Saving Culture Paves The Way For Children’s Smooth Education

KUALA LUMPUR, Oct 22 (Bernama) -- Fostering a culture of saving is crucial for maintaining family financial stability and preparing for the rising costs of higher education, National Higher Education Fund Corporation (PTPTN) Chief Executive Officer Ahmad Dasuki Abdul Majid said.

According to him, parents who start saving early will not only ease future financial burdens but also secure a smooth and uninterrupted educational journey for their children.

“PTPTN has, since 2004, introduced several initiatives aimed at shifting the community’s mindset from relying entirely on loans to adopting the practice of saving via the National Education Savings Scheme (SSPN),” he said during the Perpektif Bukan Persepsi (POV): Menabung Bukan Beban, Tapi Satu Permulaan programme on Bernama Radio yesterday.

Ahmad Dasuki said that more than six million SSPN Savings accounts have been opened to date, providing benefits including a competitive dividend of 4.05 per cent for 2024, income tax relief of up to RM8,000 per year, and free takaful protection for Simpan SSPN Prime depositors with at least RM1,000 in savings.

“This Simpan SSPN is one of the best savings products in the world, as it not only offers attractive returns but also provides Ringgit-for-Ringgit takaful protection. In the event of death or permanent disability, the heirs will receive the full amount of savings at no cost,” he said.

Ahmad Dasuki shared a real-life example of Simpan SSPN’s benefits, noting that the heirs of a Federal Reserve Unit (FRU) member who died in an accident received a total takaful payout of RM193,000 from the combined savings in the deceased’s Simpan SSPN Prime and Simpan SSPN Plus accounts.

“Although this amount can’t replace the loss of a loved one, it can help make sure the children left behind have enough money for their education,” he said.

In addition, he said the government has introduced the Matching Grant and the Ihsan Matching Grant Initiative (GAPAI) through Budget 2025, offering extra incentives of up to RM10,000 for families earning RM4,000 and below, and up to RM5,000 for those earning between RM4,000 and RM6,000.

At the same time, Ahmad Dasuki said PTPTN is holding the annual Bulan Menabung Simpan SSPN (BMS) campaign from Sept 26 to Nov 2, in conjunction with World Savings Day on Oct 31.

He said PTPTN also organised a campaign themed “Adventure,” with the tagline “Jom Jadi Superhero Anak Anda” or “Be Your Child’s Superhero”, which encourages parents to become “real superheroes” by not only educating but also planning their children’s finances from the very beginning.

To encourage the habit of saving, Ahmad Dasuki said PTPTN is organising the WOW! Simpan SSPN 2025 Draw Campaign from July 1 to Oct 31, offering prizes worth over RM200,000 to 130 winners, including a grand prize of RM30,000. Depositors who save via the myPTPTN application are eligible for double draw chances.

“Simpan SSPN Prime depositors who save RM100 via myPTPTN, salary deduction, or direct debit will receive five draw entries, while Simpan SSPN Plus depositors saving RM50 through the same channels will enjoy 10 chances to win,” he said.

-- BERNAMA