World Savings Day is observed annually on October 31 worldwide. Formerly known as World Thrift Day, this day is celebrated in India on October 30. This day is dedicated to promoting the importance of saving and learning more in the same way.
An important day to be remembered by the people and the economy of the country. Saving, as we all know, is a necessity for all investors who contribute to economic development.
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History
World Savings Day was first introduced in 1924 as World Economic Day at the first International Thrift Congress held in Milan, Italy. It was decided that the day would be marked around the world to promote the idea of saving money and restoring public confidence in banks. The date was established in 1925 during the 1st International Savings Bank Congress (World Society of Savings Banks). Since people were not sure of saving after World War I, the idea was to make people aware of the importance of saving money. Savings banks have worked with funding from schools, offices, women’s organizations and sports to promote savings. The day came to a standstill after World War II in view of the emergence of a world with better care of resources.
Significance
Since financial resources are not always available in large quantities, it is important to protect money and raise awareness with a lever. Campaigns, brochures, and posters were distributed that included saving money. The day also focuses on the country’s financial security. The role of banks on this day is very important as they come up with new ideas to go to people to gain more understanding and remember their savings.
Also, as the majority of people do not have access to banking services, savings banks partner closely with NGOs and other non-profit institutions to support understanding. It is also very important to educate people under the category of poverty or unemployment so that they can save money for their needs including illness, disability or old age.
World War 2 And Beyond
After the second world war, the concept of saving began to gain popularity. As a celebration, World Savings Day came to the fore between 1955 and 1970. People’s enthusiasm for saving can be expected as an advertiser named Sparefroh is more popular than the then President of Austria
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Saving in present time
Economic education was successful in developed countries. In modern times, it is even more important for developing countries to take financial security seriously. Even today, there are countries with less than 10% savings accounts. The situation needs to change for them. Education and awareness play a key role in motivating people to choose the best financial security plan. In this regard, the observance of World Savings Day is of utmost importance.
Theme
The theme for 2021 is highly anticipated, and exciting ideas and new ways around the world are being invited to suggest new ways to celebrate this day. A theme is usually a representation of an event, idea or program that helps us perform the chosen work in a vivid and attractive way. World Savings Day themes often focus on finance, investment, finance, savings and consolidation of financial resources. They help to communicate the message of savings, helping themselves to the same amount at certain times in the future.
ALSO READ: international-day-for-the-eradication-of-poverty
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