North East CDC and POSBank launch Young Savers Programme for children
To instil good saving habits among children, especially those who are less well-off, a new savers programme was launched on Saturday by the North East Community Development Council (CDC) and POSBank.
Under the WeCare@North East Young Savers Programme, North East CDC will give a $10 cash credit for first-time POSBank account applicants aged seven to 12 and from low-income families in the district. This could benefit about 17,000 children, if they are first-time account applicants.
Mayor for North East District Teo Ser Luck said: "Thrift is a necessary value that is best inculcated from young... It is never too early to start saving - a little a day, goes a long way."
The programme will be rolled out across the district in the coming weeks. Application forms can be obtained at customer service counters of the community clubs.