Start small and save early with PTPTN
KUALA LUMPUR: Parents should start saving for their children's education early, even if they can only afford small amounts, to prepare for future higher education costs.
Parents in Malaysia are urged to begin saving for their children's education from a young age, even if they can only afford modest contributions, according to the National Higher Education Fund Corporation (PTPTN). The organization is highlighting World Savings Day, observed annually on October 31, as a reminder that financial planning for education begins with small, consistent savings.
PTPTN chairman Datuk Seri Norliza Abdul Rahim emphasized that the preparation period for higher education is lengthy, but time moves swiftly, making early savings crucial.
Norliza stressed that the value of saving lies not only in the accumulated amount but also in the discipline and consistency cultivated through regular contributions. She advised parents not to wait until their children are near university age to start saving, as the process requires long-term commitment. Instead, she encouraged parents to prioritize essential household needs and gradually allocate whatever they can afford towards education savings.
She also suggested involving children in saving activities to foster financial literacy and responsibility.
PTPTN's Simpan SSPN scheme offers several benefits, such as income tax relief on savings up to RM8,000 annually, takaful protection for depositors, and a free Matching Grant of up to RM10,000 for eligible families. These incentives aim to encourage families to build financial resources for their children's education. Norliza encouraged parents to involve their children in saving activities to strengthen financial literacy, as parental demonstration of responsible financial habits can significantly impact children's understanding of money management.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
