Boosting youth financial literacy in Singapore

I raised a question in Parliament about Singapore’s participation in the optional PISA financial literacy study. I asked why we have not opted in and if we evaluate how our 15-year-old students compare against peers from other developed nations.

The Minister explained that Singapore avoids optional PISA components to prevent overloading schools and students. The Ministry of Education and MoneySense monitor local progress instead, with internal surveys showing that most secondary students possess age-appropriate skills in budgeting and saving.

While keeping student workload manageable is important, the OECD is now urging Singapore to join this global study (see here). Participating would give us objective data to benchmark our youth against the world. We should reconsider our stance to ensure our financial education is keeping pace with (and, hopefully, exceeding) global standards.

Should Singapore heed the calls to join this global financial literacy study?

Read the full question and answer from 6 May 2026:

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.

Mr Desmond Lee: 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.

Source: Singapore Parliament Reports (Hansard)