Over one hundred Samsung A7 lite tablets were distributed to more than 187 junior savers with the Police Co-operative Credit Union (PCCU) as a reward for completing the junior savers challenge.

Last Saturday March 9, saw a number of parents and children turning up to the conference room of the PCCU for the ceremonial end to the 9th junior savers challenge which encourages young savers under the age of 15, to save at least one dollar or more a week from the beginning of the year until the end, with each weekly payment being one dollar higher than the previous.

Giving brief opening remarks manager, Ayanna Samuel gave a break down of the challenge and said that for the first time, the junior savers will receive two payouts in one year- in June and December.

PRESIDENT OF PCCU – Brenton Smith

“Those monies that are paid out in June can help to go towards your school savings and whatever school supplies that need to be purchased at that time,” Samuel said.

She also explained that at the end of the year, children taking part in the challenge should have amassed $1,378 in savings.

Half of it is added to their junior savers account while the other half goes towards a fixed deposit at a rate of 3% for 18 months.

This year’s challenge saw a total of 200 junior savers starting the challenge which 187 of them completed; the previous year 253 students started the challenge and 193 of them completed it.

President of the credit union, Brenton Smith reassured the audience that they always seek to undertake innovative initiatives for the children and they are currently working on a way to bring the challenge to adults.

“The adults don’t want to be left out, they want to be a part of that too and I am looking forward to that,” said Smith.

The president emphasised the importance of saving at a young age noting that it helps develop a sense of being financially independent

“When you’re financially independent, you’ll be able to spend your own money, you’ll be able to provide for your own education and even save for your own car,” Smith said.

The challenge started in 2014 and the new start of the next challenge is this year being extended to the end of March for registration with the aim of encouraging more persons to take part.