POSB nurtures saving habit among young

Community development council staff and volunteers from POSB with student participants at the graduation ceremony for the North West POSB Saving Stars programme in March this year.
Community development council staff and volunteers from POSB with student participants at the graduation ceremony for the North West POSB Saving Stars programme in March this year.PHOTO: COURTESY OF POSB
POSB head Susan Cheong says the bank will continue to introduce additional programmes to promote regular saving among the young.
POSB head Susan Cheong says the bank will continue to introduce additional programmes to promote regular saving among the young.

POSB has been inculcating the virtue of saving among Singaporeans for many years. Since 2012, it has been supporting this goal through various community development councils to encourage thrift among children.

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Ms Susan Cheong, head of POSB, said: "Through these partnerships, we hope children can view saving as a fun and rewarding process. We will continue to introduce additional programmes to promote regular saving among the young."

Over the years, POSB has supported matched savings programmes, including the North West POSB Saving Stars, which was launched in 2012; and the North East Young Savers Programme and KidzLearn South West Programme, both launched a year later. The North West POSB Saving Stars Programme is for low-income families.

In these three partnerships, close to 8,000 children have benefited.

One of the beneficiaries, student Pei Jun Yu, 13, said: "Saving Stars is cool, awesome and interesting. The teachers there always give us a lot of energy and teach us things we did not know before. I have also learnt about 'needs' and 'wants'. For instance, food is a 'need' and 'wants' refer to things you desire to have but do not need."

POSB plans to roll out a new Kidstarter programme later this year.

Objectives of the schemes: POSB said that the main objectives of these partnerships are to nurture the value of thrift among underprivileged students, as well as enhance children's savings attitudes and behaviour. The schemes also aim to build children's aspirations and expectations of the future.

How the schemes work: The children will need to attend financial literacy workshops, casework, coaching and participate in group work sessions under the various programmes.

By attending the workshops, children will also be asked to save a certain amount of money in their bank accounts for which the amount will be matched.

For North West POSB Savings Stars, savings are matched up to $600 per child during the 18-month programme, while for North East Young Savers, savings are matched up to $60 per child. For the KidzLearn South West Programme, savings are matched with book vouchers instead of cash.

Lorna Tan

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A version of this article appeared in the print edition of The Sunday Times on June 04, 2017, with the headline 'POSB nurtures saving habit among young'. Print Edition | Subscribe