C.A.S.HUP will be reviewed after pilot run

Letter from Mark Tan General Manager, Central Singapore CDC
04:46 AM Aug 25, 2011
WE THANK Mr Leong Sze Hian for his letter “Figures should serve as an alarm” (Aug 19) on our C.A.S.HUP (Cultivate A Savings Habit) programme.

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.

About the Author

Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.