How do personal saving contribute to the economy

Explanation:

A rise in the savings ratio can have a very significant impact on economic activity. ... If people save more, it enables the banks to lend more to firms for investment. An economy where savings are very low means that the economy is choosing short-term consumption over long-term investment.

Helps you to a goal long term

Explanation:

Savings and Economic Growth. By investing in such saving schemes, the individuals can save a considerable amount of tax. The governments in return invest thus earned capital in various development projects of the country that help to build a better economy. This also helps for the growth of economy.

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