Tuesday, November 30, 2021 | Rabi' ath-thani 24, 1443 H
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Building a strong culture of savings

Financial problems faced by many individuals and small business owners in the region as a result of the losses and debts incurred during pandemic-induced closures are now evident.

Some of them are waiting to be rescued from their financial difficulties, lacking the resources themselves to help them out of their current challenges.

These crises faced by many people underscore the need for everyone embrace a savings culture, so that they do not need to into debt when they need to borrow money to finance their projects.

It is from this perspective that we see the world now working to establish savings banks to play an important role in promoting savings.

Savings banks have launched a number of campaigns and initiatives in cooperation with governmental and private agencies to double the number of savings accounts owned by people with limited income and owners of small enterprises who can depend on these funds in their retirement or in contingencies.

This trend is evident in Gulf societies despite the extravagance and waste that is witnessed in the Gulf or other developing countries.

The world has dedicated a day to drive the culture of savings globally. World Savings Day sees banks and financial institutions building awareness about the concept of savings among members of society.

They enhance the savings of individuals and small enterprises, so they can be ready to face life’s challenges.

World Savings Day also seeks to caution people about the dangers of lavish spending and irrational use of credit cards to purchase goods.

This day was first announced on October 31, 1924 by the Association of World Savings Banks in Milan, Italy.

Savings programmes were introduced in an attempt to enhance savings and provide support to school events, religious figures, cultural, sports, professional and women’s organisations, with the aim of promoting the concept of saving money to enjoy a better living and secure the economy.

Over the past years, developing countries have joined in this global initiative to encourage economically weaker sections of the population to save.

Saving has become today the key to the global economy through which the individuals contribute to the development of their own projects while also supporting local development.

Saving is an expression of the nation’s maturity in this regard, and through it many initiatives and campaigns have been done to support savings programmes for individuals and families in order to educate children about the virtues of saving money.

For decades, the International Institute of Savings and Retail Banking has been celebrating this day by stressing the importance of financial stability through savings and retail banking services in the global financial system.

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