“Financial literacy is a life skill—yet many never get the manual.” That’s the insight that drives Benjamin Ang, a passionate advocate for insurance, financial literacy, and adviser empowerment. With over two decades of experience across journalism, corporate communications, and the financial services sector, Benjamin is the Founding Editor of platforms like Money Playschool and Adviser Playschool, and currently serves as Vice President at the Singapore Insurance Institute. Recognized as a LinkedIn Top Voice and awarded “Advocate of Life Insurance in Asia,” Benjamin is on a mission to demystify money and elevate the advisory profession across Asia. In this feature, he opens up about the challenges of teaching financial literacy in a region steeped in tradition, the growing risks posed by social media influencers, and why insurance must return to the center of personal financial conversations.
Key Takeaways
- Start financial education early and make it relatable. It’s a life skill that should grow with you.
- Financial planning isn’t only about growing wealth. Protection and long-term goals are just as important.
- A good adviser offers clarity, not just products. Trust, empathy, and ongoing guidance make the difference.
Highlights
Inside the Mind of a Financial Advocate
Q: What are the biggest financial literacy challenges in Asia today?
A: One of the biggest challenges is that financial literacy often isn’t taught early enough or in a way that’s relatable. Many people grow up without a foundational understanding of how money works — from budgeting and saving to understanding insurance or investments. Even among working adults, there’s often confusion about long-term planning or how different financial products fit into their life stages.
In Asia, cultural nuances also play a role. There’s often a reluctance to discuss money openly, and financial decisions are heavily influenced by family or community norms.
Another growing concern is the rise of financial influencers on social media. While some provide valuable insights, others lack the credentials or neutrality that consumers may assume. Unfortunately, many also paint financial advisers as “salespeople” or the “bad guys” — which undermines trust and can be harmful in the long run. The truth is, not everyone can or should DIY their financial plan. Comprehensive and holistic financial planning can be complex, and good advice, when delivered ethically and professionally, is invaluable.
That’s why Money Playschool exists — to simplify financial concepts, present balanced perspectives, and empower individuals to make informed decisions, whether they’re learning independently or working with a trusted adviser.
Q: How can life insurance play a role in improving financial literacy?
A: Life insurance is fundamental to financial conversations. It is the building block — risk management, contingency planning, and protection — which may not be as “sexy” as investments and wealth accumulation but form the foundation of any sound financial plan.
Too often, financial literacy content focuses only on growing wealth through investments or credit card and money hacks. But without protection and proper planning, even the best strategies can unravel when unexpected events happen. Life insurance helps start essential conversations about long-term planning, legacy, and financial resilience.
And it’s usually financial advisers who are best equipped — and often the only ones willing — to have these broader, more integrated discussions with clients. At Adviser Playschool, we’re committed to elevating the financial advisory profession by equipping advisers with best practices to support their clients through holistic planning — not just selling a product. Our programs are designed to raise the bar across the industry, empowering professionals to engage in more meaningful, values-based conversations that leave clients informed, confident, and respected.
Q: What are the most common misconceptions people have about financial planning?
A: The most common misconception is that financial planning is only for the wealthy or that it’s just about investments. In reality, it’s about aligning your money with your goals — whether that’s buying a home, caring for ageing parents, retirement planning or building a legacy.
Another misconception is that financial planning is a one-time activity. But as life evolves, so should your financial strategy. That’s why regular financial reviews are so important. It’s a chance to re-align with life goals, track progress, and adjust strategies. Unfortunately, many people find these reviews boring and tedious or assume their adviser just wants to sell them something. But with the right approach, reviews can be engaging and empowering. Financial planning platforms like GoalsMapper transform these sessions into visual, interactive experiences, enabling real-time scenario planning, projections, and meaningful conversations that help clients see the bigger picture and feel confident about their financial journey.
There’s also a tendency to focus heavily on accumulation, without thinking through decumulation and distribution — such as retirement income, wills, trusts, and estate planning. These areas are critical, especially later in life, and need more attention in public discourse.
Lastly, there’s the messaging around the DIY approach — and to be fair, it has its merits. With so much information available online, motivated individuals can learn a lot and take greater ownership of their financial decisions. Financial education is essential and plays an important role in building awareness and confidence.
However, not everything can be DIY. Personal finances can be complex, and what works for one person may not suit another. Without the right context, it’s easy to overlook important details or make decisions that don’t align with long-term goals. It often becomes a case of being penny wise, pound foolish. The cost of making a wrong decision — or no decision — can far outweigh the cost of engaging a professional who can offer clarity, structure, and personalised guidance.
Q: How can financial advisers better educate clients about long-term financial security?
A: As more people become financially savvy, it raises the bar for everyone — and that’s a good thing. But it also means that financial advisers must commit to continuous learning and upskilling to stay relevant, credible, and truly valuable to their clients. The role of the adviser is always evolving — from a product provider to a trusted guide and expert who helps clients navigate complexity with clarity.
Advisers must continue to shift from being product-centric to client-centric. The focus should be on building trust, simplifying complex topics, and guiding clients toward informed, confident decisions — not just transactions. When advisers stay current, upgrade their knowledge, and communicate with empathy, they don’t just serve clients — they elevate the profession as a whole.
That also means providing ongoing service and reviews, not one-off advice. Long-term financial security comes from holistic planning, regular reviews, and understanding a client’s evolving needs — from protection and accumulation to decumulation and legacy.
To achieve this at scale, advisers must also embrace technology. Use digital platforms for efficiency — onboarding, reporting, planning — and focus human energy on what can’t be replaced: empathy, personal connection, and tailored advice. FinTech and InsurTech platforms empower this hybrid model, giving advisers the tools to engage clients meaningfully while optimising processes behind the scenes.
Q: What practical steps can individuals take to improve their financial knowledge and habits?
A: Start small, stay consistent. Improving financial literacy doesn’t require becoming an expert overnight. Commit to learning, track your expenses, set goals, and be proactive about your financial decisions.
There are many good resources today — from reputable personal finance sites to trustworthy finance experts. It’s good to learn from multiple sources, but always verify, and most importantly, speak with a qualified financial adviser who can personalise advice to your unique situation.
At Money Playschool, we aim to be that helpful first step — offering short, relatable content to help individuals gain confidence. But true financial empowerment happens when you combine education with action, supported by professionals who can help you make informed, holistic choices.
Looking Ahead: A More Financially Informed Asia
Benjamin Ang believes the future of finance in Asia lies not in complex jargon or flashy hacks, but in clarity, consistent education, and strong human connections. “The more we elevate the profession, the more we empower individuals,” he shares. As financial tools become more accessible and digital platforms expand, Benjamin stresses the importance of ethics, empathy, and ongoing learning.
Through initiatives like Money Playschool and Adviser Playschool, he is building a movement that encourages people to take charge of their financial well-being—guided by knowledge and supported by trusted advisers. To him, financial literacy should never be a luxury. It should be a shared responsibility, embedded in our culture and community. With every conversation, workshop, and article, Benjamin is helping shape a future where financial confidence is the norm, not the exception.
Highlights
Read the article in Chinese here.
