Skip to main content
  • Search
  • AIA Singapore
  • Our Products
    • Life Insurance
    • Medical Insurance
    • Critical Illness Insurance
    • Disability Income Protection
    • Accident Protection
    • Savings
    • Investments
    • Platinum
    • Travel & Lifestyle
    • AIA Vitality
    • Employee Benefits
    • Corporate International Medical
  • Life Matters
    • Health Matters
    • Wellness Matters
    • Money Matters
    • Wealth Matters
    • Your Financial Needs Matter
  • About AIA
    • Our Leadership Team
    • Environmental, Social and Governance
    • Careers
    • Media Centre
    • Awards
    • Our Top Awardees
    • MDRT Members
    • AIA Financial Advisers
    • AIA Brunei
  • AIA Vitality
    • About AIA Vitality
    • How It Works
    • Rewards & Partner Benefits
    • Join AIA Vitality
  • Help & Support
    • Contact Us
    • ONLINE PAYMENT WITH AIA PAY EZ
    • AIA HealthShield Support
    • Lodge a Complaint
    • SGFinDex
    • FAQs
    • Form Library
    • Submit a Claim
    • Notices To AIA Policyholders
    • AIA Funds Information
    • AIA Annual Fund Reports
    • AIA's Participating Fund Commentaries
    • Consumer Guides
  • My AIA
    • My AIA SG
    • My Rewards
    • AIA Altitude
    • Make Payment Online
    • Submit a Claim
    • Request HealthShield Pre-Authorisation
    • FSC Access
    • Bank Partner Access
    • FA Broker Partner Access
    • eBenefits
  • AIA Vitality
    Visit the AIA Vitality website
  • YOUR FINANCIAL NEEDS MATTER
    Explore our financial calculators and resources for your long term and short term goals at different life stages.
  • Recent Promotions
    Find out more about our latest campaigns and promotions
AIA
AIA Logo AIA Logo
  • Our Products

    Our Products

    Find our products and services according to your protection needs.

    See more
    YOUR FINANCIAL NEEDS MATTER

    Explore our financial calculators and resources for your long term and short term goals at different life stages.

    EXPLORE NOW

    Recent Promotions

    Find out more about our latest campaigns and promotions

    See more

    For Individuals

    For Business

    • Life Insurance

      Protect your loved ones’ future from life’s uncertainties

    • Medical Insurance

      Adequate coverage for medical bills so you can focus on getting better

    • Critical Illness Insurance

      Protect against the financial burdens of critical illness

    • Disability Income Protection

      Protect your ability to earn an income.

    • Accident Protection

      Be financially prepared for the unexpected

    • Savings

      Start planning early and fulfil your saving goals.

    • Investments

      Make your money work harder for you – your dreams matter

    • Platinum

      Plan your enduring legacy, and share it with the generations to come.

    • Travel & Lifestyle

      Cover your personal belongings from loss or damage

    • AIA Vitality

      AIA Vitality is one of the most comprehensive wellness programmes with a wide spectrum of tools and benefits that target different aspects of your health.

    • Employee Benefits

      Secure your company’s most important asset through our market-leading domestic solutions

    • Corporate International Medical

      Give your local and international employees world-class healthcare with our corporate international medical solutions.

  • Life Matters

    Life Matters

    We take care of the matters of your life because your life matters

    VIEW ALL IN LIFE MATTERS
    • Health Matters

      Kick-start your journey to better health

    • Wellness Matters

      Live life to the fullest

    • Money Matters

      Prepare for your lives ahead

    • Wealth Matters

      Start protecting your wealth and enabling succession and legacy for your generations

    • Your Financial Needs Matter

      Explore our financial calculators and resources for your long term and short term goals at different life stages.

  • About AIA

    About AIA

    For almost a century, AIA has served the ever-changing needs of millions of people all across the Asia-Pacific region.

