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Empowering children with good financial sense

Ms Jaclyn Seow always keeps in mind the lesson her mother taught her on managing money when she was a child: Never spend more than what you need to, even if you can afford it.

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Ms Jaclyn Seow always keeps in mind the lesson her mother taught her on managing money when she was a child: Never spend more than what you need to, even if you can afford it.

Ms Seow’s earliest memories of handling money are of her sisters and her making paper coins by placing pieces of paper on top of actual coins, then shading the coins’ impressions onto the paper. They used their paper currency to “buy” and “sell” items at home.

When they became older, they progressed to saving their pocket money then depositing bags of coins at the bank. Activities like these are among some fond memories Ms Seow and her sisters share. More importantly, these activities help them learn the importance of managing money in a fun way.

 

DOING HER PART FOR SOCIETY

 

Now aged 30, Ms Seow is doing her part to help children in her community learn about managing money. In addition to her full-time job as a civil servant, she volunteers with the Boon Lay Community Club Management Committee, where she coordinates programmes such as Moolahsophy, a series of classes aimed at bringing financial literacy to young residents.

The classes impart crucial lessons about money management in a fun and easy-to-understand way.

When the programme was launched by the Boon Lay Citizens’ Consultative Committee in May last year, more than 130 children enrolled.

As part of the introductory phase, each child opened a bank account to help them get started on their journey to financial literacy.

Through skits and play, the children learnt about differentiating between needs and wants as well as the importance of saving. The programme focuses on what it terms the five pillars of money: Saving, investing, earning, spending and giving.

The next phase was held in May this year to reinforce the concepts taught earlier through theatre, art and storytelling. The course also taught the children, like siblings Nurlya Shariza, 11, and Muhamad Shairizan, 10, to identify and work towards short-term goals.

Shariza wants to save up for a ukulele and expects that she will need about one year to hit her goal. Shairizan is saving up for a pair of soccer boots, a goal that he estimates will take him about two-and-a-half months to achieve.

Another pair of siblings, Koh Zi Li, 9, and Koh Yu Qing, 7, said the course helped them realise that careful financial planning could help them achieve their dreams.

“It is important to start with goals, rather than just teaching saving as a principle — this makes it more tangible for them,” Ms Seow explained.

 

Family involvement

 

Parents of children who attended both courses were also invited to attend a talk. Ms Seow noted that the programme helped attendees develop an awareness about their approach to managing money.

Parents were able to be firm with their children when they wanted to buy an item that was not within their budget while their kids gained confidence in handling money.

“The whole family has to be on the same page. Otherwise, things that the kids learn in class can easily go out the window,” she said.

Entrepreneurs for a day

 

The next stage in the programme teaches children to manage their finances through six full-day workshops. It started on Aug 15 and ends on Sept 12. The children will learn what it takes to become entrepreneurs, from deciding on a product to creating a value for it and marketing it. They will also learn about supply and demand and have a chance to develop their interpersonal skills.

The children will get to practise their newly acquired skills at the POSB PAssion Run for Kids, where they will manage a booth at The Promontory @ Marina Bay. There, they will have a chance to promote their products and encourage customers to buy their wares. This marks a fitting conclusion to their financial literacy journey, taking them from novices to fully-fledged junior entrepreneurs.

 

This is the eighth story in a 15-part collaboration between TODAY and POSB. To read stories online, visit www.todayonline.com/posb.

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