Ninety-six years after the establishment of ‘World Savings Day’ during the first International Savings Bank Congress in Milan in 1924, Bhutan celebrated the day for the first time today. Celebrating the day, the Respect Educate Nurture Empower Women (RENEW) Microfinance Private Limited today focused on making savings culture a habit amongst Bhutanese.
Mother of three, 61 years old Tshewang from Shermuhoong Gewog in Monggar started her first savings at the age of 59 when the RENEW Microfinance’s employee came to her village providing savings facilities. Penny pinching her earnings from selling vegetables and dairy products, she dreams of inviting her root guru to her house to perform a ritual.
“When I initially started saving, I started with Nu 3,000 per month but later I could only deposit around Nu 1,000 to 2,000. the reason I am saving is that I want to invite Rimpoche to my house. I promised to invite Rimpoche a few years back,” she shared.
Like Tshewang, other clients of RENEW Microfinance save as little as Nu 100 a month either to go on a pilgrimage or to have financial independence from their working partner.
“It had been almost three years after RENEW Microfinance came to our village and since then we have been saving Nu 100 per month. I can take it out as and when I need it,” said Yeshi Wangmo, from Punakha.
“In my village, it is especially useful when we have to perform annual lochoe and during paddy cultivation and harvesting seasons. We need money during those times and because we have saved it, it comes in handy,” added Chimi Wangmo, from Wangdue.
But how many of Bhutanese have a savings habit like these women? According to the Royal Monetary Authority, in 2017, only a little more than 64% of adult in the country had a savings account with the banks.
“There are many reasons why people should save but most important for rainy days. I think especially for women because women are the most vulnerable group in society and from our experience women are ones who are affected financially. We have this notion that in order to save, we need to have a good amount of money but today we have made it clear that you can save as little as Nu 100 and most important is that we shouldn’t save after we have spent. We should save first and then spend whatever is left,” said Tshering Dema, the Deputy CEO for RENEW Microfinance Private Limited.
Reminding people of the importance of the Savings, World Savings Day is celebrated in 80 countries across the country with the theme, “if you save a bit, big things follow”.
Sangay Chezom
