Launch of Maybank Happy Savers @ North East
27 July 2018
A holistic financial education programme with matched savings from Maybank for low-income families
In a public-private partnership to empower lower-income families to embark on financial planning for the future, the North East Community Development Council (CDC) has partnered with Maybank Singapore to launch the "Maybank Happy Savers @ North East", a three-year comprehensive financial education programme. This financial education programme is the first of its kind in the North East District.
Maybank Happy Savers @ North East is a financial literacy programme with a matched savings component funded by Maybank Singapore. It is designed to equip low-income families with valuable financial planning skills such as budgeting and good saving habits, and encourage them to kick-start a long-term savings plan. Additionally, North East CDC is collaborating with Association of Muslim Professionals (AMP) and Credit Counselling Singapore (CCS) to assist residents with outstanding debts by offering debt advisory consultation and debt consolidation plans.
Mayor of North East District, Mr Desmond Choo and Deputy CEO of Maybank Singapore, Mr Allen Ng officiated the programme at KidZania Singapore this evening. Over 50 families were invited to the launch event where the parents attended a financial literacy talk by AMP to understand how to increase surplus and manage expenses and debts; while the children participated in a Kids' Financial Literacy Race to learn the concept of smart spending through play. Over 100 Maybank staff volunteers also interacted with the beneficiaries.
Mr Desmond Choo said, "In a bid to help our lower-income residents to become more financially independent, North East CDC has partnered with Maybank, AMP and CCS to provide a holistic platform for them to gain access to financial literacy and debt management resources. We believe that with the skills and knowledge learnt from Maybank Happy Savers @ North East, families will gain financial well-being in the long term and learn simple tips to save within their means. We look forward to benefit more families with the support of Maybank."
Mr Allen Ng said, "Maybank believes in growing together with the local community and empowering lives. This is the reason behind our support for Maybank Happy Savers @ North East, one of our matched savings programmes to help families plan for a better financial future. Maybank has committed S$150,000 over three years to empower about 150 families-in-need living in the North East District to begin their financial planning journey, finance their children's education and save for a rainy day."
For the pilot phase, over 50 families have been identified to join the Happy Savers Programme. From August 2018 to January 2019, the families will attend two compulsory financial management workshops conducted by AMP and CCS to pick up tips on budgeting, saving money and debt management. During this six-month period, families are encouraged to save every month in their Maybank Youngstarz Savings Accounts, and Maybank will match their savings dollar-for-dollar for up to S$100 per month. Participating families can also learn additional tips and monitor their savings progress through a companion mobile app called Savings Dash.Social Service Offices located at Tampines, Pasir Ris and Punggol; CDAC @ Tampines and Mendaki @ Pasir Ris will nominate families that meet the qualifying criteria. To join the Happy Savers Programme, one of the parents has to be a Singapore Citizen or Permanent Resident aged 40 and under, with at least one child under 16 years old, a household income of less than S$3,000 and/or per capita income of less than S$800, and live in the North East District.