Social aspects of savings

Saving has assumed greater importance in the economic development of the country although the phenomenon of saving is by no means new. The vital role of saving in the economic progress of a country was well understood by the economists and philosophers throughout the centuries past. In the general treatise on economics, the phenomenon of saving is mainly dealt with from the point of view of income, invest ment, trade cycle, taxation, financial insti tutions and economic motives. Recently saving has been studied as the main source of domestic capital formation, which enhances the economic development of the country. In a dynamic economy saving acquires a particular significance.

However, saving is not only economic phenomenon but it has sociological impli cations also. Unless and until an individual has some incentive to save, some motive or purpose to serve by saving, he will not save. The motive or purpose or incentive to save is essentially sociological and psy chological rather than economic. This study reveals that incidence and volume of saving depend upon the age of the house holder, age of the wife of house-holder, and the size of the family. Further, the sociological and psychological aspects have a greater bearing upon mobilisation of resources for development and defence.

This volume deals with the sociological factors, and studies in detail the pattern of saving in rural and urban India under social set up. The study reveals new insight and gives a new dimension to the problem of saving.