For anyone in Singapore, financial planning is a daunting task that we know is necessary but find hard to do and local bank DBS thinks so too.
Most people would automatically seek the services of a financial planner at their preferred financial institution, while others have faith in themselves to manage their own finances.
Then there’s those who don’t even know where to start.
Whatever the case may be, there will still be doubts whichever route you choose to go down. For those of us without the contacts of a family member or friend who is familiar with the matter, things can get confusing.
DBS Presents NAV – Your Financial GPS
Today DBS Bank announces an all-new financial planning center with a difference unlike other financial institutions.
Called the NAV Hub, it is a part of a new financial planning initiative by DBS called “NAV – Your Financial GPS” and this a place where you cannot buy any financial product.
Instead, what they offer as a service are free advisory services aimed at helping customers navigate through life’s changes, uncertainties and opportunities.
The NAV Hub is located at the heart of the central business district in Tanjong Pagar and represents the first time such an initiative of this nature is set up by any bank in Singapore.
Aimed At Young Adults
The NAV Hub is set up with a specific demographic in mind – young adults.
In fact, they’ve even conducted a research study into customers aged 20 to 35 consisting of tertiary students, NSFs, first jobbers with less than two years of working experience, single working adults and married working adults.
The study found that more than 50% of them do not plan and do not know how to plan, with 60% of young adults saying that they want to manage their money better to help them achieve their future goals.
The top 3 financial goals mentioned in the study are, buying a home, growing their money, and self-development (furthering studies, skills upgrading etc).
However even though they know their goals, majority do not know the estimated target amount needed to achieve those goals, and it is these people that the NAV Hub is for.
Those who have taken action towards their goals too can come in for guidance, as the NAV Hub is not only for financial planning novices.
To help both groups of people who may find financial planning a daunting task, DBS has also collaborated with various partners such as IDEO, a human-centred design agency, to develop innovative tools to make these conversations fun and engaging.
According to Mr Brandon Lam, the Singapore Head of Financial Planning Group of DBS,
“We designed ‘NAV – Your Financial GPS’ as an interactive concept for young adults to fully understand their financial health and make concrete plans to work towards their financial goals. These could be conversations on buying their first homes, getting married, raising children, growing their money or retiring comfortably. The ‘NAV Hub’ provides a relaxed environment for these conversations to take place and we are committed to be their trusted partner on their financial planning journeys.”
This new initiative by comes timely as more millennials come into contact with their own disposable income but are at a loss when channeling their finances properly to achieve future milestones.
If you’d like to pop by for some financial guidance, the NAV Hub is just a stone’s throw away from Tanjong Pagar MRT.
45 Tras Street
Tues – Fri, 11am – 7pm
Sat, 10am – 5pm