SINGAPORE – The Straits Times School Pocket Money Fund (STSPMF) has been given a leg-up in its efforts to help children from lower-income families after a $164,000 donation from financial advisory firm PFPFA.
PFPFA presented a cheque for $100,000 to STSPMF at the firm’s annual charity night on Oct 11, a joint media statement on Oct 12 said. A further $64,000 was raised during the event.
In 2024, PFPFA partnered STSPMF to
deliver “Bags of Joy”
– each filled with essential groceries and a supermarket voucher – to 300 beneficiary families, in addition to a $90,000 donation to the fund.
Since its first charity night in 2007, PFPFA has raised over $800,000 for causes that include those focused on education and children with special needs.
Its chief executive Jeffrey Chow said that the firm’s charity night reflects PFPFA’s belief that financial well-being goes hand-in-hand with social responsibility.
“We remain committed to building on this momentum through continued community outreach, enabling more individuals and families to experience the positive impact of these initiatives,” he said.
A spokesperson for STSPMF said: “We are extremely grateful to everyone at PFPFA for their support.
“It is heartening to know that our vision – that every child can look forward to a promising future – is shared, and that together, we can make it a reality.”
Started by The Straits Times in 2000, the STSPMF provides pocket money to children from lower-income families to help them through school. It has since helped more than 220,000 children and young people in need and disbursed more than $100 million.
A recent study by the Centre of Excellence for Social Good at the Singapore University of Social Sciences showed that aid from STSPMF, while useful for transportation and food costs, has also been useful in
helping students participate holistically in school
.
For example, it makes it easier for children to attend co-curricular activities.
Some of the parents surveyed said the fund helped to cover additional travel fares to school for extra activities while other children used it to help buy supplies to pursue their interests.
Nonetheless, the study also revealed areas for improvement, such as insufficient funding.
It showed that close to half of the parents surveyed said the amount disbursed was too little. Currently, a primary school pupil receives $65 a month while a secondary school student receives $100 a month. Students from the Institute of Technical Education, junior colleges and polytechnics receive $125 a month.
People who wish to donate to the fund should visit
STSPMF’s website
. Donations can be made via different methods, like PayNow and by credit card. All donations are eligible for tax deduction of 2.5 times.
