50 Years Ago: Why the Workers Save (1991)

The 50 Years Ago column from the June 1991 issue of the Socialist Standard

The Times (April 21st 1941) published an article based on first-hand knowledge of the workers’ attitude towards the Government savings campaign. The writer comments on the fact that many workers save in order to be able to face the anticipated depression after the war. “A majority of the working-class expect hard times after the war,” he writes, and quotes a Bradford weaver, who said : —

“I think there’ll be a big slump. I was in t’last slump; it was a terrible time. People didn’t save anything. I was always telling them, if it’s only two or three shillings, don’t spend more than you need. If it’s anything like the last, God help them.”

The naive writer of the article is rather surprised to learn that the attitude of the workers towards saving is not like that of the capitalist: —

“It is only in a very few instances that a working man is putting by money as a form of capital accumulation, which will eventually enable him to invest in property or become a small trader. Most often saving is a form of insurance against known contingencies : marriage, sickness, death, unemployment, old age, hard times . . . even at the poverty level families frequently save, at the expense of their elementary subsistence needs . . . ”—(The Times, April 21st, 1941.)

In short, the capitalist saves out of his superfluity in order to accumulate capital; the worker saves out of his insufficiency in order to protect himself against capitalism and the capitalist.

[From the Socialist Standard, June 1941.]