Saving money at an early age beneficial for students: Teacher

HAVING students learn to save money at an early age will benefit them, according to Waigani Christian Academy deputy principal Agnes Koaba.
“The idea is great as it teaches and helps them to save for the future,” she said.
A team from the Nasfund Contributors Savings and Loans Society visited the school recently to impress on children the importance of saving.
The private school in Port Moresby has 200 children attending Kindergarten to Grade Four.
THE society started its Kids Savings Account (KSA) in 2014 to instill a savings culture among young people.
More than 12,000 children’s accounts have been opened since then.
The KSA is an interest bearing account. Funds in the accounts earn a monthly and annual interest paid by the society.
It encourages regular deposits and welcome contributions via salary deductions, mobile and internet banking.
It stresses that financial literacy and education are important and teaching young children the basics of savings and managing money is vital to their development and financial empowerment.
“Encouraging young children to save creates a savings culture in young minds.”