World Sav­ings Day a day to raise aware­ness on sav­ings

Oman Daily Observer - - FRONT PAGE -

The World Sav­ings Day has passed with­out any cel­e­bra­tion by banks or fi­nan­cial in­sti­tu­tions on the oc­ca­sion. Cel­e­brated world­wide on Oc­to­ber 31 each year, the day aims at spread­ing aware­ness on the con­cept of sav­ings among so­ci­ety through events that pro­mote in­di­vid­ual sav­ings in par­tic­u­lar. It warns against the grave con­se­quences of over­spend­ing and ir­ra­tional use of credit cards for pur­chas­ing goods.

World Sav­ings Day was first de­clared on Oc­to­ber 31, 1924, dur­ing the First World Sav­ings Con­ven­tion held by World Sav­ings Banks As­so­ci­a­tion in Mi­lan, Italy. It was ded­i­cated to en­hanc­ing sav­ings across the globe.

Ac­cord­ingly, sav­ings banks, in an ef­fort to en­hance sav­ings, pro­vide sup­port for school events, re­li­gious fig­ures and cul­tural, sports, vo­ca­tional and women’s cel­e­brate this day.

Each year, World Sav­ings Day is cel­e­brated in some coun­tries when there is no of­fi­cial hol­i­day since the idea be­hind it is for banks to be open that day for peo­ple to go and de­posit sav­ings in their ac­counts and con­sider sav­ings as a global con­cept that ben­e­fits both the econ­omy as well as in­di­vid­u­als.

The idea for the day did not ap­pear out of the blue. In fact, there were some ex­am­ples that in­spired the con­cept of sav­ing money to en­joy a bet­ter liveli­hood and se­cure the econ­omy. For ex­am­ple, Spain cel­e­brated the First Na­tional Sav­ings Day in 1921, and Ger­many fol­lowed suit where it was cru­cial to re­gain the na­tion’s trust in sav­ings since many lost theirs in the Ger­man mone­tary re­form in 1923.

Af­ter World War II, World Sav­ings or­gan­i­sa­tions to Day went on strong and reached peak pop­u­lar­ity be­tween 1955 and 1970, prac­ti­cally be­com­ing a blind tra­di­tion in some coun­tries.

In the present day, banks or­gan­is­ing the World Sav­ings Day fo­cus on de­vel­op­ing coun­tries where many peo­ple lack aware­ness on bank­ing is­sues. Sav­ing banks play an in­te­gral role in en­hanc­ing sav­ings in these coun­tries by launch­ing cam­paigns and ini­tia­tives such as work­ing with non-gov­ern­ment or­gan­i­sa­tions to dou­ble sav­ings ac­counts of the poor.

World Sav­ings Day is an event that raises global aware­ness on the im­por­tance of sav­ing money whether for emerg­ing economies or in­di­vid­u­als. Sav­ings are key for global econ­omy and each saver con­trib­utes to its de­vel­op­ment.

Group banks aim at pro­mot­ing the pos­i­tive con­cept of sav­ing to im­prove the econ­omy, and thus so­ci­ety mem­bers shall be in­volved with civil in­sti­tu­tions to re­vive it. Sav­ings has been considered an ex­pres­sion of a na­tion’s ma­tu­rity.

On World Sav­ings Day, the par­tic­i­pat­ing com­pa­nies launch cam­paigns by putting up posters, de­liv­er­ing lec­tures, pub­lish­ing book­lets, leaflets and press ma­te­rial, broad­cast­ing ed­u­ca­tional films and ad­ver­tise­ments and set­ting up recre­ational pro­grammes. Schools also con­duct special cour­ses to ed­u­cate chil­dren on the virtues of sav­ing money.

In the past 90 years, World Sav­ings and Bank­ing Ser­vices In­sti­tute for In­di­vid­u­als and its mem­bers cel­e­brate each year a day ded­i­cated for the virtue of sav­ing money, fo­cus­ing on the role of achiev­ing sta­bil­ity by sav­ings and bank­ing ser­vices for in­di­vid­u­als in the global fi­nan­cial sys­tem.

Mean­while, sav­ings banks play an im­por­tant role in en­hanc­ing sav­ings in these coun­tries through the launch of a num­ber of cam­paigns and ini­tia­tives such as col­lab­o­ra­tion with non-gov­ern­ment agen­cies to dou­ble the num­ber of sav­ings ac­counts owned by the poor.

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