It pays to start a savings habit early

National 1 minute, 59 seconds


MEMBERS of the public yesterday voiced out that the habit of saving needs to start from a young age.

Responding to a report by The Brunei Times on Friday which stated that 49 per cent of households have no savings, Education officer, Nain Hj Kassim said that more should be done to increase public awareness to encourage the habit.

“As a teacher, I would (teach about) the benefits of saving in school. But the problem, I think, is that it is only exposed to students during Year Six in Social Studies,” said Nain.

“I believe it should be earlier than that... even before children start school. At least they will be aware when they grow up,” she said.

“If they become aware of it at a later age, it might be too late because they’ll be so used to spending,” she added.

Hjh Adibah, a student at a local education institution, agreed that it’s better to start saving when young.

“From what I can see from my friends, they can manage money better because they have been saving since they were little,” said the 23-year-old

“Even if you want to start at a later age, I think it doesn’t compare to when you develop the habit from a young age,” she said.

She added that parents play an important role in encouraging their children to save.

“When you’re young, you always want something. Parents can take advantage of this and teach their children that if they want something, they need to save for it,” she said.

Muneerah Abd Rahman, an employee at BAG Networks, felt that both parents and schools play an important role in teaching children to save.

“Parents need to highlight the importance of money and teach their children to be responsible when spending,” she said.

“They can (help their children set a goal). For example, if the child wants a video game, help them set their goal of saving enough money to purchase the item.”

Muneerah said among the reasons people don’t save is because they are riddled with loans.

“These loans can eat up half of your salary if you don’t control yourself. If more than half of your salary is gone, there is nothing else left for savings as you need the remaining balance for necessities such as petrol, food and bills.”

The Brunei Times