400,000 Students to Benefit from Citi and NIE Financial Literacy Programme by 2012

400,000 Students to Benefit from Citi and NIE Financial Literacy Programme by 2012

Date
Monday, 30 August 2010

Since its launch in 2007, the Citi-NIE Financial Literacy Hub for Teachers has trained more than 2000 teachers from 240 schools, benefiting 150,000 students. The aim is to reach another 3000 teachers and 250,000 students by 2012.

Citi has committed S$380,000 to the programme this year and plans to contribute the same amount next year. Over S$1 million in funding has been given to date.

By 2012, about 400,000 primary, secondary and pre-university students in Singapore would have been taught basic personal finance principles by their teachers in class under a Citi and National Institute of Education, Singapore (NIE) partnership to promote financial literacy among the young.

The Citi-NIE Financial Literacy Hub for Teachers, a “train-the-trainer” programme was launched on 31 October 2007, with the aim of equipping teachers with pedagogical skills required to incorporate financial literacy concepts in their day-to-day classroom curriculum.  To date, the programme has trained more than 2000 teachers from 240 schools. These teachers have in turn reached out to over 150,000 students.

Over the next two years, the programme will be ramped up to train another 3000 teachers, benefiting another 250,000 students. The widened reach will be achieved through a new initiative to embed trained teachers as the financial education ambassadors of their respective schools. These teachers will receive additional coaching, attend special pedagogy workshops and be given training resources to enable them to train their peers and put in place a financial literacy plan and curriculum for their schools. Through this multiplier effect, more teachers will be trained and equipped to conduct financial education classes for their students.

Citi Singapore, through the Citi Foundation, has committed S$380,000 to the Citi-NIE Financial Literacy Hub for Teachers this year and plans to contribute the same amount next year. More than S$1 million in funding has been given to date. The first-of-its-kind partnership created a framework for a comprehensive and structured programme to impart financial literacy skills to teachers. Through pedagogy workshops, personal finance seminars and conferences, teachers are equipped with the skills and tools to introduce financial education into their curriculum. Beginning with secondary school teachers, this was extended to primary school and pre-university teachers earlier this year.

Mr Michael Zink, Country Head and Citi Country Officer, Singapore said: “At Citi, we believe we have a responsibility to help people understand how to manage their financial resources and in the process, help to raise the quality of life for individuals, families and communities. As such, promoting financial literacy has been and remains a key pillar of our corporate social responsibility efforts.

We are deeply committed to the programme as we believe in the advantages of creating financial awareness among students from a young age, which puts in place the building blocks critical for their ability to make informed financial decisions later in life. We also recognise that the school is an ideal setting for introducing financial education to students as teachers wield positive influence and spend the greatest amount of face-time with their students.”

Professor Lee Sing Kong, Director, NIE added: “NIE is happy to have such a strategic partnership and collaboration with Citi. It is important to impart financial literacy to students as it is a lifelong skill which will allow them to make wise financial decisions in their various stages in life, as students, adults and parents. Teachers as educators play a significant role in introducing financial education to students. It is a win-win situation for all.”

Commenting on the new initiative, Dr Koh Noi Keng, Chair, Citi-NIE Financial Literacy Hub for Teachers said: “Having trained teachers drive the financial literacy efforts within their respective schools promotes the scalability and sustainability of the programme. The enhanced multiplier effect will result in a significantly broadened reach within a shorter period of time. “

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com or www.citi.com

About Citi Foundation

The Citi Foundation is committed to the economic empowerment of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving to priority focus areas: Microfinance and Microenterprise, Small and Growing Businesses, College and Careers, and Financial Capability and Asset Building. In the United States, the Citi Foundation also supports Neighborhood Revitalization programs. The Citi Foundation works with is partners in Microfinance and Microenterprise, Small and Growing Businesses, and Neighborhood Revitalization to support environmental programs and innovations.

Additional information can be found at www.citifoundation.com