What Is World Savings Day and Why Is It Important?

O n the day of October the 31st in 1924, during the first International Savings Bank Congress in Milano, Italy, World Savings Day was founded. On the last day of the conference, Italian Professor Filippo Ravizza designated October 31 to be "International Saving Day."

Savings Before 1924

It's not as if there was no concept of saving money before International Saving Day was established. Prior to that, there had been several dates dedicated to the notion of saving money in order to improve your individual standard of living and furthermore to safeguard the economy.

In 1921, for example, the first National Thrift Day was observed, which commemorated thrifting.

However, in the German Monetary Reform of 1923, most people lost nearly everything they owned, and thus did not even consider saving at all. Thus, the faith of the German people in savings had to be restored.

The Persistence of World Savings Day

The World Savings and Retail Banking Institute and its affiliates have been pioneering a yearly event committed to spreading the virtue of citizens pinching pennies for upwards of 90 years.

World Savings Day was the inaugural campaign of the World Savings and Retail Banking Institute, which remains to be the representative of savings and retail banks in almost 80 countries worldwide.

Observed all around the globe, World Savings Day continues to be significant for people who participate actively in local celebrations.

The Increasing Importance of World Savings Day

For those located in Brussels, World Savings Day, as observed by the World Savings and Retail Banking Institute and it’s affiliates, focuses a greater emphasis on the anchoring influence of savings and retail banking in the entire economy.

It reflects some aspects of the spirit of local financial banks: being accountable and responsible stakeholders in communities, being connected to the clients and servicing families, SMEs, and local municipalities.

World Savings Day activities, in the region covered by World Savings and Retail Banking Institute member banks, highlight their locally focused approach to banking.

How Is World Savings Day Celebrated?

As with any other global celebration, World Savings day is celebrated differently across the world. However, the values being celebrated and the virtues being preached remain the same.

Austria

The Austrian Group of Savings Banks took part in a variety of exercises in Austria, such as marketing campaigns including adverts to honor World Savings Day and inspire savings. Also, they held cultural events endorsed by Austrian Savings Banks, massive events with national government representatives, educational events with kids on the significance of saving, amongst other events.

Belgium

In Brussels, the World Savings and Retail Banking Institute conducted a workshop on "Innovative Financial Techniques for the Developing World" in collaboration with allies of the Europe/Development Policy Forum.

Germany

The Association of Savings Banks organized a mass press event in Germany to emphasize the benefits of pensions and savings.

Italy

In Rome, the Italian Savings Banks Association conducted a major event with the Governor of the Bank of Italy and the Italian Minister of Economy and Finance.

Kenya

The Kenya Post Office Savings Bank and the Kenyan Ministry of Finance partnered to undertake a national branding campaign, which included the debut of the latest savings item as well as a minor contest for those who opened savings bank accounts.

Korea

Various Korean enterprises, including financial companies, the Korean military, institutions, federal organizations, and others, were awarded funding. The financial institution that nominates winners is the Korean Federation of Savings Banks, which considers factors such as wealth, gender, regularity of deposits, growing deposit rate, locality, and career opportunities.

Sri Lanka

"Ithurum Ne Gam," a road display akin to a road parade, was arranged by the National Savings Bank in Sri Lanka. In decorated buses, employees from the main office and chosen offices traveled around 100 kilometers from Colombo to the city of Galle. In Galle, then, there was a competition with rewards.

Tanzania

The Tanzania Postal Bank marked the occasion with a promotion dubbed "Shiriki, Shinda, Jiwezeshe." Customers who made a deposit of at least TZS 50,000 (US$ 38) were eligible to win cash and several other prizes including refrigerators, bicycles, and televisions.

World Savings Day Hymn

Gino Valori and Giuseppe Pietri produced a Hymn of Thrift in 1928. Austria, Belgium, Czechoslovakia, France, Germany, Great Britain, Poland, and Spain have all been recommended for successive editions of the Hymn of Thrift.

In Conclusion

Of the many great virtues that we must employ in our lives, saving is one of them. Now that you know what World Savings Day is, we hope it can inspire you to save more.

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• saving
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• world savings day