- MoneyOwl, now part of the Temasek Trust ecosystem, has shifted away from the direct sale of commercial products and will focus on providing unbiased, actionable financial advice at scale, as well as developing solutions and programmes to help people take action for better financial security.
- It has launched a new suite of financial planning resources, including online advisory tools, checklists, budgeting frameworks, curated investment and insurance solutions, and Singapore’s first insurance product rating system to help individuals make informed financial decisions.
- MoneyOwl will strengthen partnerships with like-minded corporates and community organisations to enhance financial literacy, develop tailored financial solutions, and improve access to affordable financial products, enabling more Singaporeans, especially the underserved, to benefit from trusted financial guidance.
SINGAPORE, 12 FEBRUARY 2025 – MoneyOwl, now part of the Temasek Trust ecosystem, has launched a new suite of financial planning resources to empower people to take action and improve their financial security. It has shifted away from the direct sale of commercial products and will focus on providing unbiased, actionable financial advice at scale, as well as developing innovative solutions and programmes in partnership with like-minded organisations.
Today, people in Singapore are living longer. As of 2023, life expectancy for men is at 83 years, and for women, 85 years.[1] However, many face poor health[2] in their elderly years amid rising healthcare costs. There are also concerns over the increased costs of living. Less than half (40%) feel that they can spend beyond basics most of the time[3], and there are protection gaps in terms of mortality (21%) and critical illness (74%)[4]. All this creates an urgent need for better day-to-day financial management, alongside better planning for sufficient retirement income and adequate insurance coverage over a longer lifespan.
However, consumers may not get unbiased advice that helps them to find the best and most cost-effective solution, due to the lack of commercial incentives for the financial industry to do so.
Coupled with the difficulty in knowing what advice to trust amid the proliferation of online information and digital financial products, this means that more so than ever, people need a trusted source of professional guidance in a clear and accessible way.
Ms Chuin Ting Weber, MoneyOwl’s Chief Executive Officer and Chief Investment Officer, said: “There is an urgent need for trusted financial advice to be made widely available, to help people navigate the overwhelming amount of information and make informed decisions for their financial security. Everyone deserves access to affordable, high-quality solutions without concerns about hidden agendas. With the support of Temasek Trust, we are excited to fully commit to our social mission and serve as a trusted financial guide for as many people in Singapore as possible, especially those who are underserved.”
MoneyOwl will prioritise lower-middle to middle-income working adults, shift and gig workers, and youths. These groups stand to benefit the most from fit-for-purpose financial solutions but are traditionally overlooked by commercial entities.
Empowering Individuals with Financial Planning Resources
MoneyOwl has pioneered a new model of providing professional and actionable advice without direct selling. Through its online advisory suite, MoneyOwl provides unbiased financial guidance that helps people understand financial planning principles and translate them into “last mile” action: what to do, what to buy, and what to avoid.
MoneyOwl’s recommendations leverage cost-effective government schemes and affordable commercial products to ensure accessibility for all. This includes using CPF as a bedrock for retirement planning, and low-cost, do-it-yourself (DIY) products that do not require an adviser, such as the portable MINDEF/MHA Group Term Life available to all national servicemen and Direct Purchase Insurance. These are bought directly from insurance companies without paying commissions.
MoneyOwl further amplifies impact by working with industry partners to bring about better financial solutions. To provide Singapore investors with a quality, low-cost option for investing their cash, CPF-Ordinary Account and Supplementary Retirement Scheme (SRS) monies, MoneyOwl has tied up with Phillip Securities Pte Ltd to offer Amundi’s passive indexed funds starting from a $1 investment through its POEMS platform, which charges no advisory or platform fees. With the only cost being fund-level expenses starting from 0.05% p.a., this represents a breakthrough level in low-cost investing for retail consumers in Singapore.
Ms Lisa Lee, PhillipCapital’s Executive Director for Wealth Management, said: “As an advocate of financial literacy and education, PhillipCapital appreciates MoneyOwl’s mission to enable better financial security for all through life’s journey. When approached by MoneyOwl, we were more than excited to collaborate with a like-minded partner and onboarded Amundi funds on POEMS without platform fees, making it accessible to the masses who are on the lookout for affordable investment DIY products.”
The full suite of resources, available on www.moneyowl.com.sg, includes:
- Checklists for financial actions at different life stages, from newborns to retirement
- Money management rubrics, including budgeting, debt management, and retirement planning
- Curated investment and insurance product solutions
- A first-of-its-kind insurance product rating system in Singapore
MoneyOwl also continues to provide easy-to-use self-help tools for Singaporeans to assess their insurance needs and investment risk profile, as well as to write a simple will.
