Education Challenges: PTPTN Secures the Future Through Simpan SSPN
KUALA LUMPUR: Parents are encouraged to develop financial awareness and the discipline to plan their finances as early as possible to ensure their children’s educational future is secured without having to rely on loans.
National Higher Education Fund Corporation (PTPTN) Chief Executive Ahmad Dasuki Abdul Majid said insufficient financial resources or income should not be used as an excuse for failing to save.
He recommended managing salaries using the ‘6211’ formula as a guide for balanced monthly financial allocation.
“Under this formula, 60 per cent of the salary is allocated to monthly commitments, 20 per cent to savings and investments, 10 per cent to takaful, while the remaining 10 per cent is for personal expenses.
“In managing daily expenses, parents must ensure that priority is given to needs rather than wants to balance the challenges of monthly financial commitments and savings for their children’s future,” he said while appearing as a guest on Berita Harian’s (BH) podcast, Borak Harini.
The podcast, hosted by Salina Zakaria, also featured singer, composer and popular influencer Syamel to discuss family financial planning.
Ahmad Dasuki said PTPTN is not merely an institution that provides education loans but also has a broader mandate to encourage a savings culture through Simpan SSPN.
Simpan SSPN is a PTPTN savings product that offers various benefits, including income tax relief on savings of up to RM8,000 annually, takaful protection for depositors, a free matching grant of up to RM10,000 for each eligible family, competitive dividend rates, government-guaranteed savings and Shariah compliance.
“Starting to save early can help children pursue university education without having to take out loans, or at least reduce the amount they need to borrow to a minimum.
“This approach provides an effective solution to prevent children from being burdened with debt immediately after completing their studies and entering the workforce,” he said.
To help parents maintain financial discipline, he recommended using the myPTPTN application to arrange regular savings through salary deductions or direct debit, even with contributions as low as RM10 per month.
Meanwhile, Syamel, whose real name is Ahmad Syamel Mohd Fodzly, said self-awareness, along with clear goals and a defined mission, is essential for parents in managing their finances and determining their family’s direction.
He said such awareness includes specific planning for their children’s needs over the next 10 years, including choosing schools and housing locations according to their financial means.
“To secure the future, we need to understand why we are setting money aside, reduce financial commitments according to our needs and control our desires, for example, by reducing monthly vehicle-related commitments.
“For my daughter, Nur Khawla Soleha (Lala), who is now two years old, I have already set aside dedicated savings for her through Simpan SSPN,” he said.
Commenting on the advantages of Simpan SSPN, Syamel compared the savings scheme to Tabung Haji, with the difference being that Simpan SSPN is specifically intended for children’s future education.
“Just as we save with Tabung Haji when planning to perform the Haj pilgrimage, and when the time comes, God willing, we will be able to fulfil that intention. The same applies to Simpan SSPN. I have dedicated these savings to Lala’s education so that we will no longer have to worry about preparing for her university or other educational institution expenses in the future,” he said.
Syamel also urged couples planning to start a family to begin saving as early as possible rather than waiting until they earn a substantial income.
Berita Harian