More champions of financial literacy needed

The initiative by DBS and SGX to improve financial literacy is timely and welcome news (DBS, SGX launch programme to boost financial literacy; July 13).

Although Singapore ranks well regionally in financial literacy, according to the MasterCard Index of Financial Literacy, consumers still lack investment knowledge.

This was pointed out by DBS' group head of consumer banking and wealth management, Ms Tan Su Shan.

There is hence room for improvement, for acquiring financial knowledge, because consumers still struggle in certain areas, for instance when it comes to retirement planning.

In terms of global financial literacy, Singapore is not even in the top 10 and that is a huge disconnect considering that Singapore is a global hub for finance.

This and other multi-factorial considerations, including Singapore's changing demographics, should serve as an impetus to continue to drive home the importance of financial literacy and the need for more champions of financial literacy such as DBS and SGX.

Woon Wee Min