Singapore's Participation in PISA Financial Literacy Assessment and Comparative Assessment of Financial Literacy of Singapore's 15-Year-Olds with Other Developed Nations

Mr Gerald Giam Yean Song asked the Minister for Education (a) whether Singapore has been participating in the Programme for International Student Assessment (PISA) for financial literacy and, if not, why not; and (b) whether the Ministry has assessed the financial literacy levels of 15-year-old students in Singapore compared to other developed nations.

The financial literacy study is one of several optional instruments in Programme for International Student Assessment (PISA). Most PISA-participating systems, including Singapore, do not opt for it. We are mindful in our choice of PISA options to avoid overloading our schools and students with international benchmarking studies.

The Ministry of Education and MoneySense, our national financial education programme, regularly monitor our students' and youths' financial literacy levels. Our surveys show that most secondary school students have age-appropriate financial literacy, such as knowing the difference between needs and wants, understanding concepts like compound interest and inflation and appreciating the importance of saving and budgeting.