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Tokio Marine gives $10k to ST fund, holds financial literacy workshop for beneficiaries

Mr Gilbert Pak, chief marketing officer ofTokio Marine Life Insurance Singapore, presenting a $10,000 donation to Ms Lau Hui Ling, general manager of The Straits Times School Pocket Money Fund, on Dec 2.

ST PHOTO:SHINTARO TAY

Singapore – Tokio Marine Life Insurance Singapore (TMLS) has donated $10,000 to The Straits Times School Pocket Money Fund (STSPMF), supporting its efforts to provide financial support to children from lower-income families.

The insurance company also conducted a financial literacy workshop for 54 beneficiaries, aged 10 to 13, on Dec 2.

Through interactive activities and a workbook filled with colourful illustrations, the children learnt money management skills and concepts, such as the difference between needs and wants.

At the end of the workshop, the participants received a savings box with $20 to encourage them to begin their savings journey.

Mr Gilbert Pak, chief marketing officer of TMLS, said: “We believe financial literacy is an essential life skill every child should acquire to make confident, responsible decisions as they grow into adulthood.

“By empowering these young learners with simple, practical money concepts, we hope to nurture confidence and resilience that will benefit them for years to come.”

STSPMF was started by The Straits Times in 2000 and has since disbursed over $100 million to more than 220,000 children and young people.

A recent study conducted by STSPMF, 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.

The Straits Times © SPH Media. Reproduced with permission.