    Healthier, Longer, Better Lives

    • Our Leadership Team

      The Executive Committee and Board & Board Committees of AIA Singapore

    • Environmental, Social and Governance

      Our ESG commitment aims to deliver value to all our stakeholders

    • Careers

      Explore opportunities to work at AIA

    • Media Centre

      News and information about AIA

    • Awards

      Check out our awards and achievements over the years.

    • Our Top Awardees

      Presenting our top performers of FY2022

    • MDRT Members

      Presenting our top performers of FY2022

    • AIA Financial Advisers

      Who we are, what we do. Let's forge a partnership that lasts beyond a lifetime.

    • AIA Brunei

      Find out more about our branch office

  • AIA Vitality

    AIA Vitality

    AIA Vitality supports and motivates you every step of the way towards achieving your health goals. What’s more, get rewarded for healthy choices and earn points when you get active, eat well and complete Health Checks!

    Find Out More
    • About AIA Vitality

      AIA Vitality is a comprehensive programme that motivates you to keep fit and helps you to manage your health.

    • How It Works

      ​Discover how you can live a healthy lifestyle by staying active, eating well and maintaining good health with AIA Vitality.

    • Rewards & Partner Benefits

      Discover the rewards and benefits you have unlocked with your AIA Vitality points.

    • Join AIA Vitality

      Join us today, and get motivated to live a healthier, longer and better life!​

  • Help & Support

    Help & Support

    We strive to assist you for all your inquiries with high touch customer service.

    Contact AIA

    For Customer Support

    For Resource/Useful Links

    • Contact Us

      Cannot find the answer in our FAQ section? Contact us now

    • ONLINE PAYMENT WITH AIA PAY EZ

      Manage all your AIA payments from one convenient location

    • AIA HealthShield Support

      Quality Healthcare Specialist Partners exclusively for AIA HealthShield Gold Max customers

    • Lodge a Complaint

      On the sale of insurance products under the Financial Advisers Act (FAA)

    • SGFinDex

      Connect securely and view all your financials at one glance

    • FAQs

      Have a question? You may find the answer here

    • Form Library

      A selection of forms you can download, fill in and send back to us

    • Submit a Claim

      Need to make a claim? Learn more about the claim process.

    • Notices To AIA Policyholders

      Useful information for policyholders

    • AIA Funds Information

    • AIA Annual Fund Reports

    • AIA's Participating Fund Commentaries

    • Consumer Guides

  • My AIA

    My AIA SG

    Exclusive for AIA policyholders and Vitality members to conveniently access policy information, Vitality membership and rewards

    Register For My AIA SG

    If you are an AIA customer, and do not have a login, you can register for My AIA SG account here.

      Customer
    • My AIA SG

      My Rewards

      AIA Altitude

      Submit a New Request
    • Make Payment Online

      Submit a Claim

      Request HealthShield
      Pre-Authorisation

      Distribution
    • FSC Access

      Bank Partner Access

      FA/Broker Partner Access

      Employee Benefits
    • eBenefits

    My AIA SG

    Exclusive for AIA policyholders and Vitality members to conveniently access policy information, Vitality membership and rewards

    Register For My AIA SG

    If you are an AIA customer, and do not have a login, you can register for My AIA SG account here.

      Customer
    • My AIA SG

      My Rewards

      AIA Altitude

      Submit a New Request
    • Make Payment Online

      Submit a Claim

      Request HealthShield
      Pre-Authorisation

      Distribution
    • FSC Access

      Bank Partner Access

      FA/Broker Partner Access

      Employee Benefits
    • eBenefits

    Home

    My AIA Perks

    Logout

  • Search
  • Contact Us
    • Book an Appointment

    • Contact us

Money Matters
Next
  • {{title}}

    {{label}}
  • Start inculcating healthy saving habits in your child this Chinese New Year


    Savings

    You can never start teaching your children about money too early. From a young age, they start observing the behaviours and attitudes of their parents. This makes it crucial for parents to be conscious of the values they are imparting to their children, especially when they make financial decisions and handle their money, including spending, saving and investing habits.

