Question

What do you mean by family savings? Name the sources for keeping savings safe. Explain any one source in detail.

Hint:

Always choose savings options that align with your financial goals. Higher returns often come with higher risks.

Answer 1

Family savings refer to money set aside by a household for future use, such as emergencies, education, or retirement. Sources for keeping savings safe include savings accounts, fixed deposits, mutual funds, government bonds, and life insurance. A savings account is a common and safe source. It offers interest and ensures easy access to funds while maintaining security.