This SGFinDex review is done using MyMoneySense platform from a perspective of a financial planner, myself. I will outline what the data extraction can do as well as share what I like about the capabilities. I shall also point out the suggested room for improvements which I am confident are on the way in development behind the scenes.
SGFinDex is the world’s first public digital infrastructure to use a national digital identity and centrally managed online consent system to enable you to retrieve your financial data such as your savings, insurance and investments—all in one consolidated view. As a Singapore citizen, I am proud of this achievement for the financial wellness for Singaporeans!
While you can connect to SGFinDex via a number of institutions’ platforms, I highly recommend MyMoneySense for neutrality. With SingPass, everything becomes so seamless.
The consolidation might of SGFinDex is jaw dropping.
This is a Cancer Specific Plan which I implemented for myself long ago and no longer on the shelves.
I am not going to expound on the individual links there, but I can tell you the level of detail, organization of the information and summaries are neat and easy to navigate.
Couples looking to tie the knot and settle down can refer to buying a house, and those looking into retirement planning can get guidance from there.
MyMoneySense is neutral in my eyes. This is important since everyone is so sensitive about bias from financial literacy campaigns by various profit driven financial institutions these days.
You can knock yourself off with further breakdowns through the buttons (More details), but I shall not overwhelm you with too much. Go try it out for yourself.
Totally free of charge and at your discretion, set your goals within MyMoneySense. I did not test the maximum number of goals you can set but it is definitely more than 2.
You can then play around with the levers and work within a budget for yourself.
SGFinDex with MyMoneySense is awesome. The capabilities are not to make Financial Planners obsolete, but to step up their game. Financial Planners should not fear the development but work with the client (Get client to use and share with you to get further insights) by consolidating data not captured for those further analytics (Certified Financial Planners will know).
Not everyone likes DIY (Do-it-yourself) financial planning. For those looking for more, please do not hesitate to book an appointment.
If you like this SGFinDex review, please do not hesitate to share on whatever social media platforms that you are on. Thank you!