Philippine Savings - Where Do Most People in Such Country Prefer to Save Their Money?

Where do most people in such country prefer to save their money? Is it in banks or just in their piggy banks? The main focus of this paper is to determine whether individuals prefer to save on their own or just in a bank. The difference between the savings of individuals from rural and urban areas. Savings is the money that is set aside for future or for emergency purposes and that is in easy accessed- accounts, such as savings accounts and certificates of deposit (CDs). People seek ways on where does their money will be save to put. Where does their money can be easily access with. Where can their money grow. That thing most people consider in saving their money.

Many people save its either they put their money in banks or just in piggy banks. Piggy banks are used by people, mostly by kids because it is easily accessible for them to get their money. They can get their money easily whenever they want or they need. Yes it is more convenient for those people to put their money in piggy banks because it is more accessible for them to get it right away, but this thing could also had disadvantages like your savings is more prone to spending because you know you can get it anytime they want. Your money in this kind of saving is can be stolen or easily catch by fire. Piggy banks are slowly becoming extinct due to the modernizing of young children which encourages them to open a junior savings account, instead of keeping their money safe in a piggy bank, where it is vulnerable to theft. People only prefer to put their money in piggy banks because they only have little money to save and mostly the time limit they need their money is short.

Nowadays, this kind of saving money had been through controversial because it is said that keeping money through piggy banks holds the cycle or the flow of money and if this thing continue to happen the economy will eventually flunk down. So if people think to save money they should put their money or open account in banks.