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
Which one of the following is not a benefit of maintaining a savings account?
Answer:
The benefit that is not typically associated with maintaining a savings account is c. having a savings account gives individuals the ability to borrow money from members in the community. While savings accounts offer security, the opportunity to invest, and the ability to fulfill aspirations and life goals, they do not directly provide the option to borrow money from community members. Savings accounts are more focused on preserving and growing personal funds, providing financial safety nets, and achieving personal financial objectives rather than serving as a borrowing platform from community members. Borrowing usually involves formal processes through financial institutions or personal agreements rather than directly linking to the setup of a traditional savings account.