Her Majesty the Queen Mother, Gyalyum Sangay Choden Wangchuck, graced World Savings Day on October 31, 2022, at the Royal Textile Academy (RTA), Thimphu.
The Speaker of the National Assembly (NA), Tshogpoen Wangchuk Namgyel, the Chairman of the National Council (NC), Thrizin Tashi Dorji, Finance Minister Lyonpo Namgay Tshering, and Works and Human Settlements Minister Lyonpo Dorji Tshering, attended the event along with heads of financial institutions, representatives from the armed forces, teachers and students, and members of relevant agencies.
On October 31, 1924, at the first international Savings Bank Congress in Milan, Italy, World Savings Day was founded. Today, it is observed all over the world. The purpose of World Savings Day is to increase public awareness of the value of financial literacy and to promote the saving habit.
World Savings Day is being observed for the third time by Respect, Educate, Nurture and Empower Women (RENEW) Micro Finance Private Limited (RMFPL).
To recognise and honour this significant day in Bhutan, RENEW Microfinance Private Limited has been launching numerous initiatives and planning events across the nation since 2020.
The events feature a variety of demographics and carefully designed activities, especially for kids, to teach them the importance of saving and to foster the habit from an early age.
The Theme of World Savings Day varies every year. The World Savings Days' 2022 theme is “Saving prepares you for the future.”
RENEW Micro Finance Private Limited launched various activities such as competitions for poetry recitation and storytelling in line with the theme, “The Importance of Saving,” at the Muenselling Institute in Trashigang.
A piggy bank-making competition among the young students at the Dechencholing Higher Secondary School and a roadshow with members of the Chang Jiji community Savings games and similar activities took place in Samtse, Bumthang, and Trongsa.
These activities targeted the younger school-going kids and youth through their various activities. “In line with the theme of this year, the main focus is on the younger generation,” said Kuenga Tshering, branch manager of RENEW Micro Finance Private Limited.
“If we cultivate the habit of saving at a young age, as they get older, they will have the knowledge of bookkeeping, expenditure, and income, and as a result, they can be financially independent,” he added.
A competition to make piggy banks at Dechencholing Higher Secondary School saw students from classes 1, 2, and 3 receiving awards during the World Savings Day 2022 grand finale at RTA.
RENEW Microfinance Private Limited and the Gyalyum Charitable Trust collaborated to organise the event.
The skit on life in a rural pocket was also demonstrated.
Tashi Gyeltshen, the principal of Dechencholing, said that the message of the skit was very powerful. He said, “Saving money at home is risky too, in case of a fire disaster, their entire savings are gone.”
“So, our children made it very clear that it is not wise to save money at home but rather save it in a bank.” He added.
The skit was about a farmer who lost his entire savings trying to buy a power tiller in a fire mishap.
The piggy bank-making competition had a great impact on cultivating saving habits among the children in the school.
Tashi Wangmo, a class 1 teacher at Dechencholing claimed that students enjoyed making the piggy banks themselves. She said, “Children said they are saving a little by little.”
‘The winners were grateful to receive an award from Her Majesty the Queen, Mother Gyalyum Sangay Choden Wangchuck. As for other students, despite not winning the competition, they are inspired to make one by themselves,” added the teacher.
The teachers at the school agree that this is a wonderful initiative and continue to urge students to save even though the competition and World Saving Day have ended.
Class 2 teacher, Kelzang Choki claimed that they check how much the students could save every two months to continue pushing them to save more.
RENEW Micro Finance Private Limited helps those who live in rural areas, where they routinely visit them and promote financial literacy and saving. Youths and others who walk into their offices and ask for aid are similarly assisted.
Kuenga Tshering said that the RENEW microfinance routinely hosts centre meetings for clients. After giving out loans, savings accounts, and collections, evaluate their budgeting records and make sure they understand financial literacy. Monitor their loan repayment progress and check to see if they are saving money each month.
To encourage them, Kuenga Tshering said, “If the clients fulfil the categories, they are recognised annually on World Savings Day.”
The best clients from Thimphu this year were Bishnu Maya Monger, Sangay Wangmo, and Indra Maya Tamang.
Similarly, the borrowers who apply for loans from RENEW Micro Finance Private Limited must submit a budgeting book. Loans are given if the clients properly fill out their budget books and examine their sources of income and outgoing costs.
