There was a time when the concept of hidden charges (or concealed costs) in the world of commerce was almost unknown or rare, if at all prevalent. But now our commercial banks, for instance, have to make categorical assertions that there are no hidden charges in their financial products that they offer so zealously to their targeted customers.
Vulnerable customers. One has to be truly doubly vigilant when it comes to these marketing matters. But this hidden charge is not my story here. I would like to focus on a large colour newspaper advertisement that has announced a school banking scheme for students (called young savers) where a bank account can be opened with Rs 5 only. And the young savers can continue with the account up to 18 years of age.
This young savers account, as it is called offers a 10 percent interest p.a. and has been initiated by a private bank. Just a thought I would have imagined that even the government banks would do this or even the Pakistan post office. Even the directorate of savings could come up with small savings schemes for school children, so as to cultivate the habit of savings.
Right now what children, and young people are being motivated and allured into is the culture of consumerism. There is so much to say on this point. But look at all the consumerism, especially through varied forms of advertising that is targeted at children. And see how advertisers lend credibility to the illusions they sell use them. And in all this keep in mind the rising prices and the psychological impact of this on the majority of the families.
The savings habit is weak in this society, and unfortunately we have seen the promotion of consumerism, in many worrying ways, in recent years in this society. The state has done this, and indeed the private sector has done this, and advertising has played its inevitable role too. It is sadly, so rare, to hear today that children save, or want to save, or have the traditional moneybox in their formative years.
I am reminded of the moneybox that was introduced in my school in Karachi, in the late fifties. A private foreign bank (the National and Grindlays Bank), as it was called then did this.
The school: St Lawrence's Boys High School, Soldier Bazaar, Karachi. I remember many details, including the treasured passbook that I had - and the rupees saved, and the bank staff that came to the school regularly to enable us to save or encash. I think it was mostly to save. I am distracted by other thoughts about school days then, what summer vacations meant in those days.
But let me pursue with my memory of the school banking that I was provided, as a result of which I have continued with that bank account, and bank for over half a century now. The bank management and ownership have changed of course, as indeed have other systems, but that account I have retained for sentimental reasons for some time now. I do not know how relevant it is to recollect that the bank never seemed to sell us more of the bank's services later in life. It simply let the banking habit remain. It is a pleasant memory from school days.
The school banking that has surfaced in 2008 promises an ATM card for young savers aged 16 and above. The maximum balances for saving is Rs 500,000 and there are allowed five withdrawals in a month. And with certain conditions applying, there is free Internet banking facility available.
Indeed it is going to be interesting to see how school children respond to this. Whether they want to save or spend the money, pocket money, the Eidee etc that they get from time to time. Personally, I can see large long-term benefits were there to truly get trapped in the savings habit.
There is no denying that Pakistani society needs to create a culture of enabling people to save, howsoever small be the amount. It appears that five rupees are a good enough amount, at least for one bank!
For all the negative insecurity images that Pakistan today carries, and one glaring evidence of it is the recurring hesitation of foreign cricket teams to play in this country, the fact is that visitors do keep coming. And while some come for the news, others come to create news, and still others for reasons commercial, cultural, political. Of course tourism is virtually a lost theme, and given the way we are moving, good old tourism where men and women, travel for leisure is unlikely to be meaningful in the foreseeable future.
Last week, there was in town Dr Vishakha N Desai, President and CEO of the Asia Society. A fluent and forthright communicator, she is Gujrati born, and is the first woman President of the US-based Asia Society and the first Asian to head the organisation.
And the Moderates Chairman, Syed Jawaid Iqbal, invited her to an interactive session at his residence last week. The guests were from varying backgrounds: political, academic, business, media. It was informative and reflected the diversity of opinions, reflecting partly the fact that Jawaid Iqbal had said at the outset "50 percent of the audience were not moderates". Fifty percent?
I think it was Senator Iqbal Haidar who said that it was time to realise that the silent majority (or moderates) cannot afford to remain silent any more, or else they will be silenced forever. And it was the Siemens CEO Wajahat Siddiqui who said that the silent majority was silent because they have a vested interest, and therefore, something to lose. He was comparing them to the extremists and the militants in this society.
There was no specified theme for the meeting. But taking into view that the Asia Society seeks to deepen connections among the people of Asia and the United States, it was inevitable that the questions and answers would be within that context.
Dr Vishakha Desai began her informal talk by saying that she was an Indian American, an Asian American, and American in India and an Indian in the United States, and occasionally spoke in Urdu and Gujrati with her audience. She has been residing in the United States for 35 years. Individuals like her mirror the way the world has changed in the last couple of decades - as well as the rich diversity and conflict of the global scene.
Dr Desai joined the Asia Society in 1990 and has an M.A and doctorate in Asian Art History from the University of Michigan. As a regular speaker and commentator in the media she focuses on cultural, social, educational, business and policy trends and their implications for the US-Asia relationship and Asian regional ties.
There was plenty of mention of how huge the media has become the world over, including in Pakistan. And that the media is far more open today than ever before, but the challenge is the veracity of truth. There are so many sources of news in today's world, she remarked, as if to underline the challenge of getting to know the truth.
That evening I think Dr Desai was listening more than she was talking. I guess that is what an Asia Society president in the United States would do well.
And finally a quote from Saadi who said "whatever makes an impression on the heart seems lonely in the eye."
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