For a bright future, we must promote the culture of savings … National Savings Bank

Sri Lanka is a land that sees unity in diversity, with historically rich traditions, vibrant lifestyles, and precious natural beauty. Our country’s strong conservation culture is a testament to its unique heritage and looking to the future, there is a critical need today to re-invigorate the conservation culture among our people.

As the only savings bank in the country, National Savings Bank strongly believes that promoting a culture of savings should be given priority due to several profound reasons.

Today, on World Thrift Day, National Savings Bank, the only Sri Lankan representative of the World Savings Institute, believes that it is timely to briefly note a few things to make this deep truth simple.

Economic stability and savings:

The core of a thriving economy is the financial well-being of its citizens. By encouraging a culture of savings, we can help individuals and families build a sense of security, empowering them to face unexpected financial challenges. This economic stability, which starts at the domestic level, extends to providing greater stability to the entire nation.

Savings provide protection against economic and unexpected financial fluctuations and uncertainties. As a recent example, it should be recalled that at a time when global economic conditions are uncertain due to factors such as the COVID-19 pandemic, having a savings pool has helped maintain economic stability and mitigate the impact of external shocks. Economic stability is crucially important for Sri Lanka, especially at this moment.

Remaining in Infrastructure Development:

Infrastructure development is very important for the progress and prosperity of any country. By saving the nation’s ability to fund essential infrastructure projects, all individuals collectively contribute. Roads, schools, hospitals, and other critical facilities all depend on the collective savings of our citizens. It also leads to a better quality of life, economic growth, and a brighter future for the country.

By encouraging citizens to increase the percentage of their savings that will directly affect the future of their country, a reliable and stable source of funding for a wide range of infrastructure projects will be available. In particular, it can be assured that the customers who save money in the National Savings Bank contribute to this national task because more than 60% of the bank’s total savings are invested in the Treasury.

Savings that build Self-reliance:

A savings culture promotes self-reliance. When individuals save, they can buy their own homes, start their own businesses, and invest in their children’s education.

This self-reliance not only empowers individuals but also reduces stress on social welfare systems. Also, promoting a savings culture in Sri Lanka encourages people to be more self-sufficient.

It allows them to build financial security, invest for their future, and reduce dependence on external sources of support. This not only improves the well-being of individuals and families but also contributes to the self-reliance and resilience of society as a whole.

Saving Energy for  Emergency Preparedness:

Life is unpredictable, emergencies can arise at any time. By relying on savings, it is essential that individuals and families prepare to face unexpected medical expenses, natural disasters, or economic downturns without needing credit or assistance.

Encouraging a culture of savings in Sri Lanka not only empowers individuals to be financially prepared for emergencies but also contributes to the overall resilience of society. It reduces the burden on the social safety net, ensures faster reconstruction from disasters, and promotes community support, ultimately better preparing the country and people to face unexpected emergencies and challenges.

Incentive to Reduce  Foreign Debt:

Sri Lanka, like many other nations, sometimes relies on foreign loans to finance large projects. A strong savings culture can reduce the need for such borrowing, reducing the financial burden on future generations.

Encouraging a culture of savings in Sri Lanka not only strengthens the financial well-being of individuals and households but also has wide-ranging implications for the country’s financial stability and ability to reduce dependence on foreign debt. Likewise, the increase in local financial strength can lead to fiscal independence, improved new credit qualifications according to needs, and a more sustainable economic future.

Creating a Legacy and Savings:

Savings is not just for the present; they are creating a legacy for the future. By saving, individuals can pass on wealth and financial security to their children and future generations, ensuring a brighter future for the next generation.

By promoting a culture of savings in Sri Lanka, individuals can help create a legacy for the next generation through financial security, enhanced educational opportunities, asset ownership, or emerging philanthropy. It contributes to economic prosperity, educational development, infrastructural development, environmental conservation, and cultural preservation, all of which shape the survival of the nation and its people as lasting legacies.

Savings Support to Empower Entrepreneurs:

Entrepreneurs are the backbone of any thriving economy. Savings can provide the seed capital needed for entrepreneurial ventures, innovation, and job creation. Promoting a culture of savings in Sri Lanka is essential to empower entrepreneurs and foster a stable entrepreneurial ecosystem.

Savings can stimulate business growth, job creation, and economic diversification, ultimately contributing to the nation’s economic development and prosperity, by providing leverage to fixed capital, reducing debt dependence, and mitigating risks.

Concept of National Pride and Saving:

When citizens save, they actively participate in the development of their nation. A country that saves together can collectively invest in education, health services, infrastructure development, and other sectors that require overall progress. This creates a sense of national pride and unity.

The fringe benefits of promoting a savings culture in Sri Lanka include economic self-reliance, community development, and investment in national projects, cultural preservation, fiscal responsibility, unity, and fostering national pride. Citizens who save and invest for their future contribute to the overall well-being and prosperity of the nation, creating a strong bond between individuals and their country.

National Savings Bank is constantly committed to fostering a strong savings culture in our country. We offer a portfolio of savings products and services designed to make saving accessible and convenient for all Sri Lankans.

By working together at this critical time, we can build at a brighter future where every citizen can achieve financial stability and prosperity.

We invite all Sri Lankan individuals, families, and communities to join us in starting the journey of building a more secure and prosperous Sri Lanka where everyone focuses on and embraces the culture of savings.