JSS2 Third Term Social Studies Lesson Note – National Economy – Saving and Ways of Saving

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WEEK SEVEN

TOPIC: NATIONAL ECONOMY – SAVING AND WAYS OF SAVING

CONTENT:

MEANING OF SAVINGS:

Saving refer to the process of keeping part of income earned and valuable such as jewellery and certificate for future use.

REASONS FOR SAVINGS

People save for following reasons:

1.TO PREPARE FOR OLD AGE:  Many people that are inactive service now save for the time of old age, when they will not be strong enough to work or even or even earn income.

2. FOR FUTURE INVESTMENT: Those people who have intention of setting up small scale business in future can be setting aside money from their present income.
3. TO ACCUMULATE WEALTH: Some people save for the sake of keeping their money and increase their wealth.
4. FOR EMERGENCIES: People may save to meet unseen event or circumstances.
5. FOR SECURITY PURPOSE: Many people save money or keep their valuable in the bank due to insecurity in their house and offices.

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