Savings Increasing

Press, Volume CII, Issue 30042, 29 January 1963, Page 15

Savings Increasing

<Nrw Zealand Press Association)

WELLINGTON. January 28. i Returns to be presented to a meeting of the Savings Committee on Thursday show 1 the net increase in savings i in the Post Office Bank for the last three months in 1962 1 wa< £6,163.874—m0re than 18 ' times greeter than the net ' increase of £327535 in the I previous six months < The beet month was De- 1 cumber, when deposits ex- i reeded withdrawals by £*,719.393 I < In the first nin* months of 1 April. 1982. to March, 1963. I year Poet Office Savings Bank i deposits exceeded with- i drawals by £10577.699 i In the same time with- i drawals from national aav- i Ings accounts exceeded de- 1 posits by £4X05,890, leaving 1

a net savings increase of £ 0.491.809 The average net increase of Foot Office Savings Bank savings of more than £2 million a month from October to December is attributed to the “havings Week" campaign the 2J per cent general wage increase, and the greater incentives for saving through the provision of investment and special purpose accounts The excess of withdrawals over deposits in national savings account? i* not a new trend. This wartime scheme of saving was developed to its peak by a generation now reaping the benefits of its savings and, the committee states, the scheme baa not the same appeal to younger people.