To help more people to kickstart financial planning early, POSB is spearheading a range of initiatives that make financial guidance accessible, convenient and tailored to individual needs, with a focus on enhancing retirement adequacy. Unveiled at the ‘POSB Your Neighbourhood Carnival’ – where Minister for Home Affairs and Minister for Law, K. Shanmugam, also Grassroots Adviser to Nee Soon GRC GROs engaged with some 800 Nee Soon residents – these efforts are:
In addition, the WPMs send customers regular email updates, called ‘eNotes’, informing them about important government initiatives and market trends, which have a bearing on financial matters. Since April, eNotes have nearly tripled customer enquiries relating to financial planning.
Earlier this year, POSB had also launched a national savings drive, encouraging over one-third of primary and secondary students in Singapore to collectively save an additional SGD 35 million by 2026. The initiative has been well-received, with 20,000 children collectively boosting their savings by approximately SGD 200,000 in just the first month since launch. The programme also includes age-appropriate educational content to support parents in reinforcing money management lessons at home.
(From left) Mr Derrick Goh, Chairman of NSTC, Minister for Home Affairs and Minister for Law, K. Shanmugam, Mr Nelson Neo, Head of POSB and Mr Lim Him Chuan, Group Head of Strategy, Transformation, Analytics & Research, DBS Bank, at the POSB Your Neighbourhood Carnival at Tzu Chi Humanistic Youth Centre, which is among the series of outreach activities under the POSB Support Our Heartlands initiative.
“Singaporeans are increasingly recognising the value of taking charge of their financial future early. While this shift is promising, we see even greater potential in strengthening retirement readiness,” said Mr Nelson Neo, Head of POSB. “Our phygital solutions and offerings have proven effective in supporting our customers in their financial journeys – they engage more with us, find the insights helpful, and feel more confident in making informed investment decisions. By combining accessible financial literacy programmes with tools and guidance across digital and in-person channels, we remain committed to empowering every individual to shape a financially resilient future for themselves and their loved ones.”
Earlier this year, the bank shared its vision of quadrupling the number of clients who invest and insure with the bank, across its markets, by 2027.
Celebrating financial literacy at POSB Your Neighbourhood Carnival
Building on Nee Soon GRC’s ongoing efforts to improve financial literacy among its residents and the bank’s commitment to empowering financial literacy, the POSB Your Neighbourhood Carnival brings this mission to life through a community-focused, interactive experience. Designed for all ages, the carnival offers hands-on and immersive activities that make financial literacy engaging and enjoyable. Visitors can explore simulations, participate in games, and interact with financial planners – blending digital technology with personalised guidance such that financial concepts are easy to grasp and put into practice.
“When we look at the needs of our community, we also think of the life skills they need. A skill that everyone can benefit from, even from a very young age, is financial literacy,” said Minister for Home Affairs and Minister for Law, K. Shanmugam, also Grassroots Adviser to Nee Soon GRC GROs. “Having a good understanding of financial concepts is key to cultivating responsible financial behaviour. From budgeting to planning for retirement, it allows everyone to have better control of their financial future. PA, with the support of POSB, has curated a wide range of programmes for our residents. There are talks to better understand CPF and MediShield. Children can participate in the mixed reality games to learn about finances.”
Children of all ages discover budgeting basics at the POSB Mini Mart booth during the POSB Your Neighbourhood Carnival, which drew over 800 residents of Nee Soon.
Attendees can look forward to engaging games, educational challenges and interactive stations, each crafted to demystify money management in a fun, inclusive way. Highlights include:
A senior participates in POSB's Mixed Reality financial literacy game, co-developed by the DBS Innovation Group, Amazon Web Services and Slalom, at the POSB Your Neighbourhood Carnival.
The POSB Your Neighbourhood Carnival is part of POSB’s ‘Support Our Heartlands’ initiative, through which the bank fulfils its longstanding mission of nurturing financially empowered communities, reinforcing its role as a trusted partner in the heartlands and beyond. Through digital innovation, personalised advisory and impactful community initiatives, DBS/POSB continues to guide Singaporeans towards a secure financial future.
[1]digiPortfolio is the bank’s hybrid human-robo investment solution for retail investors to tap on investment strategies from DBS' wealth management team. For more information, visit https://www.dbs.com.sg/personal/investments/other-investments/dbs-digiportfolio
[2]These customers are between 18 and 68 years old, and include those who are already actively investing and insuring with the bank.
[3] Details include name, photo, as well as options for customers to call them directly or request a call.
