Surpassing the amount raised by ChildAid last year may give organisers much to cheer about, but The Straits Times School Pocket Money Fund is still a long way from its target.
The number of families who have sought help from the fund in the first half of this year is already 1,000 more than the figure for the whole of last year.
It is estimated that $5.7 million is needed for this year's beneficiaries, a 30 per cent increase from the previous year.
As of now, the fund is still $2 million short.
'More people are seeking assistance, but people are donating less,' says Mr Peter Khoo, organising chairman of ChildAid and the ST School Pocket Money Fund.
One corporate sponsor, HSBC, has given the cause a boost by donating $160,466 to ChildAid, of which the pocket money fund is one of the beneficiaries.
'We are extremely grateful for HSBC's support of ChildAid since 2000, enabling us to raise a record amount in this difficult period,' he says.
'The support from our sponsors is testimony to our cause, as well as a credit to the young talent in Singapore.'
Mr Goh Kong Aik, head of group communications and corporate sustainability at HSBC in Singapore, said: 'Recognising that the economic environment has been especially tough for these schoolchildren, we decided to give our young friends under the ST School Pocket Money Fund another boost by supporting the ChildAid concert.'
He added: 'What better way to do this then for us to donate the funds raised in the annual HSBC Youth Excellence Award concert.'
He was referring to the charity concert which features recipients of the Youth Excellence Award for musical excellence.
Past award recipients include pianist Abigail Sin and opera singer Janani Sridhar.
This article was first published in The Straits Times.