Global Savings day and our National Savings

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World Saving day 2020

Reserve funds dependably assume an essential job in progressing monetary advancement and to guarantee social welfare in an economy. In the developed societies government managed savings is extremely composed, as it compensates workers and their dependent amid joblessness, medical problems seniority benefits and different misfortunes. In developing nations like ours, laborers in a specific area approach social protection while a restricted gathering or exceptionally needy individuals approach wellbeing offices and social help.

The worldwide sparing day/thrift day is commended for the advancement of investment funds to general individuals.  It is celebrated every year on October, 31 across the globe by expert businesses, reserve funds banks, sports bodies and changes social orders.

In 1924 it was formed to reinforce the trust of citizens on banks, and to promote the value of bank savings. Since then, it has been celebrated like a popular day in many countries across the world as there are many brick walls still remain to savings. Many regions in the globe are facing high toll of penury & unemployment. As stated by World Bank report published on October 17 last year, more than the half of Global population lives on less than 5.5$ dollars a day. Therefore, it is most important to educate the people on savings and how to save money for the bad days.

It is a need for the crucial days when there may be no earning due to many reasons like sickness, un-employment and during a disability period. The day reminds us about the significance of continuous savings for having a financial protection. Individuals can achieve their dreams by savings, such as purchasing a property, investing on a business or to receive quality education. The day was initiated in Milan, Italy during the first convention of the International Savings bank where the final day of conference was celebrated as Global Savings Day.

MORE THAN 90% OF OUR MATURE WOMEN USED UNCERTAIN METHODS TO SAVE MONEY RATHER THAN USING POPULAR AND SAFE APPARATUS LIKE NATIONAL SAVINGS.

The idea of this day was implemented by banks of U.S and Spanish banks to upgrade the living standards of their people. In Pakistan, women play vital role in our houses, where they controls and supervises the whole budget. They are responsible to spend money on mandatory expenses such as school fees, medical expenditures and other daily expenses. Thus, even with their less earnings but they can manage to save at least 10% of their family income through savings awareness.

As per research, more than 90% of our mature women used uncertain methods to save money rather than using popular and safe apparatus like National Savings due to lack of awareness. At present, National savings is the largest investment institute in Pakistan with more than 7 million customers and 3.4 trillion investment portfolio; it has more than 375 branches in 12 regions and 4 zones. It has strong corporate partners including CDC, Pakistan Post, SBP, GOP and NIFT. Its vision is to boost and to encourage the usage of thrift for the demonstration of Savings.

National savings offers both short term and long term saving in form of Saving certificates, Prize bonds and Saving Accounts which are highly secure and a profitable way of savings for the people. A majority of people in Pakistan does not know about the banking system, while almost 13.5% adults own an account in the bank. The reason is very clear, it is only due to lack of awareness.

At this important occasion of Global Savings day, our Savings organizations should launch a public awareness campaign through social media, mobile messaging service, brochures and through print media. It will help the people to know about the secure channel of Savings, banking system and thus they will invest their money in National Savings and banks. This will not only promote personal Savings, but also be helpful in reducing our poverty.

Sardar Abdul Sami is a writer, blogger, youtuber and journalist. He blogs @abdulsami and VBlogs @TBTVNews . He is also the founder of The Blog Times & TBTV News.

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