Publication Date: 2024/04/11
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.
DOI: https://doi.org/10.38124/ijisrt/IJISRT24MAR1627
PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT24MAR1627.pdf
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