\u00a0 Saving is one of the most prominent social behaviors with economic and social implications across various societies, given its paramount importance to the future of society\u2019s members in general. The culture of saving is, to a large extent, underdeveloped among all members of Saudi society, unlike other societies, which view saving as one of the most important mechanisms for setting aside the funds needed to support themselves in the future.<\/p>\n
According to the latest statistics, Saudi households save approximately 2.4% of their annual income, while the global average is at least 10%. Unfortunately, many families in the Kingdom save money not to use it for basic necessities\u2014such as purchasing real estate, land, or starting a business\u2014but rather for consumer spending, which is usually tied to the summer vacation period, such as traveling abroad or tourism. This explains the decline in long-term bank deposits at our banks.<\/p>\n
Certainly, this is a misguided approach to the concept of a culture of saving, one that strips it of its long-term goals; most Saudi families link their savings to short-term consumption patterns, without considering future circumstances and uncertainties.Members of Saudi society must understand that saving, in its modern and evolved sense, is meant to be used to purchase things that will benefit the entire family in the future, such as investing in real estate, a plot of land, or a business venture\u2014not for spending on consumer goods, tourist trips, or home furnishings.<\/p>\n
\u00a0For example, many European and Asian families have a well-developed savings culture; they set aside a fixed portion of their monthly income,\u00a0 to save it in a long-term savings account, with the intention of investing it in the purchase of real estate, a plot of land, or the establishment of a business. In other words, these savings are spent on projects that benefit all family members and help them cope with future circumstances; this is the ideal approach to saving that members of our society must understand.<\/p>\n
\u00a0I believe that raising proper awareness about the concept of saving to purchase real estate or start a business is the responsibility of several entities, including chambers of commerce, media outlets, civil society organizations, and consumer protection associations and agencies.<\/p>\n
All of these entities must play their part in raising public awareness about the proper concept of saving, as it is one of the objectives of the Kingdom\u2019s Vision 2030 because it is considered one of the most prominent sources of innovative income.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>\u00a0 Saving is one of the most significant social behaviors with economic and social implications across various societies, given its paramount importance for the future of society as a whole. The culture of saving is largely underdeveloped among all members of Saudi society, unlike other societies, where saving is considered one of the most important mechanisms for accumulating the necessary funds \u2026 Read more<\/a><\/p>","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[100],"tags":[],"class_list":["post-28144","post","type-post","status-publish","format-standard","hentry","category-residential"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post excerpt","type":"text","formatted_value":""}},"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","trp-custom-language-flag":"","event-thumbnail":"","event-medium":"","event-large":"","event-hero":""},"author_info":{"info":["\u0627\u0645\u0644\u0627\u0643 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629"]},"category_info":"\u0633\u0643\u0646\u064a<\/a>","tag_info":"\u0633\u0643\u0646\u064a","comment_count":"0","_links":{"self":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/28144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/comments?post=28144"}],"version-history":[{"count":0,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/28144\/revisions"}],"wp:attachment":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media?parent=28144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/categories?post=28144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/tags?post=28144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}