impactful community initiatives, DBS/POSB continues to guide Singaporeans towards a secure financial future.

 

^[1]digiPortfolio is the bank’s hybrid human-robo investment solution for retail investors to tap on investment strategies from DBS' wealth management team. For more information, visit https://www.dbs.com.sg/personal/investments/other-investments/dbs-digiportfolio

^[2]These customers are between 18 and 68 years old, and include those who are already actively investing and insuring with the bank.

^[3] Details include name, photo, as well as options for customers to call them directly or request a call.

 

About POSB
A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over four million customers. Having served generations of Singaporeans for the past 147 years, it is known as the "People’s Bank", and prides itself on being "neighbours first, bankers second".

POSB takes pride in supporting the community's everyday needs and helping individuals, families, and businesses to become better savers. It stands at the forefront of change by providing pioneering financial solutions and services - across savings, borrowing, investment and insurance - that cater to the evolving needs of Singaporeans.

As a trusted member of the community, it is also committed to giving back to and standing alongside Singaporeans. From inculcating healthy financial habits to promoting digital literacy, POSB seeks to enrich neighbourhoods and uplift the community.

For more information, please visit www.posb.com.sg.

About People’s Association
The People’s Association (PA) is a statutory board established on 1 July 1960 to promote racial harmony and social cohesion, and to act as a bridge between the Government and the people. We offer a wide range of community programmes and volunteering opportunities for Singaporeans from all walks of life.  Our network includes close to 2,000 Grassroots Organisations (GROs), over 100 Community Clubs, five Community Development Councils, National Community Leadership Institute and PAssion WaVe. More information at www.pa.gov.sg.