Case Study: Citi-Tsao Foundation Financial Education Programme for Mature Women Mary Ann B. Geronimo Programme Manager Tsao Foundation
Engendering self-efficacy in financial education among mature women Money strikes FEAR Money issues are taboo 2
Feminization of Ageing* Singapore is fastest ageing country in the world Today: 1 out of 12 is above age 65 In 2030: 1 out of 5 Women will outlive men by 6 years on average Older women will outnumber older men Year 2000: 1,720 females per 1,000 males among 80 years old and above *Reference: 1999 report by the Inter-Ministerial Committee on the Ageing Population (IMC Report) 3
Feminization of Ageing* Women without life partners are likely to depend heavily on their children on their old age. Single women often assume care-giving and financial responsibility of looking after elderly parents. Women with below secondary school qualification will have difficulty saving money for old age. There is significant disparity in the CPF balance between men *Reference: AWARE-Tsao Report 2005: Beyond Youth: 4 Women Growing Older and Poorer and women.
Feminization of Ageing* Close to half of the women population is not able to rely on the country s main social protection mechanism. Women live longer but with greater level of disability and functional dependence. Current acute care financing system essentially excludes current cohorts of older women. Existing arrangement of dependence by the elderly on the family usually places younger females at a disadvantage. *Reference: AWARE-Tsao Report 2005: Beyond Youth: 5 Women Growing Older and Poorer
Needs Assessment Results Women have well-developed saving habit. They save primarily for children s education or for family emergencies. Women know approximate cost of running their household. 6
Needs Assessment Results New ethos has set in among mothers: No expectation of children s money in retirement. They aim to live simply and without debt. They have insurance schemes but don t know if adequate. 7
Generative Themes Access loans for students in tertiary education Health impacts of ageing, including long term illnesses Financial needs in old age Planning with fixed timelines Debts and how not to fear all debts irrationally 8
Training Curriculum Module 1: Self-Assessment & Looking at the Future Session 1: Overview of the Programme Session 2: Appreciating Ageing Session 3: Balancing the Finances Session 4: Facing the Future Module 3: Common Financial Instruments Session 1: The Importance of Savings Session 2: On Borrowing Session 3: On Finding a Good Loan Session 4: Making Money Work for You Module 2: Safety Nets Session 1: Financial Safety Nets Session 2: When Things Go Wrong Session 3: Getting to Yes Session 4: In this Together Module 4: Investments Session 1: An Introduction to Investments Session 2: Making Investments Work for You Session 3: On Being a Business Woman Session 4: Going into Business Module 5: Empowerment Session 1: Where there is a Will Session 2: Coping with Crises Session 3: Taking Stock Session 4: The Endgame 9
See Judge Act Collection of information Approaches: News reports Quizzes Appraising principles, values and insights Approaches: Case studies Self Reflection Putting new learning into practice Approaches: Tools References UNDERSTAND something new VALUE something new DO something new 10
Realizing PRAXIS Examining concepts or subjects Re-creating them to fit their context Try and prove their usefulness 11
Engendering Safety & Sound Relationships Trainers as GUIDE on the side ; not a SAGE on the stage Respect for individual point-of-views Learning Group Partners as mediators and facilitators 12
Sequence and Reinforcement 13
Accountability Learners as Decision-makers Empowering women to make decisions Being truthful with one s self Setting own direction 14
Self-Efficacy: Symbolizing Role plays, sharing of actual experience Observing peer model Realization that task or skill is feasible 15
Self-Efficacy: Forethought Thinking about the future Demonstration from self-efficacious cohorts 16
Self-Efficacy: Vicarious Reading through case studies Observing a cohort Overcoming self-doubt 17
Self-Efficacy: Self-regulatory Open expression of selfregulation for tasks that they consider as beyond their capability Self-efficacious cohorts again serve as peer model Overcoming self-doubt 18
Self-Efficacy: Self-reflective Comparing performance, experiences or even insights among cohorts Some tend to overestimate capabilities and some do underestimate 19 Activities that emphasize self-reflection allows for a realistic selfimage
Evaluating Impacts 12 Main Themes 1. Optimism about ageing 2. Ability to conduct a financial assessment 3. Ability to Budget 4. Existent safety nets 5. Assertiveness levels and ability to communicate one's needs to the partner and the family 6. Monitoring of one's financial statement 7. Debt Levels 8. Informed use of bank services and products 9. Updated assessment of one's investments 10. Ability to manage a business 11. Estate planning & ability to manage a crisis 12. Financial plan 20
Intermediate Programme Results More than 400 women have joined the programme 13 Learning Groups composed of about 260 women have completed the whole programme Drop out rate: 30% of participants 50% of remaining cohorts have been absent only in 5 sessions 21 All graduates have developed their own financial plans
Intermediate Programme Results Sessions have served as eye-opener a realization that self-confidence is crucial to achieve the plans that they set for themselves. Women have understood that they are capable of making decisions. Homemakers have started looking for work or have started to venture into small entrepreneurial activities. Now more empowered to seek more information from banks, their financial planners and government agencies particularly, CPF. A number of women have also pro-actively sought for and enrolled in various self22 improvement programme in preparation for possible employment.
Policy implication Pilot testing mode Upscaling Advocacy 23
Thank you! 24