Financial literacy and education is very important and teaching young children the basics of savings and managing money is vital to their development and financial empowerment.
In support of efforts to instill a savings culture amongst young minds as introduced by Bank of Papua New Guinea, ncsl launched a Kids Savings Account (KSA) product in 2014 and since its launch, ncsl has opened over 12,000 KSA accounts.
In its ongoing efforts to promote and inculcate a savings mindset at an early age, ncsl conducts regular visits to schools as part of the education and awareness to the children.
Early this month, ncsl visited Waigani Christian Academy through a referral made by member advocate Dorothy Koch who is a School Parent Volunteer.
Waigani Christian Academy is a private school and has 200 children from kindergarten to Grade 4 class.
Member advocate, Dorothy saw that KSA was beneficial and recommended ncsl to the teachers to encourage savings culture amongst the students.
WWC Deputy Principal, Agnes Koaba said the concept of students having accounts at an early age was vital as their future will be financially secured.
“The idea is great as it teaches and helps them to save for the future,” Mrs Koaba said.
KSA is an interest bearing account, and funds in the account earn monthly and annual interest paid by the Society.
Regular deposits to the savings under KSA accounts are encouraged and contributions can be made via salary deduction, mobile and internet banking.
Encouraging young children to save creates a savings culture in young minds.