Government takes steps to spur value of thrift among kids

As October 30 is the “World Saving Day”, the State is organising savings awareness campaign in many schools, with district collectors and educational officers scheduled to visit several education institutions to highlight the importance of the habit. 

“It has been also requested that school students studying from Class 8 to Class 12 should be taken to nearest bank to know the financial operations,” a senior official from Education Department said. The official said the government was also planning to include important of small savings in school curriculum.

In addition, officials from the Directorate of Small Savings in the State, with the help of Educational Officers, would create awareness among the youth and encourage students at higher secondary level to invest in Small Savings Scripts Schemes.

Experts say young parents are known to be the maiden teachers and the house is always regarded as the first school of a child. 

“Normally parents do not speak about money in children’s presence: how it can’t be earned, where it can be invested, how it should be spent. The result is that, kids these days grow into adults clueless about saving money and financial aspects,” S K Sailaja, child and student’s counsellor from the city said.

She said though there was no official survey on children’s saving, it is estimated about only 5 per cent of kids in the cities of the State have the habit.

“However, it is increasingly becoming important for parents and teachers to talk about saving habits with kids at an early age. This will give students even at primary level a fair understanding of how little savings can reap benefits when they become adults,” she says.

In line with the State government’s plans, post offices across the city and the districts are also involved in creating awareness among students on Postal Savings Bank account. 

A senior staff from the Indian Post’s Chennai office said his staff have already approached colleges and universities in this regard. He said that the students were told about the facilities available at post offices and networking that has been made through Core Banking Solutions. “Practical demonstrations was also done,” he added.