Challenges hindering Savings

1. Lack of or inadequate interest paid to savings: People see no reason as to why they should save because there is either no interest or very little interest paid to their savings hence this discourages them from saving
2. Increasing debts: Many people have accumulated many debts because of the ever increasing inflation and poor spending cultures hence they always end up paying debts and borrowing more in order to save.
3. Prioritize saving: In most cases many people in rural areas see no need to save since to them it’s not a priority as they have other basic needs to attend to.
4. Little to save: People don’t save because they have very little money and spend a lot hence there is nothing left to save in most cases. On the other hand, some people believe that it is those with a lot of money who save so the ones with little have no business in saving.
5. Don’t want to deal with banks: Most people do not save because they do not desire to deal with banks. This is because banks have a lot of bureaucracy which pushes them away from saving and they end up spending the money or keeping it in unsafe places.

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