IFPAS a very important resource to raise financial literacy - Senior Minister of State

| 18 Oct 2019

Ms Sim Ann, Senior Minister of State, Ministry of Communications and Information & Ministry of Culture, Community and Youth, giving her address during IFPAS's 50th anniversary dinner. (Credit: IFPAS)

The IFPAS 50th Anniversary gala dinner was graced by Guest of Honour, Ms Sim Ann, Senior Minister of State, Ministry of Communications and Information & Ministry of Culture, Community and Youth.

In her address to some 200 guests comprising IFPAS members and industry partners at the dinner, she congratulated IFPAS for evolving over the years and reflecting a better representation of the members from insurance companies as well as members who provide financial services.

She acknowledged how IFPAS has gone beyond supporting just their members and is playing an active role in the community by raising public awareness of financial planning and working closely with various Government agencies (such as People’s Association and Ministry of Health) to provide feedback and free consultation sessions.

She said, “With a membership of close to 4,000 members, you serve as a very important resource to raise the financial literacy of our society. For example, upon the rollout of the MediShield Life scheme in 2015, IFPAS stepped forward to partner Ministry of Health and People’s Association (PA). On a weekly basis, free consultation sessions were conducted in different languages to help explain the scheme to residents at 85 Community Clubs and Residents’ Committees. Over one year, IFPAS’s 700 volunteers reached out to 8,000 residents across Singapore.”

“Earlier this year, IFPAS launched a new programme in partnership with PA. This programme involved IFPAS volunteers sharing financial knowledge to vulnerable residents to strengthen their mental and social resilience. IFPAS volunteers will also befriend children from vulnerable families and provide them with socio-emotional support, as well as encourage them to do well in school. These are noble initiatives and such partnerships showcase the value of working together in building an inclusive and caring society.” She added.

Strengthening Financial Well-Being among Youths

Ms Sim Ann who works closely with youths in Singapore recognises the importance for youths to start early and take charge of their financial well-being. And while the Singapore Government is monitoring issues of cost of living and providing the necessary assistance to groups in need, Sim Ann says financial planning is a key tool to empower our youths to take control over their finances and well-being.

Working with The Smart Local under the SG Youth Action Plan to enhance financial literacy among youths to support their transition to adulthood is also one of the iniatives of IFPAS. With IFPAS’ content on navigating financial stressors in various life stages in a relatable and bite-sized way through informational videos and “Too Long Don’t Read” (TLDR) editorials, it will have much greater outreach allowing youths to better understand the importance and ease of financial planning.

She ended her address by saying, “By continuing to work together and doing good together, I am certain that all of us can play a part in building a better home for all. I am heartened by the ongoing efforts and I wish IFPAS many more years of successful service for the community and our nation.Congratulations once again on your golden jubilee.”


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