Girl, 7, saves money with Nasfund’s kids savings

Business

THE Nasfund Contributors Savings and Loans Society (NCSL) has more than 9,000 Kids Savings Accounts (KSA) with K1.86 million in total deposits.
One of the accounts is administered in trust for 12-year-old Donella Kangku, a grade 7 student in Port Moresby.
Kangku, from East Sepik and Autonomous Region of Bougainville, has developed a keen interest not only in saving money given to her by her parents, but also raising funds from other sources for her KSA account.
Her parents fostered the savings culture in her when they registered her account and encouraged her to put coins in her piggy-bank at home.
NCSL member and mother Donna Uma said while she had initially opened an account for Donella with a major commercial bank, the account came with a debit card which meant that her daughter had access to her savings.
Under the KSA, Kangku can only access her savings when she turns 18. Uma said she read about the KSA in the newspaper and she opened three accounts for her children in 2017.
“It was important to educate children with money saving skill as this instils a discipline of thoughtful spending and it also gives them a sense of confidence and direction to save towards or achieve major goals in life,” shesaid.
Donella is given lunch money on Tuesdays and Thursdays. She usually saves K2.50 a day.
Her parents make regular salary deductions towards their children’s accounts.