Launched in April, this collaboration between Central Singapore Community Development Council and Maybank Singapore is Singapore’s first substantial matched savings programme for families.
This pilot initiative encourages participating families to develop a savings habit through a dollar-for-dollar matching on regular, sustained deposits, up to a cap of S$1,000 over a nine-month period with no minimum savings requirement.
The matching component is funded wholly by the Maybank Family Fund.
C.A.S.HUP targets families within a range of incomes up to S$2,500 with varying savings capacities. Eligibility for the matched component is conditional upon participants having attended Central Singapore CDC’s Talking Dollar and Sense (TDS) programme, in which families are taught basic financial planning and savings tips.
Families participating in TDS work out detailed budget plans, which are monitored regularly by mentors who will review their savings and expenditure levels.
Central Singapore CDC and Maybank Singapore will undertake a comprehensive evaluation of C.A.S.HUP at the end of its pilot run. We will adjust the programme parameters based on relevant findings before expanding it to benefit more families in the coming years.