Singapore Pools CEO Seah Chin Siong (left) and Monetary Authority of Singapore’s Director & Head of Consumers Issues Division, Winnie Lim (right), at the launch of the Care for Winners programme
By Elizabeth Tong
What would you do if you become an instant millionaire after winning a lottery?
If you are the lucky winner, there is a new programme that will help you make prudent decisions with your newfound wealth.
On Friday (2 March), Singapore Pools and Monetary Authority of Singapore’s (MAS) MoneySENSE launched the Care for Winners programme targeted at people who win lottery prizes of $100,000 and above. MoneySENSE is the financial education programme targeted at Singaporeans.
When such winners go to the Singapore Pools building at Middle Road to claim their prizes, staff from the company are available to advise them on managing their money. For instance, they will be advised to invest wisely or avoid changing their lifestyles drastically.
Speaking at the launch, Singapore Pools CEO Seah Chin Siong said the company does not have a policy of tracking how lottery winners spend their money. However, they should exercise financial prudence, Seah added.
“There are real life cases overseas of major lottery winners losing their winnings within a relatively short period of time. They ended up broke because they splurged before considering their long-term financial goals.”
A Care for Winners kit comprising videos, brochures, posters, banners and standees, will be used to advise winners.
“We see it (the programme) as our responsibility to educate our customers on responsible gaming practices and for those who win, to manage their windfall responsibly,” Seah said.