started giving her 7-year-old a daily allowance, she was surprised to see how quickly it turned into daily trips to the school bookshop, with each visit resulting in a new piece of stationery.
"From contactless payments to online transactions, the way our children perceive and handle money is very different from older generations. It can be easy for them to forget that digital payments are tied to real money and savings. Hence, it is crucial to help our children understand that every tap or click has a real financial impact," said Minister of State for Home Affairs, and Social and Family Development, Sun Xueling.
Plus, there's the OCBC Money Lock feature, which provides an extra layer of protection against scams by allowing funds to be released only after identity verification. Sun noted during the launch event that this function is useful for both children and adults alike. "But there's a transaction limit that parents can set, and there are features such as withdrawal notifications to parents, so I think that would put our minds at ease," she said.
"We started with $10 a week. If they made a mistake, it's only $10 and they'll learn from it," she shared.on TikTok, agreed with this approach. Though not parents themselves, the siblings emphasised the importance of learning through trial and error. For children aged seven to 12 years old, the OCBC MyOwn Account can be operated independently without the need for a smartphone. The account comes with a debit card, with over 15 fun designs to choose from. They can make payments with the card, as well as check their account balance and make withdrawals at OCBC ATMs.
Beyond saving, Michelle - who is also a content creator - offers her three children opportunities to earn money whenever they appear in paid engagements with her. Steven finds gamification to be another effective teaching method for children of all ages. He suggested offering rewards for positive behaviours and even introducing penalties for certain actions, which could result in deductions from their reward tally.
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