09 Apr '11, 1pm

Low-income families in central Singapore get boost in savings

SINGAPORE: About 200 low-income families living in central Singapore are getting a boost in savings of up to S$1,000. A nine-month savings programme for families with a monthly household income of up to S$2,500 was launched on Saturday by Central Singapore CDC and Maybank Singapore. It is called CASH UP or "Cultivate A Savings Habit". A family who signs up for the savings account has to attend a financial literacy workshop and make at least one deposit every three months. At the end of the programme, Maybank will match the total amount saved - up to a maximum of S$1,000. One of the participants in the programme, Siti Khamizah, said: "It's double my savings, and with this S$1,000, it's come handy for my household and my family education." Pollie Sim, CEO of Maybank Singapore, said: "What we intend to do is to make a real difference to their life, by matching the savings, so...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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