    By making a conscious decision to impart good money habits to your children from an early age, you will be equipping them with financial nous and enabling them to practise using money to become responsible teenagers, youths and adults.

    A good way to start would be to use everyday scenarios to build a sound financial grounding in your child. With Chinese New Year just around the corner, it is also a good time to inculcate good money habits in your children starting with all that Ang Bao money. Here are five ways how you can do it.

    1. Be a good financial role model

    Your child is always watching and learning from what you’re doing. You have to ensure that you are making good decisions with your money to be a good role model they learn from. If you are the sort who buys new iPhones each year, often go out to fancy restaurants for dinners or book extravagant holidays that put a strain on your finances, then you can expect your child to form similar habits in the future.

    You should evaluate your own financial decisions and lifestyle. Be sure that you have developed good money habits that your child can mimic. These may include a regular plan to save, setting aside money for rainy days, prioritising needs over wants and creating a budget to keep track of daily expenses.

    2. Teach them the importance of delayed gratification

    We live in an environment that subscribes to the “I want it now” mantra. Just by logging on to social media and interacting with friends, your children will see many of their peers showing off the coolest toys or latest IT gadgets that they do not have. This will naturally lead to them questioning why they do not have these things.

    You should teach your child the importance of delayed gratification. This will demonstrate how they are able to afford a big-ticket purchase without having to rely on us. They can either choose to scrimp and save their allowance or “work” for it by performing chores in the household or for neighbours, friends and relatives.

    It is important to ensure that the item your child is aiming to buy can be purchased after a few weeks of saving or working, rather than several months or even years, to drive the point home and let them taste success.

    Doing this will hone an understanding that they cannot possibly afford everything they want because things cost money and money takes time to be saved. When they eventually start working, they will understand the importance of not blowing their whole pay packet before the month is up. 

    3. Explain the benefits of a long-term plan

    Instead of only saving for a single purchase, sharing about having a long term plan allows your children to distinguish the different reasons for using money. There are typically three broad categories you can introduce to your children – money for spending; money for saving to buy something; and money that we put aside for our future.

    We can sit down with our kids and discuss what they need to spend money on a daily basis for, including food and drinks in school, what they are saving for to buy in the future such as maybe a shoe or computer game they really like, and what their long-term goals are, do they want to continue going to school, or own a home when they are older. While the final aspect is slightly advanced, this will expose your child to possible goals they want to achieve in their long-term futures.

    4. Let them make successful and disastrous financial decisions

    Once in a while, your child will have impulses to buy something he or she really does not need or can barely afford. Rather than to forbid them from wasting money, we should first explain to them why we do not think it is a wise decision, but still allow them to make the final decision to make the purchase.

    During this point, we should not bail them out of a tough situation that they can learn from. If they have to survive on slightly less pocket money for school or miss out on something else that they were initially saving for, it will hopefully teach them the value of sticking to their plans and to avoid making impulsive decisions.

    This may come in handy when your child has access to larger savings and credit cards in the future. They will remember the repercussions of bad financial decisions they have made in the past. 

    5. Introduce the concept of investing

    Parents can approach this in two ways. Firstly, when your child puts away money for the future, we can add a percentage to their savings, for example 50% or 100%, on the condition that they cannot take out this money. Sounds a little like the CPF. By letting them watch their money grow without working for it, they will be able to understand the concept of investing for the future.

    The second way is reserved more for slightly older children. You can look at a shared hobby, such as a favourite mobile game, social media or sports company and follow the performance, revenue growth, customer base, business plans, its edge over competitors and other interesting aspects of the company that makes it a successful one.

