Authors :
Maburutse Modeson; Matsiwira Last; Sifile Obert
Volume/Issue :
Volume 9 - 2024, Issue 3 - March
Google Scholar :
https://tinyurl.com/5dvsnky7
Scribd :
https://tinyurl.com/2pz8mbv7
DOI :
https://doi.org/10.38124/ijisrt/IJISRT24MAR1627
Abstract :
The study analyzed the saving strategies that
lead to financial stability in the banking sector of
Zimbabwe, focusing on Steward Bank and CBZ Bank.
The research used the mixed methods approach. Data
from the 236 respondents that were analyzed in the
study obtained the following findings: the need to
review banking policy reforms to enable banks to offer
better rates to savers, account-operating costs are too
high; customers needed protection guarantees for their
deposits. Furthermore, it was noted that financial
literacy was high amongst bank customers and there was
lack of trust in the financial institutions by the
customers. The study recommended that the US Dollar
should be formalized as the only Zimbabwe currency
until the economy stabilized, reduction of account
operating charges and an increase in awareness of the
Deposit Protection Corporation to improve customers’
confidence levels with financial institutions will improve
savings in the financial sector.
Keywords :
Deferred Consumption, Deposit Mobilization, Financial Inclusion, Financial Literacy, Financial Stability, Rational Economic Agents and Subdued Savings.
The study analyzed the saving strategies that
lead to financial stability in the banking sector of
Zimbabwe, focusing on Steward Bank and CBZ Bank.
The research used the mixed methods approach. Data
from the 236 respondents that were analyzed in the
study obtained the following findings: the need to
review banking policy reforms to enable banks to offer
better rates to savers, account-operating costs are too
high; customers needed protection guarantees for their
deposits. Furthermore, it was noted that financial
literacy was high amongst bank customers and there was
lack of trust in the financial institutions by the
customers. The study recommended that the US Dollar
should be formalized as the only Zimbabwe currency
until the economy stabilized, reduction of account
operating charges and an increase in awareness of the
Deposit Protection Corporation to improve customers’
confidence levels with financial institutions will improve
savings in the financial sector.
Keywords :
Deferred Consumption, Deposit Mobilization, Financial Inclusion, Financial Literacy, Financial Stability, Rational Economic Agents and Subdued Savings.
