National program for children to save
ORANJESTAD - The National Children's Savings Program starts this week to raise awareness of the importance of saving for children and youth from an early age and the influence of the family context.
Since the beginning of 2024, the government has approved the National Children's Savings Program.
Financial education is an essential part of the Ministry of Economy, Communication and Sustainable Development's policy for an inclusive and sustainable economy. Since 2022, the financial education program Finance in My Home has been free of charge in all districts. It aims to provide advice and knowledge that helps households make beneficial financial decisions.
The National Children's Savings Program encourages early savings so that new generations can save for the future.
The National Children's Savings Program aims for every child to have a savings account and for the government to take specific actions in collaboration with the business community to motivate children to save.
Saving is a crucial aspect of the financial education program. Research by the Central Bank of Aruba shows that although nearly 60 percent of the households that participated in their financial well-being survey indicated that they have a savings account, only 1 in 3 households saves regularly.
