SINGAPORE - Financial support from The Straits Times School Pocket Money Fund (STSPMF) has proven useful beyond transport and food costs, as students have found themselves also more likely to attend enrichment programmes and co-curricular activities.

Survey findings released on Oct 3 showed that student beneficiaries of the fund also displayed more prudent money management like saving and goal setting.

The impact measurement study by the Centre of Excellence for Social Good in the Singapore University of Social Sciences (SUSS) surveyed about 690 families with STSPMF beneficiaries across primary, secondary, and post-secondary levels and looked at how the fund had helped them. It also interviewed 33 families.

A majority of the respondents had gross monthly household incomes of under $4,000.

The fund was started in 2000 by ST to provide pocket money to children from low-income families to help them through school. It has since helped more than 220,000 children and youths in need and disbursed more than $100 million.

Parents of beneficiaries also reported improved household budgeting and the ability to provide more nutritious meals, while students described fewer instances of skipping meals, the study found.

Among those surveyed, more than 60 per cent of students and 70 per cent of parents said the pocket money fund made it easier for the child to attend co-curricular activities. Some cited the fund helping to cover additional travel fares to school for extra activities, while others used it to help buy supplies to pursue their interests.

The last time the STSPMF was studied for its impact was in 2011. The respondents this round agreed more strongly that the fund had improved family budgeting practices and non-academic outcomes for the students.

Chairman of the STSPMF and editor of ST Jaime Ho said that the study is important to better understand the value the initiative has created for its beneficiaries, as well as to make data-driven decisions to better meet their needs.