World Savings Day
World Savings Day is celebrated annually on 31st October worldwide. In India, the day is celebrated on 30th October. The day was established with the intent of raising awareness among people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress or at home. This promotes savings and financial security for not only the individuals but for the nation as a whole. In this article, we will know about the day, its history and its significance.
|Observed on (Worldover)||31 October|
|Observed on ( India)||30 October ( The day is not celebrated on 31 October because the former PM Indira Gandhi was assassinated on this day).|
|Theme of 2021||Understanding the Importance of Savings|
World Savings Day, also known as World Thrift Day, is a holiday we celebrate on October 31 every year. The holiday highlights the necessity of saving for the future. There are many reasons why one would need to save, including for retirement, education, property purchase, marriage, etc. It is also good to be prepared for unforeseen circumstances and save, even if you have no plans for the money yet. In certain situations, saving has been a lifesaver as it helps to overcome sudden unfortunate situations. A great way to start saving early is by availing scholarships in your early student life
About the World Savings Day
- World Thrift Day, also called World Savings Day, underscores the importance of savings in every individual’s life. Savings means ‘economising’ or ‘reserving’ a part of our regular income to be able to use it to make a bright future. Saving secure ones’ future and also preserves resources by avoiding wastage.
- World Thrift Day is an event to raise awareness about the importance of savings for individuals and as a responsible contributor to the country’s development, saving money is important for the country’s economic growth as well.
- People save money for their old age, retirement, children’s education and marriage or to achieve an unfulfilled dream in their lives.
- The day gained prominence only after the Second World War when people evolved and started taking good care of their resources. Today, World Thrift Day has taken on a more significant role with commercial participation across the globe.
- The theme for World Thrift Day 2021 was ‘Understanding the importance of savings‘. This day has gained effectiveness over the years as every person today is encouraged to think about capital savings.
History of the World Savings Day
The motive of establishing this day was to encourage people to save money that was lost after the first world war.
- World Savings Day was first started by the World Society of Savings Banks on 31 October in 1924.
- The day was launched by an Italian Professor, Filippo Ravizza. He called the day “International Savings Day”.
- The motive of Mr Ravizza to declare this day was to bring awareness amongst the family groups to save for their future, to save for their children, medical emergencies and unforeseen circumstances.
- However, certain countries have a history of celebrating savings day within their countries much before World Savings Day came into existence. e.g Spain has been celebrating the day since 1921 and Germany started it a few years later in 1923.
World Savings Day started on October 30, 1924, at the end of the first International Thrift Congress in Milan. The day was officially launched by Filippo Ravizza, an Italian professor, who called it International Savings Day. The idea was quickly supported by various associations who also saw the importance of saving.
Though there are accounts of individual countries that observe a day for saving, World Savings Day made the idea more universal, bringing more people on board. Also, some countries needed encouragement due to the effects of war. However, after the Second World War, thrifting became more popular than ever.
The importance of saving prompted banks to open their doors to more people, especially in developing nations. Non-governmental organizations have also been very pivotal in bringing the importance of savings to the fore.
Each year, World Savings Day has a different theme that encapsulates the spirit of saving. These themes encourage more people to engage in the habit of saving. Likewise, banks and other financial institutions have come up with several schemes that help people to save more and make meaningful investments. On this holiday, the government and institutions such as schools and media outlets raise awareness to encourage more people to save.
World Savings Day is also a holiday that aims to influence children to save. Piggy banks have always been a good idea, as it creates a sense of wealth when the children realize how much they’ve saved. And let’s be honest, even adults love the idea of piggy banks!
Significance of the World Thrift Day
- The day emphasizes on Financial security, which is essential for a bright future. Saving money and investing it further in suitable commodities yield good returns, thus creating a sizeable contingency for one’s future.
- The day is used to spread information on the need to save and the various areas available for saving to the common public.
- ‘Thrift’ itself means using resources in a wise and careful manner so that we don’t end up exhausting it all up in one go. Therefore savings banks play an important role in promoting the culture of saving and investing in countries. They do campaigns and launch initiatives, such as working with non-governmental organizations in order to double the number of savings accounts held by the poor.
How to Observe World Savings Day
- Start saving
World Savings Day is all about saving money, and there’s no better time to begin than now.
- Open a savings bank account
It is necessary to open a savings account where your money is secure to prevent theft and impulse spending.
- Encourage your children to save
Teach your children the importance of saving. Tell them the theme of the holiday, and encourage them to save a little from their pocket money.
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