Early Saving Culture Useful For Youth
By Husin Ismail

Bandar Seri Begawan - Two government ministries are thinking over the possibility of including financial planning into the upper secondary school's curriculum, a move that is welcomed by students who believe it would be good for Bruneians who already have the reputation of being spendthrift.

According to the customer service manager of Employee Trust Fund (ETF), Pg Mohd Alinor Pg Ismail, the Ministry of Finance and the Ministry of Education have held a discussion earlier this year about including financial planning studies such as savings and retirement schemes into the curriculum.

Speaking during the ETF (or Tabung Amanah Pekerja/TAP) roadshow for students at the Paduka Seri' Begawan Sultan Science College here yesterday, Pg Md Alinor said "a planning is in progress to put more emphasis on public interest in matters relating to pensions and gratuities, especially for the younger generations who will start their career upon (graduating)".

The trust fund held in March a roadshow so far targeting community groups such as officials of various government agencies. The same activity targeting students began in April. During yesterday's session, organised by repsentatives of TAP and the Royal Bank of Canada, some 60 students attended and expressed appreciation that such an event was organised for their benefit. Md Yamin Hashim, 18, told The Brunei Times it was the first time he listened to explanations about financial planning and said it made him realise what an important topic it was to have in mind "before it's too late".

"The talks have reminded me (how) the majority of Bruneians like to spend more money on leisure than to save," he said. "We are famous for our overspending, lack of saving, which for me basically (is caused by) lack of financial planning knowledge."

Yamin, who wished to further his study by taking a degree in chemical engineering and to work for Brunei Shell Petroleum, said "I personally will start saving even if only by $1 a day as advised by the speaker earlier".

Nurrabiatul Adawiyah Suhaimi, also 18, said she had originally come to the talks to "have fun". As it turned out, she said, "It's much more important than what I thought before coming in here, the scheme is more like financial life saving (measure) and it tells me that I can retire at younger age and be financially rich by following the guides shown," she said.

"I do have some savings now, but this road show has encouraged me to save more and have more understanding about finance," she added. Another student, Ak Md Adib Pg Taib, said "I hardly ever thought about saving money before as I found the habit very hard to practice."

"Luxurious lifestyles is far from my thought but a decent job or career which is secure enough for myself and future family is already acceptable," said Taib who wanted to get married at 'the age of 26 with "financial freedom".

The main purpose of the roadshow was to create awareness among people, especially students, of the importance of financial planning.

The Employee's Trust Fund (ETF) or Tabung Amanah Pekerja (TAP) was put under one of the departments under the Ministry of Finance as of early 1993 and was officially introduced to the government staffs.

The talks have been well-received by the public on these roadshows, especially amongst students and graduates. Investing early in a better understanding of financial planning early can save much later. The TAP roadshows will begin again next year. -- Courtesy of The Brunei Times

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