PTPTN livens up World Savings Day, encourages saving up for education

 

PTPTN chairman Norliza Abdul Rahim (second from left) at the closing of the ‘Bulan Menabung Simpan SSPN’ campaign which ran from Sept 26 to Oct 31. (PTPTN pic)

PETALING JAYA: 

Since 1924, World Savings Day has been observed across the globe every Oct 31 to emphasise the importance of saving up for the future, including for retirement.

These savings could be used to set up a business or give one a leg-up once they enter the workforce.

Making a habit of setting funds aside also prevents one from being cavalier with their finances and reduces impulse purchases. It would also help one prioritise between “needs” and “wants”.

More importantly, these savings can help one fund their tertiary education.

And getting into the habit of setting aside funds also has its perks for those studying in higher education institutions, especially when they need to invest in learning tools or for “emergencies” like repairing their laptops.

According to a 2021 Bank Negara Malaysia survey, only 28% of such students have savings to last them three months.

The habit of saving for a rainy day, however, must be developed at an early age.

This means that parents play an important role in the planning and identifying of tools that not only offer the best benefits, but give one an added advantage.

One such method is the Simpan SSPN or the National Education Savings Scheme, a voluntary savings scheme designed to help parents or guardians save up for their children’s tertiary education.

The scheme, which as of July 31, 2023, recorded RM18.7 billion in deposits, offers several benefits, including tax exemption of up to RM8,000, takaful coverage, and a matching grant of up to RM10,000 for one eligible family as well as competitive dividends, saving guarantee by government and shariah compliance.

In conjunction with World Savings Day, the National Higher Education Fund Corporation (PTPTN) has launched “Bulan Menabung Simpan SSPN” (BMS) 2024 – an initiative that was introduced in 2018 – at selected locations nationwide from Sept 26 to Oct 31.

BMS 2024 maintains the “Jom Jadi Superhero Anak Anda” tagline which encourages parents to plan their children’s future, especially when it comes to helping them get a proper education.

The campaign is also aimed at promoting the benefits of the Simpan SSPN scheme, which is also in line with its goal to get the public to rely less on loans, as it is vital to ensure one’s children are not struggling with debt after completing their studies.

Be your kid’s hero by saving with Simpan SSPN.

Happy World Savings Day. - FMT