CMC Markets Singapore has partnered Sophia Women, Asia’s first and only female-focused financial education platform, to promote financial literacy among young Singaporean women.

The online financial services business sponsored an education series comprising eight modules on topics surrounding money management and investing.

Sophia will distribute the contents to 130 Singaporean women aged 17 and above, through its partners in tertiary institutions.

The initiative was launched last week. When asked about the importance of this project, Daphne Tan, chair of the corporate social responsibility committee at CMC Markets Singapore, said: “Studies conducted over the years have shown time and again that young Singaporean women are more risk-averse and conservative when it comes to investing, due to a lack of knowledge and confidence in their investment strategy...

“We recognise there is a lot more that financial literacy can do to bridge this gap for young women, to empower them to start early.”

In fact, research from Sophia found that women need to better control money and grow their wealth, as 80 per cent of them were more likely to be impoverished by retirement than men.

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Tanya Rolfe, co-founder of Sophia, said: “Having collaborated with numerous female higher education students, I have observed that several self-limiting beliefs have become ingrained in them. These beliefs may prove harmful, potentially leading young women to shy away from financial services at a crucial stage in their lives.”