Quote from: Smartvirus on February 05, 2024, 11:04:22 PM

Quote from: Myleschetty on January 29, 2024, 11:24:12 PM

You say that the value of savings is disappearing among the population, especially among the youth, and I think that the economy is not helping this situation, but if there's a will, there's a way. People need to get a financial education and read books that help them in their jobs. Because most of these problems arise because people don't distribute their income properly and leave expensive items for the future.

In a society where inflation seems to be the order of the day, savings seems to be pretty much a bad idea. I mean, why would you save when all you’ve got piled away could be devalued to worth almost nothing.

Somehow, savings isn’t an abandoned act within the youth with a particular focus on how they could enhance their growth and financial freedom. Most youths with some great deal of discipline still do themselves the favour of having to save. Save with a particular intent of providing securities for their future. Those who have this understands wouldn’t give much importance to what the devaluation of currency might be. You still get to save no matter what.

when inflations rate are rising, we just need to invest on top of saving, surely its an act thats not abandoned many people still favour saving since it just means we are not just wasting around our money for some useless thing but adding investing on top of saving does indeed prove that saving can be effective and with the responsible investment with management of risk it will eliminate the risk of inflation.
bank deposit is one way to fight inflation for our saving if we truly want to eliminate any possibility of the value of the wealth that we are saving being eaten up by the inflation.
after all, world is evolving, economy getting more complex, just saving some money off our spending won't be sufficient, and today investing is more accessible than ever even for those with smaller capital.