SINGAPORE, 5 APRIL 2023 | MoneyOwl, Singapore’s first bionic comprehensive financial adviser, has signed agreements with NTUC Enterprise and NTUC Enterprise group of social enterprises to offer its Corporate Financial Wellness Programme to over 22,000 employees, bringing financial wellness closer to everyday Singaporeans at their workplace.
The partnership, which aims to promote financial well-being among Singaporeans by collaborating with their employers, kicked off in January 2023 in conjunction with NTUC LearningHub. It has since expanded to include FairPrice Group, comprising FairPrice, Foodfare, Kopitiam and Link. MoneyOwl has also successfully extended the partnership from initial pilots with NTUC Health and NTUC First Campus to now include all employees and is also extending its services to more unions, corporates and the public sector.
Globally, financial wellness has been one of the top concerns for employees, along with mental wellness. In Singapore, according to the latest OCBC’s Financial Wellness Index in 2022, almost 40% of working adults face difficulty paying off mortgage loans, 50% do not have sufficient emergency funds and 50% are not on track with their retirement plans. Employers who provide their employees with financial wellness resources to alleviate stress have the potential to reap tangible gains in employee focus, productivity and retention. It is important for us, as employers, to take care of our employees, and that includes helping them protect their long-term financial well-being. We are thus excited about this opportunity, where our employees would be able to secure their financial future and retirement plan, which in turn will benefit their overall health and well-being in the long run,” said Mr. Seah Kian Peng, Group Chief Executive Officer of NTUC Enterprise.
MoneyOwl, an NTUC Enterprise social enterprise licensed by the Monetary Authority of Singapore, is the first bionic advisory firm in Singapore where advanced technology meets unconflicted human advice with the mission to enable everyday Singaporeans make wise financial decisions to live their best possible lives today and well into retirement years. “With the rising cost of living and turbulent markets, it is now more important than ever for everyday working Singaporeans to manage their finances well to achieve their life goals, both today and in the long run. MoneyOwl is pleased to be able to extend our Comprehensive Financial Planning services to colleagues across the NTUC Enterprise group of social enterprises. We believe that this will help establish a strong foundation for their savings, retirement, investment and insurance plans,” said Ms. Chuin Ting Weber, Chief Executive Officer and Chief Investment Officer of MoneyOwl.
Coupled with integrating national schemes like CPF, the Comprehensive Financial Planning service provides employees access to a fully digital platform where they can complete a Comprehensive Financial Plan in their own time. Recommendations are then curated according to individual employees’ needs while focusing on their CPF LIFE projections, financial health, protection needs, retirement income solutions, and risk-proofing their plans. The service is also complemented with access to MoneyOwl’s salaried and unconflicted financial advisors.
By working with the Human Resources departments, MoneyOwl will also curate a suitable set of financial literacy workshops and webinars to enhance the employees’ financial literacy and proficiency and encourage action. Participants will also be given a personalised Comprehensive Financial Planning online report on top of financial wellness ebooks on CPF, retirement, parenting, and insurance once they complete their Comprehensive Financial Planning journey, providing them with the guidance to plan for retirement even after the sessions.
With the belief that the protection of employees’ long-term financial wellness is vital to the mutual growth and success of both employees and companies, MoneyOwl’s Corporate Financial Wellness Programme is designed to aid companies in supporting their employees’ financial journey towards their retirement, as such, the programme is customisable to fit each company’s goals and their employees’ needs. “Given the economic climate, we are hopeful that more companies will seek to support their employees and provide them with the help they may need through financial planning and guarantee their financial security. We look forward to partnering with more companies and empowering more employees with the confidence and knowledge they need to design a concrete financial plan for themselves,” added Mr. Alan Chiu, Chief Technology Officer and Principal, Corporate Business of MoneyOwl.