The DBS Foundation and SG Enable have announced a groundbreaking collaboration aimed at equipping people with disabilities with essential financial and digital literacy skills. This initiative will help them live more independently and access broader economic and social opportunities.
In a joint press release, the organizations revealed that the flagship program, set to start in 2024, will be funded with approximately S$1 million from the DBS Foundation. Over three years, the initiative aims to benefit around 6,500 individuals with disabilities and their caregivers.
A Unique Partnership for Inclusive Education
This partnership marks a significant milestone, with DBS Foundation being the first corporate entity in Singapore to team up with the disability sector to enhance the quality of life for people with disabilities. The official launch, attended by President Tharman Shanmugaratnam and Jane Ittogi, took place on November 21 at the Enabling Village.
During the launch event, a workshop was held for four individuals with disabilities and their caregivers, focusing on fundamental financial concepts like budgeting and saving. The participants, aged 20 to 35, have various conditions, including dementia, Down syndrome, and cerebral palsy. President Tharman and his wife interacted with the participants to understand the challenges they face better.
Addressing Educational Gaps
A survey revealed that 80% of individuals with disabilities feel current educational programs inadequately cover financial and digital literacy. Additionally, 88% believe essential digital and financial knowledge is lacking. Over 50% of people with disabilities and their caregivers expressed interest in learning about money management, digital payments, and online banking during SG Enable’s annual Enabling Academy Learning Festival in August 2023.
The Ministry of Social and Family Development’s (MSF) Enabling Masterplan 2030 reported a 5% increase in students with special education needs in Singapore from 2021 to 2023. The Masterplan also highlighted the aging population, with 40% of people with disabilities expected to be 65 years or older by 2030, underscoring the urgent need to close knowledge gaps in digital and financial education.
Customized Learning for Diverse Needs
The collaboration aims to develop a tailored learning roadmap for individuals with various disabilities, including dementia, intellectual disabilities, physical limitations, and visual impairments. This roadmap will cover online banking, website security, scam awareness, budgeting, money management, and insurance. It will also focus on long-term financial planning to ensure the financial security of people with disabilities, particularly if their caregivers are no longer able to support them.
Recognizing that caregivers may also lack sufficient financial and technological knowledge, the program encourages their participation in workshops. Various teaching methods will be used, including seminars at locations where people with disabilities and their caregivers reside and work, and self-directed learning through e-modules. The learning experience will be enhanced with virtual reality, interactive games, and other engaging formats.
Empowering the Community
To further support this initiative, the DBS Foundation and SG Enable may create resource guides and toolkits for trainers, caregivers, and special education schools. These resources will equip them with the necessary knowledge to assist people with disabilities in their financial and digital education.