The programme, which is aimed at children in Singapore, is part of a wider narrative on the importance of financial literacy among the population as a whole, in Singapore and the rest of the world.

Prudential Singapore, in partnership with the South East Community Development Council (CDC), has launched Get Fit! Get Lit!, a programme to help children aged seven to 12 in Singapore's southeast, highlighting the importance of financial literacy for the industry.

Last week several senior figures in public life and Prudential joined 145 children and family members to the launch of Prudential's Get Fit! Get Lit! programme at Siglap Community Club. The programme, delivered in partnership with the South East Community Development Council, combines financial literacy, physical activity, and climate and health education.

Prudential and South East Community Development Council have agreed a partnership to bring GFGL to 3,000 children by the end of 2027, through South East CDC's network of schools and community partners, as well as children from Prudential's broader outreach efforts.

The programme, while not exclusively focused on financial literacy, touches on an issue that a number of firms, including wealth managers, understand is an important topic – usually because of the lack of such literacy, even among those in high net worth categories. Among adults, there appears to be a financial literacy deficit. For example, in April last year, a survey from MDRT, an association of financial professionals, showed that almost a quarter (23 per cent) of Singaporeans agree that taking out a loan with a 10 per cent interest rate to open a stock market account is feasible. This risk appetite is particularly marked among Gen Z (29 per cent) and Millennials (31 per cent), who showed a higher propensity to take such loans, than Gen X (16 per cent) and Baby Boomers (7 per cent).

Prudential Singapore, part of UK-listed Prudential, is involved in the programme through its community investment arm, Prudence Foundation. It has built its own “Cha-Ching” global financial education programme for children aged 7 to 12 years old. It teaches them the importance of being financially responsible from a young age by driving four fundamental money management concepts: Earn, Save, Spend and Donate. More than 20,000 children have participated in the programme since 2018.