Financial advisory company and social enterprise MoneyOwl has introduced a comprehensive suite of financial planning resources aimed at empowering individuals to improve their financial security.
Moving away from the direct sale of commercial products, MoneyOwl is now focusing on providing actionable financial advice at scale, while collaborating with like-minded partners to develop innovative solutions for underserved communities.
It will prioritise lower-middle- to middle-income working adults, shift and gig workers, and youths. These groups stand to benefit the most from fit-for-purpose financial solutions but are traditionally overlooked by commercial entities.
Addressing Singapore's Financial Security Gap
People in Singapore are living longer, with life expectancy at 83 years for men and 85 years for women as of 20231. However, many face poor health in their later years2, compounded by rising healthcare costs and the increasing cost of living.
Only 40% of Singaporeans feel they can spend beyond their basic needs most of the time3. Protection gaps also persist, with 21% in mortality coverage and 74% in critical illness coverage4.
Ms. Chuin Ting Weber, Chief Executive Officer and Chief Investment Officer of MoneyOwl, said that MoneyOwl would like to help as many people in Singapore as possible make informed decisions for their financial security and provide access to affordable, high-quality solutions.
From Knowledge to Action: Helping Individuals Secure Their Financial Futures
Curated investment product recommendations are part of MoneyOwl's new suite of resources. OwlInvest aims to guide individuals in building their own investment portfolios using low-cost passive index funds.
Through its online advisory suite, MoneyOwl helps individuals understand financial planning principles and translate them into practical action — from what to do and what to buy, to what to avoid.
To ensure accessibility for all, MoneyOwl prioritises cost-effective government schemes and affordable commercial products for all.
This includes leveraging CPF as a cornerstone of retirement planning, and promoting do-it-yourself (DIY), low-cost products like the MINDEF/MHA Group Term Life insurance and Direct Purchase Insurance, which can be purchased directly from insurers without paying commissions.
To provide retail investors with quality, low-cost investment options, MoneyOwl has partnered with Phillip Securities Pte Ltd to offer Amundi’s passive indexed funds on the POEMS platform, starting from just a S$1 investment and with no platform or advisory fees. This partnership marks a breakthrough in making low-cost investing accessible to the masses.
Reaching Communities through Partnerships
.jpeg?sfvrsn=da8a2e94_1)
MoneyOwl conducting a corporate financial wellness talk.
To amplify its impact, MoneyOwl is working with corporates and community organisations to deliver practical financial literacy programmes. Key initiatives include:
- Learning and Development Training: Comprehensive sessions on national schemes like CPF, MediShield Life, and CareShield Life, with practical guidance on optimising these schemes alongside commercial products.
- Workplace Savings Plans: Corporate programmes supporting employees' long-term financial goals through group insurance structuring and customised financial products.
- Customised Community Programmes: Pilot programmes like the WhatsApp-based Financial Literacy initiative for shift workers offer accessible, on-the-go learning.
.gif?sfvrsn=aefae23d_1)
MoneyOwl's corporate and community programmes focus on topics such as CPF, investment, insurance, holistic retirement, estate planning, and bite-sized money tips.
In partnership with Young NTUC, MoneyOwl is expanding its outreach to youths through interactive workshops and student engagement events.
It has also collaborated with National University Hospital (NUH) to equip healthcare workers and the wider community with essential financial planning skills.
Ms. Clara Wee, National University Hospital’s Chief Human Resource Officer, said: "As a public healthcare institution, we take a holistic approach to well-being, addressing both physical and financial health for our employees and the communities we serve. Collaborating with MoneyOwl, we have equipped our healthcare team with vital financial planning skills to reduce financial stress and focus on delivering quality patient care. Additionally, our joint public talks on topics like Advance Care Planning and Lasting Power of Attorney empower patients and the public with critical knowledge to make informed decisions about their future, reflecting our shared commitment to fostering healthier communities."
A Collective Vision for Financial Well-Being
.jpg?sfvrsn=4d3bb6f0_1)
Ms. Chuin Ting Weber, Chief Executive Officer and Chief Investment Officer of MoneyOwl.
"Empowering financial well-being requires a collective effort," added Ms Weber. "We look forward to building more partnerships across the private, public, and philanthropic sectors to create a more financially secure future for everyone."
The full suite of MoneyOwl’s financial planning resources, including checklists for life-stage financial actions, money management guides, product solutions, and self-help tools, is available at www.moneyowl.com.sg.
Follow MoneyOwl on their social media channels for their latest updates: Instagram, Facebook, LinkedIn, YouTube and TikTok.
1 Department of Statistics Singapore, 2024
2 Singapore Burden of Disease Report 2017, Ministry of Health Singapore
3 OCBC Financial Wellness Index 2023
4 Life Insurance Association (2022)
