POSB renews push to encourage savings habit in schools; will help more than 150,000 students collectively save additional SGD 35 million by 2026

[1][2]1. Expand its financial literacy outreach programme to more schools – for a start, the bank will run workshops in at least 100 MOE-run primary and pre-schools, benefitting between 40,000 and 50,000 students. A recent online poll conducted with 66 parents revealed that over half (53%) believe in the value of teaching children financial literacy from the pre-school level (as young as five years old). Meanwhile, a third of respondents indicated that they preferred their children to be similarly equipped from the time they enter primary school (aged seven onwards).
Through assembly talks and workshops, DBS employee volunteers and facilitators will cover essential financial concepts using a syllabus designed by the bank’s financial literacy team. Students will learn how to differentiate between needs and wants, understand the importance of making wise spending choices, and recognise the value of savings.

The syllabus also includes physical cash management, where students will not only be taught to recognise different dollar and cents denominations, but also how to count money. This will come in handy when they handle cash in their daily activities – for example, when paying for groceries on their parents’ behalf.

In addition, the programme will help students explore how to make cashless transactions, with an emphasis on responsible usage in today's digital era. Students will also learn about environmental sustainability, and how they can make meaningful changes to their habits in small but significant ways.

Attendees will receive specially designed worksheets and participate in hands-on activities to solidify their understanding of basic financial principles while fostering critical thinking and problem-solving skills. 2. Launch various savings incentives that encourage young students to start and maintain a daily savings habit. The bank has rolled out a new matched savings initiative, similar to the much-beloved and iconic POSB Stamp Savings initiative. It aims to encourage young children to get into the habit of saving a portion of their daily allowance via POSB Smart Buddy.

By saving an average of 50 cents a day, students will learn and realise how small steps can lead to big savings. Under the new POSB Smart Buddy 2X Savings Booster initiative, students can receive up to 20 ‘matched’ digital stamps – equivalent to SGD 10 – every month. These stamps will be credited directly into their POSB Smart Buddy-linked bank accounts the following month.3. Co-develop financial literacy programmes with like-minded partners such as People’s Association (PA), National Library Board and EYEYAH!, and scale financial literacy programmes to neighbourhoods via various community clubs. In addition to the POSB PAssion Run For Kids annual event, the bank has also partnered PA to co-develop and launch financial literacy workshops for children. Conducted in selected Community Centres, the workshops are meant to promote good saving and spending habits, inculcate essential money management skills, and ultimately help children develop healthy financial habits from young.[3]Employing a progressive lens to teaching financial literacy

Yap Keng HweeMaking financial literacy accessible anytime, anywhere

POSB Smiley Townthis link^[1]Some canteen food prices rise, MOE says schools will ensure meals kept affordable (Source: The Straits Times)
^[2] Earlier in May, an analysis of the bank’s proprietary database of more than 70,000 POSB Smart Buddy users (made up of school children aged six to 16 years old) revealed that the average monthly spending per student increased by 11% y-o-y, while their monthly savings rose marginally by 1% y-o-y.
^[3]The importance of financial literacy: Evidence from Singapore (Source: Cambridge University Press) [END]About POSBwww.posb.com.sg