Oi-Yee Choo admits that she is not a tiger mum. She is firm, however, about exposing her teenage daughters, aged 16 and 18, to different aspects of financial literacy.
Her older daughter coaches gymnastics part-time to earn spending money, and family conversations often include financial concepts such as rents and mortgage, compound interest and cryptocurrency. Occasionally, when Choo, a banking veteran, gets riled up about current affairs, that turns into a learning moment as well.
“There was a phase when I ranted about scams in the market, so they are aware to not take things for granted, just because it is digital,” says the CEO of digital securities exchange ADDX.
This is also how she fills what she perceives as a gap in the current educational system. “Financial education should be a life skill no matter what path an individual takes. It needs to be a fundamental part of the curriculum, but it is not recognised today,” she stresses.
“It used to be quite simple where when you put your money in the bank, the bank’s savings interest rate was enough to carry you through. Today, that is no longer the case.”
For this reason, Choo teaches the kids concepts such as risk profiles and the alternatives to placing cash in the bank, as outdated 70:30 investment portfolios (70 per cent to stocks and 30 per cent to fixed income) are now insufficient for the next generation to retire. “It is important that kids experience risk and accept it as part of their lives. It’s not just about understanding money, but also managing your reaction to losing it,” she adds.
GAME-CHANGING WEALTHTECH
Bu hikaye The PEAK Singapore dergisinin September 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The PEAK Singapore dergisinin September 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Wear The World On Your Wrist
These watches are proudly made in Switzerland, but prouder still are their homages to other cultures.
Shaping Healthy Confectioneries Through Science-Backed Innovation
At a time when health-conscious consumers are questioning the norms of processed foods, Glico tells us why it stands firm in its confidence.
The Home Advantage
This AI-dependent reno-tech platform is cutting out the middleman for interior designing and, recently, its financing.
Financing Art
UOB, UBS, OCBC, and Bank of America are some financial institutions involved heavily in today's art world. Why is this the case?
Airing New Possibilities
Acclaimed chefs Matthew Orlando and Will Goldfarb hope to inspire and spark deeper conversations and action around food and circular cooking at their idyllic concept Air in lush Dempsey Hill.
Taking Initiative
Nicole Robinson, andbeyond's chief marketing officer, shares how the luxury safari operator is accelerating its ground partnerships in a race against time to save the planet's remaining wilderness.
Tropical Modernism
In this three-storey inter-terrace belonging to a family of four, designer Ethan Lin of TE-EL sought to create a cosy nest that marries the disparate tastes of its owners.
A Symphony of Vintage
Antoine Bakhache, founder of Bakhache Jewellery, shares the story behind the brand's inception, its curated vintage collections, and the journey ahead.
Time is of the Ressence
Time is of the Ressence Independent watch brand founder Benoit Mintiens on creating unique timepieces by focusing on the user experience.
A Timeless Impact
The Rolex Awards for Enterprise celebrate innovators like Denica Riadini-Flesch, whose work at SukkhaCitta focuses on ethical craftsmanship.