OCBC has one of the most interesting methods to encourage kids to save. First, the usual bank account opening procedure applies and a set of attractive stickers plus a special card will be given. Second, whenever a dollar has been saved, the kid pastes the sticker on the card. Well, we know kids love beautiful stickers. Some teachers in the preschools use stickers to reward or encourage good behaviour of the kids. Third, when a total of $20 has been saved, the card is considered full or done with 20 stickers. Then bring this card with $20 and the passbook to any OCBC branches to deposit the cash. A new set of card and stickers will be issued. Now comes the thrill; a special gift will be given to the kid. Very often, this special gift cheered the kid and he/she continues to save faithfully.
My comments:
The good habit of "save for rainy days" should be developed when young. Many adults often lament that money is not enough and that no money is saved at the end of each month. When they retire, I doubt they will have a neat retirement nest-egg in place, simply they don't have this good habit of saving.
Parents with kids,
Start a savings account for your kid today. Encourage your kid to deposit his or her ang-pao money or extra pocket money into the bank. You must also walk the talk ie set aside a small but fixed amount of money received from your monthly payslip before start paying your bills or spent it elsewhere. Make use of the power of compounding. Over the years, this mony will "GROW".
For more info on OCBC Mighty Savers, please refer to www.ocbc.com.sg
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