DBS launches free financial advisory centre NAV Hub

The NAV Hub at Tanjong Pagar, which opened late last month, does not sell products but provides young people with personalised financial planning sessions from bank staff.
The NAV Hub at Tanjong Pagar, which opened late last month, does not sell products but provides young people with personalised financial planning sessions from bank staff. PHOTO: DBS

SINGAPORE - DBS has launched a financial planning centre offering free advisory services.

The NAV Hub at Tanjong Pagar, which opened late last month, does not sell products but provides young people with personalised financial planning sessions from bank staff.

Customers can also attend monthly financial planning classes conducted by industry experts and obtain tips from DBS's online portal, the bank said on Friday.

The centre is part of a new DBS initiative called NAV - Your Financial GPS that aims to help customers navigate through life's changes, uncertainties and opportunities.

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It comes after a DBS survey showed that more than half of young people here do not plan, nor know how to plan, their finances.

The survey, which polled DBS customers aged between 20 and 35 with less than two years of working experience, also found that 60 per cent want to manage their money better to help them achieve their goals.

Their top three financial goals are buying a home, growing their money and self-development such as paying to further their studies to upgrade their skills.

Mr Brandon Lam, DBS Singapore's head of financial planning, said: "We designed NAV - Your Financial GPS as an interactive concept for young adults to fully understand their financial health and make concrete plans to work towards their goals.

"These could be conversations on buying their first homes, getting married, raising children, growing their money or retiring comfortably. The NAV Hub provides a relaxed environment for these conversations."

Student Jonathan Tan Jun Jie, who has undertaken the personalised financial planning session, said the NAV Hub and its programme have given him better insights into his needs.

"It's shown me the progress and problems of my savings, and also an evaluation of my assets," said Mr Tan, 19.

"The NAV crew also gave me tips and suggestions on ways I could go about doing my saving plans for my future and it has helped me to better understand my current financial situation."