Historically, savings banks were originally created to provide easily accessible savings products. Some were created on public initiative. Others were started by socially-committed individuals.
Savings banks are said to have originated in the 18th century.
More on the history of savings:
Refiloe and her husband are doing their best to instil a savings culture in their young children. Having to explain the importance of saving by using various analogies is simple at this stage.
They also have tools to use, such as the old-fashioned piggy bank as well as more developed child accounts.
They are interested in how to tell their children the history of savings by starting with their own family history, going on to include how it developed as a culture in their community.
The origins of the piggy bank dates back nearly 600 years, before banks existed. Money was often stored at homes before real banks existed.
Dishes and pots in the Middle Ages are said to have been made of orange-coloured clay called pygg. People would drop coins into these pots called pygg pots.
The name eventually evolved over the years, with the Old English-steeped version falling away. The modern piggy bank then became popular as miniature versions were often moulded out of clay and other materials.
These have become well-known in modern culture as savings tools.
The history of savings extends hundreds of years back and has evolved with the various forms of currency used to barter and trade.
Despite its humble roots, the act of savings has continued to evolve. Technology has made it simpler to save, while further tools have been developed to encourage this type of behaviour. Banks and financial experts continue to encourage savings as a step towards building wealth, along with creating a financial safety net.