By PASSY HAACHIZO –

SAVING money has been ignored by most people in both formal and semi-formal employment since the money they earn is usually used on daily needs.
What many people do not know is that saving plays a vital role and can alleviate poverty even at a personal level.
Since there is always the temptation of spending money, saving calls for discipline, patience, timing and endurance.
This explains why most people fail to save because they want to use every little money they earn in what is termed as living outside one’s standard.
In the report on the 2015 Financial Literacy Week, Bank of Zambia (BoZ) Governor, Denny Kalyalya is quoted as saying the saving rate in Zambia is relatively low.
Dr Kalyalya said it was not satisfying that the FinScope surveys conducted in 2005 and 2009 indicated saving levels of 21 per cent and 17 per cent, respectively.
“Preliminary indication from the 2015 FinScope surveys, however, show a significant improvement in financial inclusion,” the report indicates.
Lack of saving has made most retirees in Zambia either fail to settle after retirement or languish in abject poverty, forcing them to continue looking for jobs when they are supposed to be resting.
Though a good number of retirees complain that the pension packages are meagre, for many it is difficult to plan for the “rainy days”.
During the World Savings Day celebrations held on October 31, 2015, Finance Minister Alexander Chikwanda said saving mechanisms were informative for the financial sector.
Mr Chikwanda, in a speech read for him by his Permanent Secretary Ronald Simwiinga, however, said the low proportion of savings held in bank accounts raised questions about the outreach, variety, attractiveness, affordability and suitability of savings accounts, and the capability of financial institutions to mobilise stable deposits.
He urged the financial sector regulators and financial service  providers to engage innovative ways to bring more individuals into the realm of formal savings institutions so as to increase the volume of
funds available for intermediation.
“The World Savings Day joins other important events such as the Financial Literacy Week and the Insurance Week which enhance public sensitisation, education, and product awareness about financial services and financial concepts so as to improve their overall financial well-being,” Mr Chikwanda said.
BoZ Deputy Governor, Tukiya Kankasa-Mabula said the bank was committed to taking a more visible role by incorporating financial inclusion in its strategic objectives.
“As you may be aware, Zambia has been celebrating the World Savings Day since 2010 under the leadership of Natsave.
“The objective of this event, which has been adopted across the globe, is to stress the importance of savings for modern economies and individuals alike,” Dr Kankasa-Mabula said.
Germany head of cooperation, Frank Hofmann said there was need for people to save as it was the only way one would enjoy their money at the end of the day.
“Saving makes you independent from the goodwill of others and helps you evade the sharp teeth of money-sharks,” Dr Hofmann said.
A number of students and intellectuals from different institutions took advantage of the World Savings Day established by the World Society of Savings Bank on October 31, 1924.
The day is spearheaded by the World Savings Bank Institute (WSBI) across 6,000 savings and retail banks in 80 countries across the world.
Junior Achievement Zambia (JAZ) and Citi Bank have taken the mantle and imparted pupils in learning institutions with knowledge on the importance of entrepreneurship and saving.
Higher Education Minister, Michael Kaingu, in a speech read on his behalf by Education standard and curriculum director, Cecilia Sakala at the Mulungushi International Conference Centre in Lusaka recently, called on Citi Bank and JAZ to continue supporting the entrepreneurship programme in secondary schools.
Dr Kaingu advised students to take advantage of the two companies that were sponsoring the programme to learn entrepreneurial tactics on how to get somewhere even without employment.
“May I commend Citi Bank Zambia and JAZ for conducting such a good programme. As you may be aware, entrepreneurship is highly considered on the Government agenda as it will be able to make pupils survive even without employment when they leave school,” Dr Kaingu said.
JAZ board chairperson, David Chakonta said over 500 young people had so far been engaged in various business activities in the schools that were already participating.
Citi Bank Zambia chief executive officer, Martin Mugambi said the institution was ready to continue supporting the entrepreneurship training as it contributed to the growth of the economy.
In the face of these concerted efforts by vital interest groups, it is cardinal to support those who save in different forms including savings accounts at banks, Chilimba savings, and savings given to family members.
Others who need equal support are people saving in terms of farming inputs, National Pensions Scheme Authority, savings groups, and those saving on a mobile phone.
The English proverb says “make hay while the sun is still shining”.