FOR IMMEDIATE RELEASE Citibank Singapore Ltd 19 May 2010 CITIBANK LAUNCHES MANAGING YOUR WEALTH, A SIX-PART INVESTOR EDUCATION SERIES ON PERSONAL FINANCE From day-to-day budgeting to legacy transfer, the series aims to empower individuals to make better financial decisions at every stage of their lives Singapore - Citibank has launched an investor education series titled Managing Your Wealth that aims to equip the public including customers with the necessary financial know-how for every stage of their lives. Comprising six volumes, the handy guides address a broad range of financial concerns ranging from everyday issues such as budgeting and management of credit to longer term needs such as investing for the future, retirement planning and legacy transfer. Managing Your Wealth is a continuation of Citibank s emphasis on financial education as part of its corporate social responsibility efforts. The publication of the series is timely given the recent global economic downturn, which brought to light the impact of the lack of financial literacy on individuals, families, communities and even entire nations. From the findings of the Citi Financial Quotient (Fin-Q) Survey 2009 conducted in October last year, 72% of Singaporean residents say they are now paying more attention to their finances than ever before while 57% say they wish their bank was more proactive in providing information about managing personal finances. Recognising this growing demand for greater financial awareness, Citibank commissioned the book series to reach out to the various communities in which it serves. Mr Anil Wadhwani, Chief Executive Officer, Citibank Singapore Limited said, As a leading banking and financial services provider, we believe it is our responsibility to take a proactive approach to assisting our customers as well as Singaporeans, by empowering them with vital financial knowledge and skills to help them make informed decisions on their personal finances. Ms Ong Lay Choo, Head of Retail Banking, Citibank Singapore added, Individuals make financial choices everyday of their lives, from the simple ones such as spending or saving a dollar to more complex decisions on retirement planning and wealth transfer. In all of these situations, financial literacy is a key asset that will help individuals achieve their life aspirations and objectives. 1
Published by EDM (Editions Didier Millet), the six books contain short case studies, illustrations, examples as well as practical tips on personal finance. Managing Your Wealth comes in six volumes: Vol. 1 Taking Charge of Your Money: Starting on the path to financial freedom Vol. 2 Investing for Better Returns: Understanding the basics to growing your money Vol. 3 Making the Most of Credit: When to use credit and how to manage it Vol. 4 Breezing Through Your Middle Years: Smart moves for the sandwich generation Vol. 5 Securing Your Future: Working towards a comfortable retirement Vol. 6 Determining Your Legacy: Ensuring that your will is done Apart from the series, Citibank has also created a Managing Your Wealth website (www.citibank.com.sg/myw) containing a summary of each book and useful tools such as budget and will templates, an interactive fund fact sheet, and calculators on loan and retirement planning. Online e-books are available at the website as well. Citibank customers will also receive a series of electronic direct mailers containing Managing Your Wealth tips. There are also handy bookmarks with Managing Your Wealth tips that will be given out at all our branches. In addition, customers will also be invited to weekly in-branch seminars on personal finance and investments. Customers will be able to get a copy of the book series at all our seminars. Commissioned authors including renowned financial journalists, academics, and practitioners worked in consultation with Citibank s specialists to develop the series of books. First launched in Hong Kong and Singapore, the series will be rolled out progressively to the rest of the markets in Asia Pacific throughout the year. Managing Your Wealth will be available at all major bookstores in Singapore including Kinokuniya, Borders, Times, MPH and Popular, retailing at S$12.95 per copy or S$78 per set. It will be available for loan at national libraries and libraries of tertiary institutions as well. ############# 2
About Citi Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com. 3
ANNEX A Synopsis of books and authors 1. Taking charge of your money It is never too early to chart a financial path for your family. Understanding the basic concepts is essential to making wise financial decisions, and they are explained here in clear and concise terms. There is useful advice in this book for people at every stage of their lives, from selecting a financial advisor, setting appropriate goals and choosing suitable insurance plans, to mapping out investment strategies and planning for retirement. Business journalist Florence Chong, now based in Sydney, worked in Singapore, Hong Kong and London before settling in Australia. She currently edits a regional business magazine which is published in Australia and circulated internationally. She also writes for an Australian national daily newspaper on a range of subjects, including trends in personal investment. She travels regularly to Asia, Europe and the United States, maintaining contact with global business organisations and international financial institutions. 2. Investing for better returns Should you opt for relatively safe but low yielding investments, or riskier choices that could provide better returns? What is the best way to get the most out of your investments without exposing yourself to undue risk? Given your personal circumstances, how much risk should you take on? This book helps you find answers to these and other frequently asked questions on investing. Titian Ahmad is a seasoned observer of the financial services industry, having covered bank strategies and trends in the Asia Pacific for the last decade, When she is not on the phone with telemarketers, Titien works as a regional director for VRL KnowledgeBank, a UK-based industry intelligence and publishing company, and is regularly quoted in print, radio and television news on new developments in the industry. 3. Making the most of credit Credit- friend or foe? The answer lies in how you use it. This book helps you to better understand credit and its role in financial planning. Learn which credit facilities are best suited for many of your everyday financial needs, how to avoid common pitfalls such as running up excessive credit card debt, and how to manage your borrowings should you run into financial difficulties. David Tan lectures at Singapore Polytechnic and the Singapore Institute of Management, teaching risk analysis and managing, financial planning and international trade finance. He also provides financial education for the Public Trustee and Insolvency Bureau (IPTO), through which he has conducted financial seminars for officers of Singapore s Navy, Civil Defence Force and the Prison 4
