Utilisation Rates of Edusave and PSEA Savings Account in Past 10 Years

Name and Constituency of Member of Parliament

Mr Victor Lye, Ang Mo Kio GRC

Question

To ask the Minister for Education (a) what is the current aggregate balance in Edusave and Post-Secondary Education Accounts (PSEA); and (b) in the past ten years, what is the (i) proportion of Edusave balances that have been utilised prior to transfer to PSEA (ii) average and median transfer amounts (iii) percentage of Edusave accounts with zero balance at transfer and (iv) proportion of PSEA balances unspent at closure.

Response

1. As at February 2026, the aggregate balance in the Edusave Accounts and Post-Secondary Education Accounts (PSEA) are $0.5b and $2.1b respectively.
2. Based on available data for the past 5 years, the average utilisation rate per Edusave member was 50% prior to the transfer to the PSEA. The average amount transferred per Edusave member to the PSEA was $1,355. About 2% of the Edusave members had fully utilised their Edusave funds and hence had no balance to transfer to the PSEA.
3. PSEA accounts are closed when members turn 31 years old, and any remaining balances are transferred to their CPF-Ordinary Account (OA). Based on available data for the past 5 years, the proportion of PSEA balances unspent at closure, and transferred to CPF-OA, was 59%.