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UOB partners Prudential Singapore, Nickelodeon Asia to enhance parents' financial planning for kids
UNITED Overseas Bank (UOB) has teamed up with Prudential Singapore and Nickelodeon Asia to enhance its existing UOB KidSmart Programme for parents to better understand their children’s strengths, and chart a financial plan to support their development.
Under the programme, children take a five-minute online test to identify their natural abilities based on eight types of intelligences through Multiple Intelligence Developmental Assessment Scales (Midas) - a tool to assess aptitude. Parents then use the results to partner UOB on a financial plan to nurture their child’s unique strengths.
Since the programme was launched three years ago, there has been a 44 per cent increase in the average savings balance of three in five parents whose children have taken the test, according to the bank’s data. More than 20,000 children have taken the test.
However, a bank survey found that seven in 10 customers are not yet using insurance solutions to protect and grow their financial assets. To bridge this gap, Prudential Singapore has come in to add protection and endowment plans to the programme.
Nickelodeon Asia has also joined the fray with the launch of Nickelodeon Academy of Smarts, where the eight different intelligences under the Midas framework are paired with popular Nickelodeon characters. For example, the Teenage Mutant Ninja Turtles’ athletic abilities represent what it means to be Body Smart, while Dora the Explorer’s passion for the outdoors embodies Nature Smart.
As part of their year-long partnership, Nickelodeon Asia, Prudential Singapore and UOB have organised a series of activities for parents and children. For instance, in 2020, UOB Wealth Banking customers will be able to enrol their children in exclusive masterclasses held at selected UOB Wealth Banking Centres. The children will be able to explore their intelligences through activities such as creating stop motion videos, augmented reality clips and digital music.
Jacquelyn Tan, head of personal financial services Singapore, UOB, said: “By improving the way children identify their natural talents and helping parents protect and grow their wealth more holistically, we can ensure more Singaporean children reach their full potential.”
In addition to the Midas assessment tool, the UOB KidSmart Programme website features an online financial goal planner to help parents chart a suitable financial plan to support their children’s development.