National Savings Movement
Encyclopedia
The National Savings Movement 1916 to 1978 was a British mass savings movement created to raise funds from the public to finance the deficit of government spending
over tax revenue
s. The movement was instrumental during World War II in raising funds to support the war effort
. In peacetime the movement provided an easy and safe way for ordinary people to save small sums of money. The movement grew to around 7 million members before ceasing during the 1970s as more modern methods of saving took over. Savings products promoted by the movement typically offered a low level of return but the safety of a government guarantee.
By 1946, the movement employed 1190 civil servants at an annual cost of £1.5 million, excluding unpaid volunteers. The amount raised by the movement at that time was £105,000 per week compared with £5 million in 1943.
According to a parliamentary answer, in 1950 there were about 185,000 local National Savings groups with a membership of about 7,000,000. The amount of small savings invested was over £6,100 million. The Trustee Savings Banks
funds had reached £1,000 million.
On 30 March 1966 a ceremony was held at the London Guildhall to celebrate the fiftieth anniversary of the founding of the movement, which was attended by Queen Elizabeth II.
On 30 July 1976 the Government announced that all 580 civil servants who supported the, otherwise voluntary, movement would be withdrawn over two years as part of public spending cuts. Without this administrative support the movement was unable to function and its National Committee met for the last time on 16 February 1978. Attempts to restructure the movement into a more general money management service had failed due to a lack of financial support from the government and the banking industry.
to support the war effort. Local savings weeks were held which were promoted with posters with titles such as "Lend to Defend the Right to be Free", "Save your way to Victory" and "War Savings are Warships".
and enamel badges awarded to members for long service.
Government spending
Government spending includes all government consumption, investment but excludes transfer payments made by a state. Government acquisition of goods and services for current use to directly satisfy individual or collective needs of the members of the community is classed as government final...
over tax revenue
Tax revenue
Tax revenue is the income that is gained by governments through taxation.Just as there are different types of tax, the form in which tax revenue is collected also differs; furthermore, the agency that collects the tax may not be part of central government, but may be an alternative third-party...
s. The movement was instrumental during World War II in raising funds to support the war effort
War effort
In politics and military planning, a war effort refers to a coordinated mobilization of society's resources—both industrial and human—towards the support of a military force...
. In peacetime the movement provided an easy and safe way for ordinary people to save small sums of money. The movement grew to around 7 million members before ceasing during the 1970s as more modern methods of saving took over. Savings products promoted by the movement typically offered a low level of return but the safety of a government guarantee.
History
The movement was created in March 1916 as the National Savings Committee and this was supplemented by volunteer local committees and paid civil servants. A number of different organisations were loosely affiliated to make up the movement, including the Trustees Savings Banks and National Savings (previously the Post Office Savings Bank).By 1946, the movement employed 1190 civil servants at an annual cost of £1.5 million, excluding unpaid volunteers. The amount raised by the movement at that time was £105,000 per week compared with £5 million in 1943.
According to a parliamentary answer, in 1950 there were about 185,000 local National Savings groups with a membership of about 7,000,000. The amount of small savings invested was over £6,100 million. The Trustee Savings Banks
Trustee Savings Bank
The Trustee Savings Bank was a British financial institution which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market and, unlike mutually held building societies, depositors had no voting rights nor the ability to direct the financial and...
funds had reached £1,000 million.
On 30 March 1966 a ceremony was held at the London Guildhall to celebrate the fiftieth anniversary of the founding of the movement, which was attended by Queen Elizabeth II.
On 30 July 1976 the Government announced that all 580 civil servants who supported the, otherwise voluntary, movement would be withdrawn over two years as part of public spending cuts. Without this administrative support the movement was unable to function and its National Committee met for the last time on 16 February 1978. Attempts to restructure the movement into a more general money management service had failed due to a lack of financial support from the government and the banking industry.
Campaigns
The movement was particularly active during war time when government spending was heightened. During World War II a War Savings Campaign was set up by the War OfficeWar Office
The War Office was a department of the British Government, responsible for the administration of the British Army between the 17th century and 1964, when its functions were transferred to the Ministry of Defence...
to support the war effort. Local savings weeks were held which were promoted with posters with titles such as "Lend to Defend the Right to be Free", "Save your way to Victory" and "War Savings are Warships".
Symbols
One of the early symbols of the movement was the swastika but this was replaced with an image of St. George slaying the dragon before the start of the Second World War after the swastika was adopted by the Nazis.Records
Archives of local savings committees may sometimes be found in local county archives, including in Wales, Essex, Walsall and others.Ephemera
A wide range of printed and other ephemera exist for the movement including leaflets, membership certificates, posters in the popular styles of the period, savings stampsSavings stamp
A Savings Stamp is a stamp issued by a government or other body to enable small amounts of money to be saved over time to accumulate a larger capital sum. The funds accumulated may then be used to make a larger purchase such as taking out a savings bond or to pay a large upcoming bill...
and enamel badges awarded to members for long service.