Start small and save early with PTPTN

KUALA LUMPUR: Parents should start saving for their children's education early, even if they can only afford small amounts, to prepare for future higher education costs.

As the world marks World Savings Day today, the National Higher Education Fund Corporation (PTPTN) is encouraging families to make saving a regular habit and plan ahead for their children's education.

PTPTN chairman Datuk Seri Norliza Abdul Rahim said the occasion was an important reminder that financial well-being began with disciplined saving and careful planning.

She said parents should not wait until their children were approaching university age before setting aside money for higher education.

"When it comes to education, the preparation period is long, but time passes quickly. That is why I always encourage parents to start saving when their children are still young, according to their financial means.

"There is no need to wait until they have a substantial amount of money. What matters is getting started, making saving a routine and increasing savings when they can afford to do so," she said.

Norliza said the value of saving should not be measured solely by the amount accumulated, but also by the discipline and consistency developed along the way.

Small, regular contributions could help families build financial confidence while teaching children about money management and responsibility.

World Savings Day is observed annually on Oct 31. It was established following the first International Savings Bank Congress in Milan, Italy, in 1924, and was first celebrated the following year.

Norliza said the occasion should encourage Malaysians to reassess their spending habits and recognise savings as an important foundation for financial resilience.

"World Savings Day is more than just an annual event. It serves as a reminder that savings are an important foundation for a family's financial well-being and resilience," she said.

Making education savings affordable

Norliza said rising living costs could make it difficult for some parents to prioritise education savings, particularly when household incomes were committed to food, housing and schooling expenses.

However, families should not feel pressured to save beyond their means. Instead, parents should prioritise essential household needs and gradually set aside whatever they could afford.

"My advice is to prioritise the family's basic needs first and, when there is room in the budget, start saving for education with a small amount. It is perfectly fine if the amount varies from month to month," she said.

Setting realistic targets and including education savings in the family budget could help parents develop a sustainable approach to financial planning.

Norliza also encouraged parents to involve children in saving activities to strengthen financial literacy at home.

When parents demonstrate responsible financial habits, children are more likely to understand the importance of planning ahead and managing money wisely.

Simpan SSPN supports long-term planning

PTPTN continues to promote Simpan SSPN as a way for parents and guardians to prepare for their children's higher education expenses.

Norliza said the scheme allowed families to choose options that suited their financial circumstances while encouraging disciplined education planning.

Simpan SSPN offers several benefits, including income tax relief on savings of up to RM8,000 annually, takaful protection for depositors and a free Matching Grant of up to RM10,000 per family for eligible households.

Other benefits include competitive dividend rates, government-guaranteed savings and Shariah compliance.

Norliza said these features provided additional incentives for families to build financial resources for their children's education.

PTPTN also wants to change the perception that higher education financing should only be considered after students receive university or other higher education institution offers.

"Rather than seeking financing only when their children receive an offer to pursue further studies, parents are encouraged to plan their savings early so that they have better financial options," she said.

Homemaker Jayaranee Jayachandran, who has been saving through Simpan SSPN Prime for her child since 2009, said the government's guarantee was among the main reasons she chose the scheme.

"I chose to save through Simpan SSPN because it is an education savings platform guaranteed by the Malaysian government.

"I started saving in 2009," she said.

Jayaranee said she valued the income tax relief and dividend rates, which she considered more attractive than those offered by financial institutions.

She added that the flexibility to withdraw savings was another important factor behind her decision.

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World Savings Day

In conjunction with World Savings Day, PTPTN is organising its ninth Simpan SSPN Savings Month, or Bulan Menabung Simpan SSPN (BMS 2026), to raise public awareness of education savings.

Running from Sept 25 to Nov 1, the programme carries the theme "Under the Sea" and the tagline "Be Your Child's Superhero".

Norliza said the theme drew inspiration from underwater exploration, symbolising the journey of developing saving habits, managing finances and fulfilling children's educational aspirations.

Through promotional activities, information-sharing sessions and community programmes, PTPTN aims to provide parents, guardians and young Malaysians with practical information about education savings.

"Programmes such as this are important because awareness alone is not enough without action.

"We want the public to take concrete steps, whether by starting to save, adding to their existing savings or encouraging family members to develop saving habits," she said.

Norliza said the programme provided opportunities for the public to engage directly with PTPTN, seek clarification about education savings and make informed financial decisions.

Campaign rewards encourage regular savings

Beyond BMS 2026, PTPTN is strengthening its promotional efforts through the Cabutan Simpan SSPN 2026, which offers prizes worth nearly RM1.9 million to 1,060 winners.

The year-long campaign, which ends on Dec 31, features four special prize draws: the WOW! Plus Loyalty 2026 Draw (annual category), WOW! Plus Series Draw, Simpan SSPN Baru Slay! Draw and Prime Bonanza Draw.

Norliza said the initiatives were designed to encourage more Malaysians to start saving while rewarding existing depositors for their continued commitment.

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Digital services make saving more accessible

PTPTN is also expanding its digital services to make education savings more convenient.

Through the myPTPTN application, users can open Simpan SSPN accounts, make additional deposits and manage their savings digitally.

The corporation is also using mass media, social media and outreach programmes to communicate the scheme's benefits to a wider audience.

Norliza said these efforts reflected PTPTN's commitment to strengthening financial literacy and encouraging responsible financial behaviour among Malaysians.

Building a savings culture for future generations

Television and film producer Nasreen Ngasri, who saves through Simpan SSPN for her child, said the scheme had helped parents plan financially for their children's education.

She said she began saving for her child at a young age, believing early preparation could ease the financial burden of further studies.

"I would like to thank PTPTN for providing the Simpan SSPN platform, which gives parents the opportunity to plan their finances and save for their children's educational future.

"I personally started saving for my child when my child was young because I believe that saving early can help ease the financial burden when the time comes for further studies," she said.

Nasreen said attractive dividends and the convenience of managing savings through a user-friendly application had made the process easier.

She encouraged parents not to underestimate the importance of small but regular contributions.

"My advice to parents is to seize the opportunity to start saving through Simpan SSPN because every amount saved, no matter how small, is very meaningful for their children's future.

"What matters is discipline and consistency in saving, especially as children grow older and their educational needs increase," she said.

Nasreen said parents should also lead by example by demonstrating good saving habits.

"When children see their parents practising the habit of saving, they will also learn to appreciate money, be thrifty and plan their finances from a young age.

"Do not wait until you have a lot of money to start saving. Start now, save consistently and build a more carefully planned educational future for your children," she said.

Meanwhile, Norliza encouraged existing Simpan SSPN depositors to continue saving consistently and urged Malaysians to consider opening at least one Simpan SSPN account per family.

PTPTN, she said, would continue supporting access to higher education through savings, financing and financial education.

"Parents should make education savings a priority, even if they start with a small amount, because the discipline practised today can open up more opportunities for their children in the future," she said.

Norliza said cultivating a strong savings culture required continued commitment from families and institutions, with financial literacy playing an important role in helping Malaysians make informed decisions.

"Let us use World Savings Day and BMS 2026 as an opportunity to make saving and the responsibility of building an education fund a lasting culture that we pass down to future generations," she said.

For more information on Simpan SSPN, and PTPTN services, visit www.ptptn.gov.my or use the myPTPTN application.