Service. Before becoming a lecturer, David worked in corporate and institutional banking. 4. Breezing Through Your Middle Years There comes a time in life when you may be responsible for the well-being of both your parents and your children. As a member of the sandwich generation, you may find that you are caught in the middle in many different ways. This book will help you deal with the financial demands and pressures that you may experience during this stage of your life. Lee Han Shih was a teacher and a civil servant until he settled down as a reporter at The Business Times, Singapore, for 21 years. At the newspaper, he was in charge of the weekly property column and was a regular contributor to the corporate commentary columns. Now he is the publisher/editor of asia!, a general interest magazine, and Catalog, a lifestyle magazine, as well as various online publications. 5. Securing Your Future With foresight and intelligent planning, preparing for your retirement can be less daunting and stressful than you imagine. This book is a step-by-step guide: from making the right asset allocation choices to managing investment returns to budgeting for inflation. You will also learn how to make contingency plans to better prepare for those unexpected situations that may arise during your retirement years. Susan Tsang has been a journalist for almost 20 years, having started her career with The Business Times newspaper in Singapore, before moving to The Straits Times. In the course of her career she has also been news editor with technology news portal CNET Singapore, and a contributor to Singapore: the Encyclopaedia. 6. Determining Your Legacy What will happen to your estate when you pass away? Every responsible person should make a will, but your will is only the beginning. From estate planning and trusts to business succession and philanthropy, legacy planning involves not only the financial aspects of wealth transfer but more emotional issues, such as the value you will bequeath to your descendants. This book examines these concerns and provides practical options for securing your legacy in accordance with your own wishes. A.J. Leow is an editor and writer for several publications and web portals. A.J. was formerly a reporter from The Business Times, bureau chief for AFX News and editor of several web portals and publications including Smart Investor and Money Mind. As a media advisor and consultant, he has conducted corporate media training and has also helped to launch several magazines, websites and TV business programmes. 5
ANNEX B Citi Singapore s Financial Education Initiatives At Citi, we aspire to be known not only as the leading global financial institution, but also as an organisation dedicated to community service. Citi has a long-standing commitment to help make the communities where we do business, better places to work and live. Citi Singapore s citizenship priorities are financial education, youth education, community development, employee volunteerism, the environment and workplace practices. Founded on our belief that knowledge is your greatest asset, our primary focus is on financial education. Within Citi Asia Pacific, Citi Singapore was the first country to promote financial literacy starting in 2002, and also became a financial education leader among local financial institutions. Over the past 8 years, Citi Singapore through the Citi Foundation has given grants totalling more than US$5.3 million (S$7.6 million) to support financial education programmes. Through these programmes, more than 200,000 students from over 50% of schools in Singapore have benefited. Our efforts have been focused on responding to the need in the community for Singaporeans to be able to make more informed financial decisions. Since 2002, Citi Singapore has established a wide range of financial education initiatives to promote financial literacy among youths and adults. Our financial education initiatives reach out to students from all segments, including primary, secondary and tertiary level students and university undergraduates through a series of enrichment programmes. From 2007, while continuing the youth financial education programmes, we have also embarked on programmes to equip teachers as well as mature women in the lower income bracket with financial literacy skills. Financial Education Initiatives for Students and Youth In Singapore, Citi takes the lead in promoting financial education early in childhood we were the first financial institution to introduce financial education to young people. From 2002 to 2010, Citi has given the Learning Society grants totaling more than S$4 million for a wide range of financial education programmes that have benefited over 50% of schools in Singapore. These initiatives reach out to primary, secondary, and pre-university students and university undergraduates by providing them with a head start in the disciplines of budgeting, financial planning and investment through a series of enrichment programs. It is the most comprehensive range of financial education initiatives for youths in Singapore. 6
