BW celebrates World Savings Day


Manager: Private Clients at Capricorn Asset Management Wim Boshoff, Manager: Business Development (Traditional Banking Channels Bokkie Cloete

Bank Windhoek last week joined the rest of the world in celebrating World Savings’ Day.

Commenting on the commemorations, Manager: Private Clients at Capricorn Asset Management, a subsidiary of Bank Windhoek Holdings, Wim Boshoff said “the price of products and services increases over time, and therefore one has to make sure to invest in inflation-beating products. In other words, one has to protect the purchasing power of your money”. 

According to him, not everyone has a pension fund, and not everyone’s pension is enough to provide for their old age. It is, therefore, important to save additional funds for retirement.

“We have funds on all the major asset classes (Money Market, Bonds, Property, Equity and Foreign Investments), as well as funds diversified between all the asset classes. These products cater for a wide range of clients’ investment needs,” said Boshoff.

He reiterated that “there are a few basic questions that must be asked to determine the investment goal of the client. Once the goal of the client is clear, one can choose a product/s. These questions include: What time period is the savings for? For example, shortterm savings for a deposit on a house, or long-term savings for retirement? Does the client require a monthly income? How comfortable is the client with capital fluctuations (up and down movements)?” Boshoff explained.

The Manager: Business Development (Traditional Banking Channels) Bokkie Cloete corroborated Borshoff’s sentiments. “You will have peace of mind when you have money in the bank. Having a savings’ account when unforeseen costs occur make these occurrences less stressful. Making provision for your children’s education over a period of time puts less strain on you than having to pay a lump sum at once”, Cloete noted.

The Bank Windhoek Holdings’ Group has many savings’ options, starting from as little as N$500 per month in Bank Windhoek investment products, and a N$10 000 lump sum minimum (or a N$1 000 monthly deposit) on the Bank Windhoek Unit Trust Funds.

For more than 90 years, the World Savings and Retail Banking Institute and its members have annually spearheaded a day dedicated to promoting the virtue of people saving money.

Celebrated at the end of October, World Savings’ Day was the first initiative of WSBI – the voice of savings and retail banks in close to 80 countries. WSBI serves members located in close to 20 EU Member States, who represent a third of the European retail banking sector.

Celebrated in Europe and around the world, the day provides a chance for members to connect with people in their local areas.

World Savings’ Day was established on October 31, 1924 during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy. Italian Professor Filippo Ravizza declared this day the “International Savings Day” on the last day of the congress.

In the resolutions of the Thrift Congress, it was decided that ‘World Thrift Day’ should be a day devoted to the promotion of savings all over the World.

In their efforts to promote that, the savings’ banks also worked with the support of schools, the clergy as well as cultural, sports, professional and women’s associations.