United Overseas Bank (UOB) launched on Thursday the UOB KidSmart Programme to help parents discover and develop their children's full potential.
This programme utilises the MIDAS (Multiple Intelligences Developmental Scales) aptitude assessment tool which also helps parents decide how to nurture their child's talents.
UOB believes that once these natural talents are uncovered, parents can start planning appropriately for their child's future early by saving and investing in suitable financial solutions.
Dennis Khoo, head of personal financial services Singapore, UOB, told BT in an interview that the purpose of the programme is to "keep pace with the trend" by nurturing children's natural talents.
As most mundane administration work "will be automated or done by robots" in the near future, the next generation will be left with "coordination type of work" that will demand from them a mindset change and a different set of skills such as creativity, the ability to think critically and to solve complex problems.
The UOB KidSmart Programme was launched in response to findings from The UOB Understanding Young Families Survey, which found that almost all parents polled recognised the importance of discovering their children's natural talents for future success. The survey also found that parents recognise the importance of saving early, with nine in 10 already saving for their children's future.
future.Mr Khoo said: "Customers have been telling us that a large portion of their expenses goes towards their children's extra-curricular activities. With the UOB KidSmart Programme, parents will be able to identify suitable savings and investment solutions to support their children's talents and to be better prepared for their future."
However, only half were familiar with their children's talents and 18 per cent did not know how to tap their children's potential.
Tan Ern Ser, a survey specialist and sociologist from the National University of Singapore said: "They (parents) are aware that for their children to harness their inherent talents successfully in the ever-changing economy, they need to encourage and invest in the development of their talents from the outset, while being careful not to undermine their motivation."
This article was first published on September 22, 2016.
Get The Business Times for more stories.