Reaching People through Corporates and Communities
To broaden its impact, MoneyOwl will accelerate its work with corporates and community organisations to provide their employees and members with practical financial literacy programmes that uniquely includes guidance on products. Key initiatives include:
- Comprehensive Learning and Development training to enhance knowledge of national schemes such as CPF, MediShield Life and CareShield Life, with practical guidance on how to best utilise national schemes in combination with commercial products.
- Corporate initiatives such as group insurance structuring and Workplace Savings Plans, aimed at supporting employees’ long-term financial goals at scale. MoneyOwl also has the capabilities to develop bespoke financial products with industry partners for these programmes.
- Customised pilot programmes tailored to the needs of specific groups, like the Financial Literacy via WhatsApp programme, which was created for shift workers to access learning on-the-go.
MoneyOwl tailors its approach for different organisations, ensuring its programmes are relevant and impactful. For example, it is partnering with Young NTUC to expand its outreach to youths, empowering the next generation with financial literacy skills. This initiative includes interactive workshops on topics such as insurance and investments, as well as opportunities to engage with large student groups through targeted events.
MoneyOwl is also working with National University Hospital to equip both healthcare workers and members of the public with essential financial planning skills.
Ms Clara Wee, National University Hospital’s Chief Human Resource Officer, said: “As a public healthcare institution, we take a holistic approach to well-being, addressing both physical and financial health for our employees and the communities we serve. Collaborating with MoneyOwl, we have equipped our healthcare team with vital financial planning skills to reduce financial stress and focus on delivering quality patient care. Additionally, our joint public talks on topics like Advance Care Planning and Lasting Power of Attorney empower patients and the public with critical knowledge to make informed decisions about their future, reflecting our shared commitment to fostering healthier communities.”
Ms Weber added: “Empowering financial well-being requires a collective effort. We are heartened by the support from corporates and community groups that have tapped on MoneyOwl’s expertise to equip their employees with financial knowledge. We look forward to building more partnerships in the coming year across the private, public, and philanthropic sectors, as well as kickstarting conversations with organisations that share our vision of better financial security for everyone.”
For more information on MoneyOwl’s new suite of financial planning tools and programmes, please visit MoneyOwl’s website at www.moneyowl.com.sg
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NOTES TO EDITORS
About MoneyOwl
MoneyOwl is a financial advisory company and social enterprise that is part of the Temasek Trust ecosystem. Its purpose is to enable better financial security for all through life’s journey. MoneyOwl advocates change, catalyses individual action, and delivers unbiased knowledge and advice at scale, to improve financial security for the many. This is done through a suite of financial planning resources delivered at scale to individuals digitally, and through programmes with corporates and community organisations.
MoneyOwl’s advice is differentiated by its prioritisation of national schemes like CPF in its financial planning philosophy, and its unique positioning of providing professional and actionable advice without selling.
MoneyOwl holds a Capital Market Services licence for Fund Management issued by the Monetary Authority of Singapore and is an Exempt Financial Advisory and Exempt Insurance Broker.
For more information, visit www.moneyowl.com.sg.
Follow us on LinkedIn, Instagram, Facebook, TikTok and YouTube.
About Temasek Trust
Temasek Trust, established by Temasek Holdings, is a steward of philanthropic assets, advocate of sustainability and catalyst of positive impact. It provides governance and financial oversight of endowments for an ecosystem of entities with the shared purpose of building better for every generation by protecting the planet, uplifting communities, connecting people, and advancing capabilities. In forging new pathways for philanthropy and impact investing with like-minded partners, Temasek Trust aims to promote catalytic philanthropy as a force for good. For more information, visit www.temasektrust.org.sg. Follow us on LinkedIn, Instagram, Facebook, and YouTube.
Media Contacts:
MoneyOwl
Vivienne Ong
Marketing Lead
vivienne@moneyowl.com.sg
Temasek Trust
Christabel Reena David
Senior Manager, Communications & Engagement
christabeldavid@temasektrust.org.sg
Edelman for Temasek Trust:
temasektrust@edelman.com
Statistics:
[1] Department of Statistics Singapore, 2024
[2] Singapore Burden of Disease Report 2017, Ministry of Health Singapore
[3] OCBC Financial Wellness Index 2023
[4] Life Insurance Association (2022)
