Why Jamaicans are Saving Less?

                    In today’s world, people are finding it harder to save from their incomes and revenues than in the pass. Why is it difficult to save? Is it because of the higher taxes? Are we having too many children?  Are we simply buying what we do not need?  Are we spending unnecessarily?

           The depreciation of the Jamaican dollar on the exchange market has caused a steep rise in the prices of consumer goods that the average Jamaican cannot live without. The increase in general consumption taxes, excise and import duties have emptied the pockets of many Jamaicans.

               Imagine a minimum wage of four thousand Jamaican dollars for a woman with a family of several children. She has to send the children to school. She has to buy books, give them lunch money and the ever hiking bus fares.  She has to make grocery for her family and pay the bills whilst saving a little to maintain her throughout the next work week. That is a lot to squeeze from a measly forty five US dollars equivalent.  

              What can the average Jamaican save from minimum wage? This may be the reason why Jamaicans are finding it harder to save. It may be that in reality salaries and wages are not sufficient to leave a few dollars for banking or burial in the back yard.  

                  Some people can save but they are unable to do so because they have many demands on their salaries. Young people spend a lot of money on unnecessary partying and on clothing. When they get older they regret that they wasted their money on inconsequential things. A wise man learns from his own mistakes, but a wiser man learns from the mistakes of others. I know many older folks who regret that they squandered their money during youth and conceded that they would be far better off today, if they had not been a prodigal earlier in their life and careers.  I do not intend to waste money unnecessarily and then having greater regrets when I am older at the opportunities for saving that I had and did not  take because I was squandering my money.

         One of the difficulties involved in saving is that the human psyche is wired to enjoy the now, instead of transferring the euphoria to the future in exchange for a momentary discomfort and sacrifice. Save some money today for a greater tomorrow for you and your family. Join a bank today and make savings is your choice for life. Be sure to invest in a legitimate bank that has an excellent track record. Do not put your money into get rich quick schemes.  Save today for a brighter tomorrow.