World Savings Day to promote savings and financial security of the individual and the nation as a whole

Photo: IENS

New Delhi: 2022 marks the 98th celebration of World Savings Day on October 30, and the theme is “Saving Prepares You for the Future”. This simple theme has a strong message for anyone who wants to participate in the occasion”.

World Savings Day was created to educate people around the world about saving their money in a bank rather than keeping it under their mattress or at home.

The first International Savings Congress held in Milan, Italy in 1924 declared October 31 World Savings Day. The purpose of celebrating this day is to change our behavior towards saving and constantly reminds us of the importance of wealth.
However, in India, due to the death of the late Prime Minister Indira Gandhi on the same day in 1984, this day is celebrated on October 30.

Wealth in terms of savings will serve as a safeguard against the financial crisis. It helps us start a business, get a good education, and get good health care. The habit of saving will give independence to both the people and the country.

Economy is one of the ancient Indian virtues. From childhood, our parents teach us the importance of wealth and the need to save money. A well-known saying is “Cut your coat to fit”, meaning always live below your means.

World Savings Day is celebrated around the world to promote the habit of saving and savings. Countries like Spain, the United States and Germany enthusiastically celebrate World Savings Day. World Thrift Day is a great event to come together and promote the idea of ​​reusing and saving.

People participate in various activities on this day, such as saving, repurposing items, and depositing their savings safely in the bank. It is an important day to remember for the individuals and the economy of the country. Saving, as we all know, is necessary for any depositor who contributes to economic development.

History of World Savings Day Saving is considered a virtue in many cultures, but people often get carried away by their impulses and make avoidable purchases. On World Savings Day, the importance of saving and saving is discussed to teach the habit of saving to individuals of a nation. The idea for World Savings Day came out of nothing. Also some examples of days earlier that committed to saving money to earn a higher standard of living and secure the economy, for example, in Spain, where the first National Savings Day was celebrated in 1921, or in the United States.

In countries like Germany, people’s confidence in saving needed to be restored because many of them had lost their savings during the German currency reform of 1923. Even without official celebrations, there was a social norm on the importance of saving money for a long time. in humanity. Although the idea of ​​institutionalizing the habit of savings to ensure financial security at all times was in progress, it was in 1924 that the first International Savings Congress was held in Milan, Italy, during of the International Congress of Savings Banks (also known as the World Society of Savings Banks). Filippo Ravizza officially launched the day; an Italian professor called it the International Day of Savings. World Savings Day was instituted to promote the habit of saving and better management of money and wealth. The importance of the day peaked between 1955 and 1970. Following the horror of the two world wars, citizens became increasingly aware of the importance of saving. Meaning of World Savings Day People are encouraged to be more aware of their income and save it properly on World Savings Day, especially those who are poor or unemployed. Here is why this day is important:

  1. On this day, the focus is on saving money.
  2. Savings provide a safety net in times of economic crisis. It helps us start a business, get a decent education, and receive quality health care.
  3. Countries and the people who live there can enjoy economic independence if they develop the practice of saving.
  4. Savings provide emotional and social stability and a good attitude towards a better lifestyle.
  5. Savings can help us avoid loans, reduce stress, and prepare for unexpected health expenses.
  6. Banks and non-governmental organizations are key to understanding the many ways to save money.

World savings day timeline
  1. 1800 – A Different Kind of Savings – People hide their coins, especially silver dollars, inside cast iron pipes in their homes.
  2. 1924 – First World Savings Day Celebration – The world celebrates the first World Savings Day or Day of Savings with posters, lectures, brochures, leaflets, press articles, choirs , broadcasts, educational and propaganda films.
  3. 1928-‘Anthem of the economy‘ Composed-Gino Valori and Giuseppe Pietri compose the ‘Hymn of Thrift’ to give more life to the savings.
  4. 1970-A Saving Mascot, the official Austrian savings mascot, Sparefroh or happy saverbecomes more popular than the president of the republic and even has a street named after him.

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