In 2020, Trade and Development Bank (TDB) launched the "Savings for Mongolia" campaign to enhance financial literacy among citizens. This initiative is rooted in the understanding that a nation's economic resilience heavily relies on the collective savings of its population.
According to the National Statistics Office, 76% of households in Mongolia lack savings—a concerning figure. The ongoing global pandemic has underscored the importance of being financially prepared for unexpected challenges. The pandemic significantly impacted the economic resilience of countries worldwide. However, studies conducted in Asia and Europe revealed that during these challenging times, people have been saving more than during normal periods, demonstrating a heightened awareness of the value of savings.
As part of the "Savings for Mongolia" campaign, TDB introduced the "Easy Savings" service, designed to help individuals grow their savings without financial strain. This service allows customers to automatically transfer a set amount of money from their accounts to their savings account every time they make a deposit or withdrawal, free of charge.
By simplifying the saving process, TDB aims to support individuals in building a more secure financial future.