Speech outline on why you should start a savings account - Essay Example

A speech Outline on Importance of a Savings Account INTRODUCTION Attention hook: How many of you have ever thought of opening a savings account?Thesis sentence: Saving money is a crucial aspect in the management of personal finances. I advise everybody to at least set aside some funds as savings for future occurrences. Focus: Savings should be a crucial element in the financial planning of a person.Preview of pointsA. assists in time of emergenciesB contributing towards retirementC future development and investments Connect with audience: A savings account comprise accounts in financial institutions into which, customers deposit Focus: Savings should be a crucial element in the financial planning of a person a percentage of their income.

They are provided with a monetary return in form of interest. Developing a financial plan assists in saving some funds due to various reasons and occurrences. Savings requires confidence and discipline of an individual since it is a tasking procedure which has a direct impact on financial decisions. This is because it determines the financial future for the family and society.Testimony: David John, a policy advisor testified that there is an increase in the retirement insecurity because fewer people are saving (Gillen & Levinson 134).

Statistics: statistics shows that people have concentrated in spending their finances than saving.76% of the population which indicates that they spend their money in meeting household requirements. The data from EBRI indicate that in 2013, the savings of 51 percent of workers aged 45-54 were less than $25000.Transition: There are various reasons that necessitate the need to start a savings account by every person. Point 1Transition: Having a savings account is important in emergency situations such as sickness, accidents, and loses of job.

Evidence: An individual will be relieved if they have funds under a savings plan which will meet the above contingencies. It is also significant that an efficient insurance cover is taken because it will assist in the management of the unexpected financial distress.Analysis: Statistics shows that only 25 percent of the American people have adequate emergency savings. Savings therefore assists in catering for emergency situations.Summary: this shows how most people are not prepared to handle any financial emergencyPoint 2Transitional sentence: Have you ever imagined how you will earn a living after retirement?

Evidence: The second reason that compels for creation of a savings account is contributing towards retirement. This involves saving for the future and earning interest that will cater for forthcoming expenses.“Is it devastating to retire without an effective pension plan?” Analysis: The average percentage of retirement savings in 2014 has been determined as $35,000.Summary: It is therefore essential for every working individual to save in order to get enough money for upkeep after retirement.

Point 3Transitional sentence: Saving accounts are established also to cater for the initial payment for a house. This applies to persons who are interested in owning personal homes in the future.Evidence: They benefit also because they are entitled to affordable prices and interest rates. Education is enhanced through setting aside money that will be used for further studies. This is important in the attainment of master’s and doctorate degrees and for educating children (Gillen & Levinson 200).

Creation of a savings account is also significant in the process of investment protection. This is because it protects the business’s asset portfolio since these accounts caters for unexpected expenses such as induced sale of property. This should encourage investors to avoid investing their money in speculative assets in the volatile market. Individuals with savings in financial institutions are advantaged since they have the potential to venture into vast business opportunities. This is beneficial, therefore, because amassing wealth is important in the attainment of financial objectives (Claxton 87).

CONCLUSIONTransition: There is continuous uncertainty in the standard of living in the economy which has necessitated for opening of savings accounts.Restating preview of points: This is because several citizens are affected by the dynamic change in the level of the economy; emergencies and retirement. This is symbolized by the fluctuations in the interest rates and the volatile employment markets.Restating thesis: opening a savings account is therefore a crucial financial obligation to every individual.

Linking back to the audience: All these factors call for savings as one partial solution at a personal level. Opening a saving account should not be considered an option by all of you but rather a necessity.Closing with impact: Savings accounts should be prioritized on a person’s financial journals. This must involve developing a saving tradition that ensures an effective liquid asset management. This ensures that there is improvement in the state of the economy. Think of your tomorrow, your future plan and the unpredictable financial uncertainties.

It is only through savings you can overcome them. Everyone should therefore think of opening a savings account today.WORK CITEDClaxton, N. (2008). Using deliberative techniques to teach financial literacy. New York: International Debate Education Association.Gillen, D. W., & Levinson, D. M. (2004). Assessing the benefits and costs of ITS: Making the business case for ITS investments. Boston: Kluwer Academic Publishers.United States. (2004). The benefits of health savings accounts: Hearing before the Subcommittee on Workforce, Empowerment & Government Programs of the Committee on Small Business, House of Representatives, One Hundred Eighth Congress, second session, Washington, DC, March 18, 2004.

Washington: U.S. G.P.O