Life Awards 2025
The Happy Retirement Award goes to piggy bank
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Singapore’s piggy banks are increasingly collecting dust instead of coins, as more kids embrace cashless payments.
PHOTO: PIXABAY
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SINGAPORE – The piggy bank has been the emblem of financial literacy of childhood past. It serves as a kid’s first bank – a trusted guardian of his or her precious coin stash at home – before setting foot into a real bank, which can be an intimidating experience with its armed guards.
And some school-going children manage their pocket money with two piggys – one for savings and another for spending.
The humble piggy bank deserves a standing ovation for its significant contribution to instilling healthy money habits in children.
But as the digital era transforms how money is handled, the prevalence of digital payment methods, such as PayNow and QR codes, means more kids are receiving pocket money or hongbao via bank apps.
So, the concern is no longer whether Ah Boy forgets his wallet for recess, but rather: Did he remember to wear his smartwatch?
Under the POSB Smart Buddy programme, students tap their smartwatch – free for new joiners – on a contactless terminal to pay at canteen stalls and bookshops. Launched in 2017, it is the world’s first in-school wearable tech savings and payments solution.
Pei Chun Public School (Primary) pupil Megan Han uses her smartwatch to pay for food at the canteen.
PHOTO: ST FILE
All 335 participating schools – primary and secondary schools, junior colleges and the Millennia Institute – have been equipped with the payment terminals, according to a report in The Straits Times in July
The students interviewed said they like using the watch and switching to a cashless system. Even canteen vendors find it hard to go back to counting coins.
“It can be quite difficult to find different coins and notes during busy periods,” said Teck Ghee Primary School’s drink stall owner Ly Li Fang. “It’s more convenient to accept cashless options.”
Little wonder then that Singapore’s piggy banks are collecting dust instead of coins, and their future looks bleak.
The Ministry of Education has worked with 13 schools, including West View Primary and Outram Secondary, to switch to a centralised meal service from January.
Students will use an app to pre-order meals and collect them from automated dispensers, eliminating the need to queue at various canteen stalls and use of cash.
To collect their meals, Yusof Ishak Secondary School students tap their meal cards on the dispenser.
PHOTO: MINISTRY OF EDUCATION
Other schools, such as Hwa Chong Institution, will adopt a hybrid model,
Much like the affected canteen stall uncles and aunties who will start a fresh chapter in their life, the venerable piggy bank will enjoy a new role at home – which is why it is receiving this Happy Retirement Award.
Dear piggy bank, thank you for decades of dedication and cultivating a sense of financial responsibility. It is time for you to enjoy life. Sit back and take pride in becoming an endearing ornament in Ah Boy’s bedroom.
