World Savings Day a day to raise awareness on savings
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.