National Economy I: Savings and Ways of Saving 



Welcome to Class !!

We are eager to have you join us !!

In today’s Social Studies class, We will be discussing the National Economy, we will be focusing on Savings and ways of Saving. We hope you enjoy the class!



savings social studies classnotesng


Savings may be defined as a way of keeping money and other valuables for use at any time it is needed.


Traditional Method of Saving:

Before the modern methods or ways of savings, there had been different ways of saving money in the past which included:

    1. Keeping money inside clay pots.
    2. Keeping money in a dug ground.
    3. Entrusted into the care of relatives.
    4. Keeping with money keepers.
    5. Keeping money under sleeping materials such as mattress and pillow.
    6. Keeping money under the roof of the house



  1. Define savings.
  2. What are the traditional methods of savings?


Modern Methods Of Saving

Unlike the ways adopted for savings in the past, the modern ways of saving are more assuring and secured. Modern ways of savings are:

    1. In the banks.
    2. With financial houses.
    3. With cooperatives.
    4. By buying stocks or shares.


Reasons For Savings
    1. To have money for future use.
    2. For solving unexpected problems or emergency.
    3. For future investment.
    4. For safekeeping or security.
    5. To avoid wasteful spending.

savings II social studies classnotesng



  1. Identify four modern methods of saving.
  2. What are the reasons for saving money?



  1. What is the meaning of gender roles?
  2. Give five examples of gender roles.
  3. Mention five factors that influence gender roles.
  4. What is the meaning of gender stereotypes?
  5. Give examples of gender stereotypes.



Macmillan Social Studies Book 2 by M.A. Orebanjo, I.O. Osokoya, R. Acholonu et-al Pages 92-94.



  1. Savings means A. Keeping money for use at any time it is needed B. Spending money anytime C. Exchange of goods for goods D. Exchange of money for money.
  2. All the following are modern ways of saving except A. By buying shares B. in the bank C. keeping inside clay pots D. by saving with financial houses.
  3. All the following are reasons for savings except A. To have money for future uses B. For reckless spending C. for future investment D. For solving unexpected problems
  4. One of the following is not a way of saving in the past A. Keeping inside clay pots B. Keeping in a dug ground C. keeping in the bank D. Keeping money under sleeping materials
  5. Modern ways of savings are A. Not reliable B. Are not trustworthy C. are not assuring and secured D. Are assuring and secured.



  1.  Define savings
  2. Identify three traditional ways of savings.
  3. Give three reasons for savings.




We have come to the end of this class. We do hope you enjoyed the class?

Should you have any further question, feel free to ask in the comment section below and trust us to respond as soon as possible.

In our next class, we will continue our discussion on National Economy and we will be focusing on Keeping Money in the bank. We are very much eager to meet you there.


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