Financial Literacy, Inclusion, and Technology

Financial literacy is a critical aspect of building financial resilience across the life cycle, requiring both an understanding of fundamental concepts as well as highly context-specific tools and environments. In Singapore, where many key financial decisions are supported by government programmes, the ability to navigate complex systems has always been key. For example, investing and retirement planning involve a grasp of the country’s personal income tax system and the CPF system, while homebuying requires understanding the HDB system and mortgage borrowing. Health insurance choices are centered around the basic provisions of Medishield in combination with a range of options around private providers.

The scope of financial literacy is being redefined, both in Singapore and elsewhere, especially as societies begin to recognize the need for finance to be more inclusive and sustainable. The introduction of new enablers also introduces new risks, particularly in the instance of financial technology (fintech). For instance, as fintech unlocks unprecedented access to new services (such as robo advisors, buy-now-pay-later) and products (such as sustainable or “green” investment funds), it becomes increasingly important to ensure that consumers are sufficiently well-informed or otherwise protected.

This SMU-X course offers an experiential learning opportunity that allows students to translate classroom knowledge about financial literacy into practical solutions for real organizations that represent the forefront of financial innovation. The course will focus on initiatives related to building individual financial literacy with respect to new goals and financial services in the context of each organization’s current or future business model. Throughthisstudentconsultancyproject,studentswilllearnhowtosolvecomplexbusinessproblems related to financial literacy, inclusion, and fintech, with guidance from the faculty and project sponsor mentors, from problem definition to final client presentation–while simultaneously testing their skills in real world settings.