Savings attitude and behavior in children participating in a matched savings program in Singapore

Using a quasi-experimental design with a treatment group (N = 52) and a comparison group (N = 25), this study examines how matched savings program can play a part in inculcating saving attitude and behavior among young children aged 8 to 14 years. Findings revealed that children in the treatment group had demonstrated attitudinal changes in saving and benefited from the matched savings program. Focus group discussions with a subset of children from the treatment group (N = 14), suggest that children’s attitude and behavior towards savings are closely related and that parental involvement is critical in increasing motivation to save. Implications of how children should be involved as active agent in saving and parental involvement in matched saving program were discussed.