KidSTART families save for their children’s future with Maybank Singapore’s S$1mil support through its inaugural Saving Stars programme
As part of a three-year partnership between KidSTART Singapore and Maybank Singapore, the Maybank KidSTART Saving Stars programme equips parents with financial knowledge and boosts their saving efforts through top-ups and matched deposits.
Singapore, 1 July 2023 – KidSTART Singapore, the nationwide programme for early childhood support, launched theMaybank KidSTART Saving Starsprogrammetoday, with Minister of State, Ministry of Home Affairs and Ministry of Social and Family Development Sun Xueling as Guest-of-Honour, as well as over 100 KidSTART parents and children. The launch event was held at KidsSTOP Science Centre to inspire young children to explore various career aspirations and dream big, and spark family conversations on the importance of savings for their children’s future.
Maybank KidSTART Saving Stars is a new matched savings programme for KidSTART families with children aged three to six years old to encourage KidSTART families to save for their child’s future. At the event, Maybank announced its commitment of S$1 million to KidSTART Singapore over three years to support low-income families’ saving efforts and goals through the programme.
The aim of Maybank KidSTART Saving Stars programme is to enable KidSTART families to boost their children’s savings by opening a Maybank Youngstarz Savings Account with a minimum deposit of S$10 for their child. Maybank will match the savings deposited, capped at S$100 per month and top up S$90 every three months. This is provided as long as no cash withdrawals are made and the family remains enrolled in the KidSTART programme. The programme cycle runs for six months and KidSTART families can receive up to S$780 in top-ups per programme cycle. KidSTART families will also have access to other resources and financial support through SupportGoWhere, which provides further assistance to develop good financial habits and grow their children’s savings.
Based on a survey with KidSTART families in February this year, it was found that most families have some knowledge of financial planning and understand the importance of savings. However, they are unable to save regularly due to the greater urgency of daily expenditure and needs. The Maybank KidSTART Saving Stars programme will help fill this gap by supporting the parents’ efforts to save for their children. The survey also found that 80% of the parents were willing and happy to receive help to build their children’s savings, as well as achieve self-reliance and financial stability.
Madam Rahayu Buang, Chief Executive Officer, KidSTART Singapore said, “All parents want the best for their children, and are thus cognisant of the importance of financial planning and saving in providing a good start for KidSTART families. However, the act of long-term financial planning and saving regularly may not be easy for some families as they have to prioritise more urgent financial needs. We are delighted to be partnering Maybank Singapore to launch Maybank KidSTART Saving Stars that boosts the savings journey for KidSTART families and encourage them to plan financially for their children’s future.”
She adds, “We chose KidsSTOP as a venue to launch the Maybank KidSTART Saving Stars programme to introduce KidSTART families to a variety of career pathways for their children. This is a fun and engaging way for parents to explore their children’s interests as a family, and prompt deeper considerations on how they can support their children’s dreams, emotionally and financially. I am grateful that Maybank Singapore shares our belief that making resources and support in a child’s early years accessible has a positive ripple effect on their future. It is through such partnerships with corporations that we are able to provide multi-faceted support and more opportunities to make a difference in the lives of our KidSTART families. This demonstrates how everyone has a part to play in strengthening the social compact and supporting families with less resources to give children a good start in life.”
Dr John Lee, Country CEO & CEO of Maybank Singapore said, “Maybank is committed to uplift vulnerable families in the community as part of our mission of Humanising Financial Services to leave no one behind. The Maybank KidSTART Savings Star is a programme to encourage low-income families to build their children’s savings from a young age, and the families will further receive matched savings every three months. We are excited that our partnership with KidSTART is a step forward for KidSTART families to do regular savings to create a better future for their children, and promote positive financial habits as a family unit.”
Mdm Jayavalli Shanmugam, KidSTART mother of two daughters 4 and 8 years old shared her motivations for joining Maybank KidSTART Saving Stars and what she hopes the family can achieve from the savings programme, “My daughter’s dream job when she grows up changes every day based on the toys, books and people she meets. She has mentioned being a policewoman, a firefighter, a teacher and even a baker. I hope to help her achieve her dreams when she grows older. We joined the Maybank KidSTART Saving Stars programme to help grow my daughter’s savings. It is great that this programme will also help my daughter to learn about the importance of saving and how together as a family, we can put in the effort together to achieve things that we hope to have. I hope my daughters pick up good financial skills and they can continue to do so as they grow older.”