The Speaker of the National Assembly (NA), Tshogpoen Wangchuk Namgyel, the Chairman of the National Council (NC), Thrizin Tashi Dorji, Finance Minister Lyonpo Namgay Tshering, and Works and Human Settlements Minister Lyonpo Dorji Tshering, attended the event along with heads of financial institutions, representatives from the armed forces, teachers and students, and members of relevant agencies.
On October 31, 1924, at the first international Savings Bank Congress in Milan, Italy, World Savings Day was founded. Today, it is observed all over the world. The purpose of World Savings Day is to increase public awareness of the value of financial literacy and to promote the saving habit.
World Savings Day is being observed for the third time by Respect, Educate, Nurture and Empower Women (RENEW) Micro Finance Private Limited (RMFPL).
To recognise and honour this significant day in Bhutan, RENEW Microfinance Private Limited has been launching numerous initiatives and planning events across the nation since 2020.
The events feature a variety of demographics and carefully designed activities, especially for kids, to teach them the importance of saving and to foster the habit from an early age.
The Theme of World Savings Day varies every year. The World Savings Days' 2022 theme is “Saving prepares you for the future.”
RENEW Micro Finance Private Limited launched various activities such as competitions for poetry recitation and storytelling in line with the theme, “The Importance of Saving,” at the Muenselling Institute in Trashigang.
A piggy bank-making competition among the young students at the Dechencholing Higher Secondary School and a roadshow with members of the Chang Jiji community Savings games and similar activities took place in Samtse, Bumthang, and Trongsa.
These activities targeted the younger school-going kids and youth through their various activities. “In line with the theme of this year, the main focus is on the younger generation,” said Kuenga Tshering, branch manager of RENEW Micro Finance Private Limited.
“If we cultivate the habit of saving at a young age, as they get older, they will have the knowledge of bookkeeping, expenditure, and income, and as a result, they can be financially independent,” he added.
A competition to make piggy banks at Dechencholing Higher Secondary School saw students from classes 1, 2, and 3 receiving awards during the World Savings Day 2022 grand finale at RTA.
RENEW Microfinance Private Limited and the Gyalyum Charitable Trust collaborated to organise the event.
The skit on life in a rural pocket was also demonstrated.
Tashi Gyeltshen, the principal of Dechencholing, said that the message of the skit was very powerful. He said, “Saving money at home is risky too, in case of a fire disaster, their entire savings are gone.”
“So, our children made it very clear that it is not wise to save money at home but rather save it in a bank.” He added.
The skit was about a farmer who lost his entire savings trying to buy a power tiller in a fire mishap.
The piggy bank-making competition had a great impact on cultivating saving habits among the children in the school.
Tashi Wangmo, a class 1 teacher at Dechencholing claimed that students enjoyed making the piggy banks themselves. She said, “Children said they are saving a little by little.”
‘The winners were grateful to receive an award from Her Majesty the Queen, Mother Gyalyum Sangay Choden Wangchuck. As for other students, despite not winning the competition, they are inspired to make one by themselves,” added the teacher.
The teachers at the school agree that this is a wonderful initiative and continue to urge students to save even though the competition and World Saving Day have ended.
Class 2 teacher, Kelzang Choki claimed that they check how much the students could save every two months to continue pushing them to save more.
RENEW Micro Finance Private Limited helps those who live in rural areas, where they routinely visit them and promote financial literacy and saving. Youths and others who walk into their offices and ask for aid are similarly assisted.
Kuenga Tshering said that the RENEW microfinance routinely hosts centre meetings for clients. After giving out loans, savings accounts, and collections, evaluate their budgeting records and make sure they understand financial literacy. Monitor their loan repayment progress and check to see if they are saving money each month.
To encourage them, Kuenga Tshering said, “If the clients fulfil the categories, they are recognised annually on World Savings Day.”
The best clients from Thimphu this year were Bishnu Maya Monger, Sangay Wangmo, and Indra Maya Tamang.
Similarly, the borrowers who apply for loans from RENEW Micro Finance Private Limited must submit a budgeting book. Loans are given if the clients properly fill out their budget books and examine their sources of income and outgoing costs.