    What parents should focus on

    Financial education is not a topic actively taught in schools. Yet, it’s one of the most useful skills you can teach your children. By inculcating healthy financial habits from an early age, parents can build a solid foundation for their children’s financial well-being and ensure they grow up to be responsible teenagers and adults. By starting early, your children would also be able to quickly grasp increasingly complex financial concepts that they will eventually have to confront as adults. 

    Start your child's savings journey today!

    Related Articles

    • PLANNING YOUR RETIREMENT JOURNEYHERE’S WHAT PARENTS NEED TO KNOW WHEN PLANNING FOR THEIR CHILDREN’S TERTIARY EDUCATION
    • 5 THINGS YOU SHOULD ADD TO YOUR BUCKET LIST
    • RETIREMENT CHECKLIST: 5 THINGS TO CHECK OFF BEFORE YOU ACTUALLY RETIRE

    Recommended Products

    AIA Wealth Pro Advantage

    AIA Wealth Pro Advantage

    AIA Wealth Pro Advantage is a savings plan that provides you with a guaranteed monthly income and a lump sum payout when you retire, so you can live life to the fullest in your golden years. 

    AIA Pro Achiever

    AIA Pro Achiever

    No matter where you are in life, you’ll have unique financial goals and dreams. Get a head-start with AIA Pro Achiever, a hassle-free plan that makes investing easy.

    AIA Pro Lifetime Protector

    AIA Pro Lifetime Protector

    AIA Pro Lifetime Protector is an affordable one-stop protection and investment solution that helps you stay on top of your changing needs.

    Get in touch

    What’s your name?*

    What's your mobile number?

    What's your email address?

    Are you an existing AIA Singapore customer?*

    Area of concern:




    Thank You

    Partial NRIC / Passport / FIN No.

    (last 4 characters)

    Date of Birth

    CONTACT AIA

    1800 248 8000

    1 Finlayson Green
    Singapore 049246
    View Details

    BOOK AN APPOINTMENT

    GO TO

    AIA.COM

    Visit our corporate site to learn more about AIA.
    Go To
    CONTACT AIA

    1800 248 8000
     

    1 Finlayson Green
    Singapore 049246

    View Details

    BOOK AN APPOINTMENT

    GO TO

    AIA.COM

    Visit our corporate site to learn more about AIA.
    OUR INSURANCE PRODUCTS
    Life Protection
    Medical Protection
    Critical Illness Protection
    Disability Income Protection
    Accident Protection
    Savings
    Investments
    Platinum
    Travel and Lifestyle
    EXPLORE AIA
    AIA Retirement Solutions
    Your Learning Buddy
    AIA Altitude
    Careers
    AIA Vitality
    Sitemap
    USEFUL LINKS
    Recent Promotions
    AIA Funds Information
    FAQs
    Form Library
    Digital Payments
    Security Advisories
    Report a Vulnerability

    This website uses cookies for the purpose of enhancing your user experience. You can find more information on the types of cookies we collect, what we use these for, and how to manage your cookie settings in our Cookie Policy and AIA Personal Data Policy (Singapore).

    ABOUT AIA
    Explore AIA
    AIA Retirement Solutions
    Your Learning Buddy
    Wealthbeing by AIA
    Careers
    AIA Vitality
    Sitemap
    OUR INSURANCE PRODUCTS
    Life Protection
    Medical Protection
    Critical Illness Protection
    Disability Income Protection
    Accident Protection
    Savings
    Investments
    Platinum
    Travel and Lifestyle

    This website uses cookies for the purpose of enhancing your user experience. You can find more information on the types of cookies we collect, what we use these for, and how to manage your cookie settings in our Cookie Policy and AIA Personal Data Policy (Singapore).

    USEFUL LINKS
    Recent Promotions
    AIA Funds Information
    FAQs
    Form Library
    Digital Payments
    Security Advisories
    Report a Vulnerability

    Copyright © 2022 AIA Group Limited and its subsidiaries. All rights reserved.
    Terms of Use | AIA Personal Data Policy (Singapore) | Cookie Policy