Actually Financial Planning (Not Product Bombardment)

Dialogues (Financial Planning) - featured

The lack of financial literacy and planning is a challenge many people face, particularly among the young. On 16 August 2023, The HEAD Foundation Dialogues’ guest speaker Reggie Koh, founder of The Financial Coconut, started his sharing with his observation that most people plan their finances with a view towards retirement. Reggie then spoke about the three tiers that one should keep in mind when forming their plan: what is enough for us to live, what is enough to live a life we can love and lastly planning towards how much to leave behind. Having shared the importance of working towards these goals in his introductory sharing, the floor was opened for questions.

Several questions came in from the room and online viewers. A pertinent question raised was about how financial literacy can be inculcated in our young, particularly school-going children. Reggie advised that before we think of financial planning for the young, we need to focus on teaching them the importance budgeting — without surplus, access to financial planning is highly restricted.

The discussion then moved towards the changing face of the employment market, particularly in Singapore. Questions were asked about how young people can plan their finances while also exploiting opportunities to further their education to pursue new career pathways. The speaker did share that it is important for young people to identify the different stages of their lives and plan accordingly.

The speaker also shared his perspective on how families should think more about managing their money as a collective rather than as individuals. He shared that when families pool their money together, they will have larger capital which would provide them more investing options.

As the nature and landscape of work changes many of us will need to be supported by expert professionals. A question was asked of Reggie on how we can choose the right people to support us in our life journey. Reggie’s advice is to always consider the track record of the professional, as it is the most objective measure of their abilities.

To close the session, Reggie was asked what strategies he would propose to parents looking to instil a sense of financial discipline in their children. His main strategy was to provide children with a monthly allowance, as it most closely mirrors a working adult’s life and helps build their sense of responsibility and ownership.

Disclaimer: The views expressed by the speakers in this webinar are their own and do not represent the opinions of The HEAD Foundation.

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