31 August 2014

Angola: Salary Increase Policy Contributes to Savings Incentive

Luanda — The economist Osvaldo Luís da Silva said Friday in Luanda that all policies aiming to increase wages contribute to encourage more and more families to have savings culture, being their main source of income.

Speaking to Angop on the purpose of the theme "The culture of savings and the bank financial activity," Osvaldo da Silva mentioned that it is only possible to have savings where there is an income, because savings are all spare cash which is not spent on consumption.

The economist stated that a major reason that leads many Angolan families not to have savings are due to relatively low income that only allow the families to spend on daily or monthly consumption.

He also stressed that private banks should better play their role of financial intermediaries in promoting financial literacy of citizens, constantly improve their services and should better clarify citizens about the importance of buying bank products at their disposal, in order to capture the people's savings.

On the other hand, Osvaldo Silva appealed for the financial intermediaries towards building savings products with relatively higher interest and no risk of loss of capital to help Angolans to save.

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