Four in 10 kids rely on parents instead of own savings to buy desired items: Poll

SINGAPORE - A poll by the North East Community Development Council (CDC) revealed that four in 10 of primary school students would choose to approach their parents for money than save up consciously for the item they want.

The study, which aims to understand the saving habits of children, showed that the surveyed group of 55 children, aged between seven and 12, did not consider saving up for their desired item, even though they have money left from their daily pocket money.

To better educate children on saving habits, the North East CDC is partnering with POSB to conduct a budgeting workshop for children in Punggol South.

The second budgeting workshop will be held on Aug 17 at Punggol Primary School.

The first was held under the 'Make My Day' Community Programme initiative for 80 children on Aug 3.

The workshop will teach students saving tips such as creating a budget checklist, differentiating between 'needs' and 'wants, and comparing prices of similar items.

Students will also go on a mini excursion to nearby a bookshop with $20-vouchers sponsored by POSB staff to put the theories into practice.

Mr Derrick Goh, Head of POSB, said the local bank is working together with CDC to teach children a fun and engaging way to save.

"Through such initiatives, we hope that more young Singaporeans can develop greater financial sense which they can share with their family and friends," added Mr Goh.

The programme is slated to be rolled out to eight other division int he North East district in the coming months.