Japan, Stocks and Funds at School... Singapore Mixes Finance into Core Subjects like Korean, English, and Math [Essential! Financial Education]④

Japanese Teachers Enhance Classes Through Study Groups
Establish Control Tower for Systematic Education
Singapore Learns Finance Across Multiple Subjects

Since 2022, Japanese students have been learning the concepts and applications of financial products such as stocks, bonds, and funds at school. They are exposed to products necessary not only for buying a home or retirement funds but also for preparing for risks throughout life, such as accidents, disasters, and illnesses. Previously, basic economic and financial education, including savings, was provided, but by significantly expanding related content in subjects like home economics, civics (general social studies), and mathematics, the scope of economic and financial education has broadened.

Teachers have also united to provide substantial economic and financial education in schools. The "Economic Education Network," composed of active teachers and professors, regularly holds study groups and research meetings nationwide to enhance educational capabilities. Economists, officials from the Ministry of Education, Culture, Sports, Science and Technology, and education committee members also participate to exchange opinions on lesson plans.

Students can also experience economic and financial education at school. Kazushi Mizuno, professor at Meiji University’s School of Commerce and former president of the Japan Economic Education Society, said, “The Central Council for Financial Services Information under the Bank of Japan dispatches instructors to schools free of charge,” adding, “Recently, employees from securities companies have been invited as instructors to introduce their professions or conduct financial education.”

Additionally, in August, the Financial and Economic Education Promotion Organization (J-FLEC), which serves as a control tower for economic and financial education in Japan, began its activities. J-FLEC is an organization jointly funded by both public and private sectors, including the Central Council for Financial Services Information, the Bankers Association, and the Securities Industry Association. It has prepared a total of 10 textbooks containing necessary content to improve financial literacy by generation and plans to educate 750,000 participants through 10,000 instructor dispatches annually.

[Image source=Irastora]

Singapore has not separately organized economic and financial subjects in its curriculum. There are no regular class hours dedicated to economic and financial education. Instead, students learn economics and finance through various subjects such as social studies, mathematics, and English. Economic and financial units or topics are integrated into diverse subjects for education.

In the compulsory middle school subject "Food and Consumer Education (FCE)," students learn money management in the "Consumer Studies" unit. They study how to budget and save in real life and learn the advantages and disadvantages of various payment methods such as cash, cards, and installments. Linked with mathematics, students build economic and financial knowledge through calculations related to money, such as interest rates, discount rates, and taxes.

Separate economic and financial education is provided from the high school curriculum onward. Economic studies are mandatory in the Pre-University course, which Singaporean students hoping to enter university enroll in.

Lee Seong-shin, head of the Economic Education Office at the Korea Development Institute (KDI), who recently visited Singapore to examine overseas economic and financial education, explained, “In Korea, most university students do not study economics unless they major in it, whereas in Singapore, economic education is mandatory in the Pre-University course,” adding, “Singapore’s Ministry of Education and Ministry of Manpower (Ministry of Employment and Labor) have established the financial education project ‘MoneySense’ and systematically support economic and financial education.”