SINGAPORE – Mirza Rusyaidi Juraimi @ Zhi Wei, 18, and Shevarnee Kannan, 19, started investing in stocks and cryptocurrencies two years ago in their mid-teens.
Studying the business at Polytechnic gave me a head start in understanding the complex world of investing and Bitcoin, but especially evaluating how some actions lead to losses. They said they still have a lot to learn about it.
On Sunday, one of the topics they and about 500 young people learned in a networking session with local financial advisors was making smarter decisions about money.
The event at Ang Mo Kio’s The Grassroots’ Club kicked off a financial literacy program by brokerage firm CGS-CIMB Securities to help young people, low-income households and seniors within Sembawang GRC learn how to invest and save money amid high inflation. Helped me survive the cost of living. , and protect against fraud.
Carol Fong, CEO of CGS-CIMB Group, said the survey shows that more than 50% of Singaporeans feel they don’t know enough about financial literacy.
The program will run for three months in the Sembawang, Admiralty and Woodlands regions before expanding to other regions.
Health Minister Ong Ye Kung, Member of Parliament for Sembawang GRC, said at the session: You risk losing all your money. “
The event was also attended by other Sembawang GRC MPs Dr Lim Wee Kiak, Vikram Nair, Poh Li San and Mariam Jaafar.
Mirza, a sophomore at Republic Polytechnic (RP), said young people need to learn to accept loss. “Young people become very optimistic when they make money and are willing to invest. When they lose they become very negative and say the market is a scam,” she said.
“I think the most important thing a trader has to learn is risk management. Everyone stays focused on profit. We can lose,” he added.
CGS-CIMB and RP instructors have also developed free online courses to help learners understand how to manage their savings, pay off debt and make better investment decisions.
This course can be accessed from this website.
Another goal of the Financial Literacy Program is to protect residents (old and young) from financial fraud.