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As the world celebrated 90th World Saving Day, Monday, October 31, many Nigerians lament that the harsh reality of the country’s economic woes has made it difficult to sustain the culture of saving money in the bank.
Surveys conducted on citizens by newsmen across streets of Lagos reflected opinions of many Nigerians; civil servants, entrepreneurs, traders, hustlers etc. They said rising inflation and increasing prices of goods and services left many with nothing to save.
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The World Saving Day was established by the World Society of Savings Banks during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milan, Italy on October 31, 1924. It was pronounced by an Italian Prof. Filippo Ravizza, on the final day of the Congress, as a day dedicated to the promotion of savings across the globe.
Complaint coming from civil servants pointed that paid salaries are barely enough for transportation to work and home, much less saving in Banks. As much as these people claim they understand the importance of savings, especially for rainy days and to impact the economy, some of them complain that while inflation on prices of basic human necessity continues, paychecks remain the same.
Mr. Uche Obodo, a civil servant, said:
“I can barely feed my family with my salary. It is not as if I don’t know the importance of saving money for the rainy day, but it is not just possible for me to do so now.”
Another civil servant, Miss Bola Ogundele, who’s a teacher said:
“Nowadays saving requires serious discipline. Most times, I borrow almost half of my salary before it comes. The salary is not enough for my upkeep.”
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Other citizens said it is of no use leaving money in bank accounts since the money deducted from the account is more than the interest accrued to the money in the account.