DATE: Tuesday 7th May, 2024 CLASS: Year 5 SUBJECT: Social Studies TOPIC: Savings (Capital resources preservation) Meaning of Saving Saving is the process of keeping things, money and other material resources for future use. Bank is a financial institution where money and other valuable items (gold, documents and certificate) are kept for future use. One can withdraw his or her money(savings) from the bank either through the counter by using a withdrawal slip or through a dispensing machine known as ATM (Automated Teller Machine). The following are the importance of savings: 1) To meet future needs. 2) To protect our resources (money, gold) from being stolen. 3) To build houses. 4) To make it possible to borrow large amounts of money. 5) To earn interest or profit on it. PAST (OLDEN DAYS) WAYS OF SAVING: i) Under the bed ii) Under the ground of the house. iii) Rooftops iv) Shrines v) Secret places like under the rocks. vi) Trunks and hollows of trees. MODERN WAYS OF SAVING ARE: i) In the bank ii) Inside a piggy bank iii) Through Cooperative Societies iv) Through Insurance companies v) Through Mortgage houses vi) Thrift and Credit societies. CAUSES OF POOR SAVINGS ARE AS FOLLOWS: i) Bad economy and decrease in the standard of living in our society. ii) Inability to manage income properly. iii) High level of spending iv) Having too many financial obligations or responsibilities.