Singapore Government Press Release

Media Division, Ministry of Information and The Arts

36th Storey, PSA Building, 460 Alexandra Road, Singapore 119963.

Tel: 3757794/5

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Ladies and Gentlemen, boys and girls, good afternoon.

I am happy to be here this afternoon to officiate at the opening of POSBank�s newest branch at Pasir Ris and also launch POSBank�s Schools Savings Programme.

With the opening of the Pasir Ris West Branch, I understand that POSBank will have a total of 132 branches, complemented by 673 ATMs located island wide. Within the Pasir Ris area itself, POSBank has 2 branches and 8 ATMs to serve our residents.

In today�s age of consumerism, POSBank plays an important role to remind us that tomorrow is worth saving for. Most of you would have read recently about a survey conducted by the Gallup International and Joshua Research Consultants. The survey found that 38% of the working Singaporeans polled could get by for more than three months without employment. But 62% said that they only had enough savings to tide them over for less than three months without work.

This shows that some Singaporeans are saving for a rainy day. But the majority would not have enough savings to see them through difficult times if they do not work for more than three months. This is of some concern.

Singapore was praised by the International Monetary Fund recently for our robust fundamentals, which have shielded our financial market from the regional turbulence.

One of these fundamentals has been our high savings rate. However, we cannot afford to be complacent, indeed, as the trend is showing. We have to plan for our own future, and be prepared to face difficult times, as many are facing in our neighboring countries during this regional economic turmoil. We must continually look forward and anticipate the challenges of the future.

Singapore is a small country with limited resources. Our future will be determined by the efforts and the commitment of our people towards saving these limited resources, be it water, electricity or money. The community has a crucial role to play and must share the national responsibility of nurturing our young. It is vital that we inculcate in our young the healthy habits and values of savings to assure their livelihood and the country�s future survival and success.

I am happy that POSBank has taken the initiative to cultivate the virtue of saving in our young with their Schools Savings Programme. POSBank�s role of promoting savings amongst Singaporeans remains as relevant as it was when the programme started in the late 1960s. This inculcation of a saving habit in the population becomes even more important in the future as we face an aging population and increasing consumerism.

I understand that over the past 3 years, the number of young savers with a POSBank account has increased steadily. There are more than 170,000 young savers aged between 7 and 12 with a POSBank account. These young savers have been saving regularly.

To encourage more to save, POSBank recently embarked on a more interactive approach to reach out to them. They have engaged entertaining and educational shows to communicate the savings message to the young in schools. I am pleased that our schools and teachers have been very receptive to the programme, and have shown enthusiasm to help further reinforce the savings message to their students.

I am also happy to learn that POSBank is committed to giving every child, upon entering Primary One, a personal savings account. This will ensure that all children will have a headstart in their savings journey as they begin their formal education. The Bank is working closely with the Ministry of Education on implementing this scheme soon.

It is thus with much pleasure that I announce the launch of POSBank�s Schools Savings Programme and declare the Pasir Ris West Branch officially open.

Thank you.