Question

Having a savings account can contribute to a person’s overall financial well-being. Which one of the following is NOT a benefit of maintaining a savings account?

a.
A savings account provides security in tough financial times
b.
With a savings account, you can invest when the opportunity presents itself
c.
Having a savings account gives individuals the ability to borrow money from members in the community
d.
A savings account allows an individual to fulfill life long dreams

Answer 1

Having a savings account can contribute to a person’s overall financial well-being. Which one of the following is NOT a benefit of maintaining a savings account?

a.

A savings account provides security in tough financial times

b.

With a savings account, you can invest when the opportunity presents itself

c.

Having a savings account gives individuals the ability to borrow money from members in the community

d.

A savings account allows an individual to fulfill life long dreams

Explanation:

C) Having a savings account gives individuals the ability to borrow money from members in the community

Answer 2

C) Having a savings account gives individuals the ability to borrow money from members in the community

A savings account definitely can help you with A and B. While D may sound a bit dramatic, a responsible savings routine and a savings account with a healthy balance can make great things happen. However, a savings account does not give you the ability to borrow money from members in the community. This is not a feature of a savings account.