There’s never going to be ‘enough money to save’

Adebimpe Ihekuna, group head, products & market development, Polaris Bank, says there is never going to be enough money to save.

In a statement at the weekend, she said the bank has launched “Polaris Target Savings Account” to help Nigerians imbibe healthy savings culture as a means to building a strong financial base.

“The savings culture is gradually going into extinction as people generally spend than save, hence the launch of the target savings account to help Nigerians save for a better tomorrow,”she said.

“We recognize that there is never going to be enough money to save. That is what one must first accept – but the need to develop the habit of savings is as important as life in itself. A salary increase for most people will not necessarily get them to save more.

“Your children finishing school, will not get you to save more. A bigger client for your business will not get you to save more. Getting older, will not enable you to save more. Paying off your mortgage and other debts, will not get you to save more. All these are excuses not to start SAVING TODAY. If you are not saving with what you have today, chances are you might not save when you have more money.

“It’s simply because we seem not have inculcated the culture of savings. One of the definitions we found describes culture, as a way of thinking and behaving in a society. In our own words – Anything done consistently becomes a habit; a habit done over and over, becomes a way of life i.e. culture. If we look at our society, we have a spending culture as opposed to a savings culture. This is why most often, a bigger salary means more spending; while we often assume, albeit erroneously, that we will invest or save more when we earn higher income. In reality, the world is never going to run out of things one can buy. You may think you have the latest asset today, and a month later, another model or upgraded version of it will be there.”

She said the account is open to all customers, Polaris and non-Polaris account holders.

“Polaris Target Savings account can be adopted by individuals – men, women, young adults and Children”, she added.