Initiatives for Primary School Students Agent Penny and Will Power Financial Education Programme This innovative financial education enrichment programme for 10 12 year old students aims to teach them about the basics of money and promote financial literacy. This initiative is in line with the Ministry of Education s objectives of promoting financial education. Through colourful and exciting comic books and an interactive drama series, this programme features the adventures of Agent Penny and her sidekick, Will Power as they battle against poor money management and motivate young readers to spend and save wisely. Developed by Citibank and the Learning Society, this programme was piloted in Singapore in February 2005 and has since been implemented in Hong Kong, Malaysia, Taiwan, China, the United States and Spain. The core elements of the programme consist of: o Comic books featuring different storylines and financial concepts, covering topics like good credit management, the importance of budgeting, having a savings plan to ensure financial security, types of products and services offered by banks and concepts of revenue/cost and profit/loss etc. There are three comic books in the series o Dramas brought to the schools by The Necessary Stage o Professional development programme for teachers that include online resource materials and one-day training workshops o Interactive websites with online games and quizzes o Classroom learning kits for the children To date, Citibank has reached 138 schools and 126,000 schoolchildren, with the drama series traveling to an average of three schools per month. Kaching In July 2007, Citibank supported Kaching, a reality television show, in partnership with the National Institute of Education and MediaCorp TV12. The popular show targeting children aged nine to 12 years old, promoted financial literacy and introduced money education in authentic situations, so that participants learnt how to invest, save and budget, and honed their entrepreneurial skills. A total of 15 primary schools took part in the competition and it had a viewership of more than 500,000. Initiatives for Secondary School Students Making Sense of Money this programme provides upper secondary students, age 15 17 years old with a breadth of understanding in the basic principles of money management, budgeting, saving, credit instruments, and achieving investment goals. It consists of a specially developed book and a one-hour introductory seminar, interactive online activities and games. 7
The book was developed in partnership with the NUS Business School, while the seminar was developed in partnership with Ngee Ann Polytechnic. More than 100,000 students have participated in the one-hour seminars to-date. This programme has been so successful that it has been adapted in Hong Kong, Malaysia and China. Stock Challenge a two-day interactive learning event that teaches the basics of equities and stock trading to 14 to 16 year-old students and teachers. About 3,800 students from more than 55 schools have participated in these activities. This programme has also been introduced in Malaysia and Hong Kong. A total of 150 Citi staff has volunteered to facilitate the operations of the Stock Challenge since its inception in 2002. Initiatives for Tertiary Students University Banking Seminars a speaker series facilitated by Citi senior bankers for undergraduates and post-graduates from the three local universities: National University of Singapore, Nanyang Technological University and Singapore Management University. The seminars provide students with a practical and topical appreciation of finance and banking to supplement their business studies degree programmes. So far, all the lectures have been highly subscribed with an average attendance of 150 200 per lecture. Citibank/Business Times Young Investors Forum A year-long partnership with The Business Times, this weekly one-page editorial tie-up aims to encourage young Singaporeans to pursue financial and business knowledge. This page allows Citibank to promote financial education programmes through a well-established and credible editorial channel. In addition to the editorial page, we also organise financial education seminars and activities jointly with The Business Times. Citi Foreign Exchange (FX) Challenge The Citi FX Challenge was Citi s first foreign exchange trading competition organised specially for tertiary students. Students from the universities or polytechnics formed teams of two to participate in this challenge. As part of Citi Financial Education Week in 2009, 600 participants (300 teams) went through intensive, simulated FX trading games on Citi s proprietary FX trading platform on the event day. The team that made the most money took home exciting prizes including an internship offer with Citi Singapore. Financial Education Initiatives for Adults Citi-NIE Financial Literacy Hub for Teachers The Citi-NIE Financial Literacy Hub for Teachers was launched in October 2007. The aim of the programme was to equip teachers with the necessary tools to impart financial literacy skills to their students. With greater awareness and understanding, teachers were encouraged to incorporate money management skills into their curriculum. As of 30 Nov 2009, the Hub has trained 1,339 teachers, of which 905 teachers were trained in personal finance and 434 teachers received training in pedagogy for teaching 8
financial literacy to students. In addition, more than 70,000 students, parents and teachers have participated in the Hub's school-based activities to date. In 2010, the hub intends to train 700 teachers and hold financial literacy events in primary and secondary schools, reaching 40,000 students, teachers and parents. Citi-Tsao Financial Education Programme for Mature Women In April 2008, the Citi-TSAO Foundation Financial Education Programme for Mature Women was launched. The programme is the first of its kind to be launched in Southeast Asia and was a joint initiative between Citi and TSAO Foundation targeting women (aged 40-59) from a low-income bracket whose family income ranges from $1,500 to $3,500 monthly. The program involves the development of a specially-tailored curriculum which will enable participants to manage their dayto-day finances, avoid debt traps and save for the long term, helping them to become more financially stable and secure as they grow older. This curriculum is being rolled out from 2008 to 2012 through a series of workshops held with local community organizations and is also being supported through the formation of network and support groups for participants. With the aim of reaching 6000 women by 2012, 1010 women have completed the programme to date. Citi Financial Education Week In 2008, Citi Singapore embarked on a first of its kind nation-wide initiative to create awareness on the need for financial literacy. The week-long event consisted of a series of activities held across the island including personal finance talks, a public investment seminar, money management skits and a foreign exchange challenge for students. Last year, Citi Financial Education Week was organised between 24-31 October and we reached out to more than 3,000 people over the week. Use Credit Wisely The Use Credit Wisely campaign is the first comprehensive programme on good credit management initiated by a financial institution to reach out to Singaporeans. ############# 9