Tokio Marine Life Insurance gives $10k to ST pocket money fund, conducts financial literacy workshop

involving more than 600 beneficiaries, found that many demonstrated responsible financial behaviours. Of this group, 89 per cent said they tried not to spend their savings, and 73 per cent discussed their spending habits with their parents.

One such thrifty beneficiary is Primary 6 pupil Axel Ng Hong Ee from Nanyang Primary School, who said he avoids spending on wants, such as iced lemon tea, during recess.

Through the workshop, he learnt about different temptation dangers and how marketers use terms like “fire sale” and “limited edition” to entice consumers to spend more money.

A Pokemon fan who has been tempted to buy limited edition cards and collectibles, Axel said he will remind himself to “buy what I need and not what I want”.

The 12-year-old also learnt that patience is key when saving money, and he will continue his habit of saving $2 a day. 

For Primary 5 pupil Noor Hozireen Muhammad Hozir Bonawi from CHIJ (Katong) Primary, her parents have been helping her manage her savings. 

At the workshop, the 11-year-old learnt the kakeibo method of budgeting, which encourages regular reflection on spending and saving habits, and the general guideline of spending 50 per cent on needs, 30 per cent on wants, and saving 20 per cent.

“When I learnt about the Japanese way of saving money, I got the idea of actually doing it myself,” she said, adding that she will discuss it with her parents.

A spokesperson said STSPMF is very grateful for TMLS’ support in further promoting smart spending habits among students.