“ Children’s children are a crown to the aged, and parents are the pride of their children.” (Proverbs 17:6)

Straits Times’ editorial column on 1st Sept 2010 wrote a comment on the issue that more children failed to settled varsity loans taken out from their parents’ CPF accounts. The default rate is about 5% currently. The government thinks this rate is high, so it has decided against allowing such scheme be extended to overseas education.

Personally, I am against this scheme. It seems to me that the CPF board is allowing too many different kind of schemes that have different objectives so much so that it has drifted away from its original goal, i.e. to ensure its members have sufficient retirement income when they retired.

We all know that whatever reasons given for not repaying loans by these children are merely excuses and cannot stand up to any scrutiny. In fact, the repayment plan only comes in 2 years later after graduation and it is in the form of instalments.

Tuition fee loan is a better option as it put the children in direct responsibility in paying back. However, most parents are also ended up acting as guarantors(if they qualified) for the loans. For parents who really do not have the means of financing their children’s tertiary education through personal savings but have funds in the CPF accounts, I guess they would rather choose the CPF option than having to face the risk of banks comes after them as the guarantors. Default in repaying the CPF funds is therefore perceived as not so serious. Surely the government will be more compassionate and understanding than the banks.

We as parents are to be blame for bringing up children that are self-centred. With fewer children, we are in a better position to provide financial resources to indulge our children. The children are no more required to make self-sacrifices. I was somehow saddened when my daughter remarked the other day that the younger generation here should follow the Japanese youths who are not concerned with their country’s economic growth (according to a newspaper survey in Japan). Today more young people are not prepared to marry and bring up children because of the sacrifices one has to make.

I recalled a Singaporean couple who were in the early 60s joined our tour group to Gold Coast in 2006. They confided to us that they had spent all their savings to educate their two children (both are sons) but failed to receive any financial support from any of them. The husband got a job in Papua New Guinea for an Australian company but had to station in Darwin while the wife stayed behind in Singapore. Everyone in the tour group was so busy buying gifts for their loved ones except this couple who bought none. Their relationships with their children must be very strained and bitter.

I used to think that making me financially independent of my children is a good idea. It may be a rational one, but not a reasonable one. I am giving a wrong signal to my children that they do not need to fulfil their moral obligations. So do not say ‘never mind’ to your children for not supporting you just because you are financially comfortable. Better make loud and clear your displeasure when they failed their filial piety duties.