A taste of financial management for the kids

TECHNOLOGY is empowering primary school students to manage their pocket money - and at the same time inculcate the habit of saving while allowing parents to monitor and top up their allowances remotely.

Called the POSB Smart Buddy, it has been on trial since July involving St Joseph's Institution (SJI) Junior and Anchor Green Primary School. The programme, which essentially enables pupils to manage their own finances, features a watch or card with contactless payments capabilities. The programme comes with a mobile app for their parents - which tracks their expenses and savings in real-time and allows them to pre-set daily allowances for their children.

The groundbreaking programme - the first of its kind - creates a contactless payments ecosystem within the school to help cultivate sensible savings and spending habits among the pupils in an interactive, engaging manner.