Some 500 teachers will be trained over the next 18 months to teach financial literacy to students.

This first-of-its kind education programme to provide a hands-on experience for teachers with greater use of technology and engaging pedagogy was announced by the National Institute of Education (NIE) when it launched the Citi-NIE Financial Literacy Hub for Teachers at NIE in Nanyang Walk on Wednesday.

Citi Foundation has pledged a commitment of S$795,000 over two years, to support research and training for teachers.

'This new partnership will build a framework that provides a comprehensive and structured nationwide teacher development education programme to equip teachers in schools with the financial literacy skills,' said an NIE statement.

'With the right skills set, teachers will be empowered to take financial education to a new level in the near future.'

Prof Lee Sing Kong, Director of NIE said: 'First, we provide teachers with basic financial literacy skills of managing their own finances and thereafter, pedagogical training to empower them with engaging pedagogy to reach out to their students. Equipped with resources and engaging pedagogy for the teaching and learning of financial literacy in a fun and meaningful way, the teachers can apply the financial literacy principles in classroom teaching and enrichment activities for students.'

He added that this is a life-skill that will empower the youths to make decisions that will have consequences and impact on their lives.

Mr Piyush Gupta, Head of Asean, Markets and Banking and Citi County Officer, Singapore, said it is important to give children a head-start in the disciplines of financial budgeting, planning and investing, to help them better understand how to use financial resources available to meet their goals in life.