“When You Save A Bit, Big Things Happen!”– 2020 World Savings Day, A Mission Of Ethical And Economic Growth

- Corporate Affairs & Marketing Investrust Bank Plc

We trust that you had a restful weekend, are keeping safe from Covid – 19 and that you are well geared to celebrate our 56th Independence anniversary in style. The month of October is undoubtedly special. 24th October remains a very special day in the history of our country, and we should all be proud of it. During the past weeks, we have been sharing stories regarding managing money well today for a better tomorrow. We have been sharing tips about the importance of saving, and we have always stated that saving is a must-do activity in our lives, it must be a way of life. We should all ensure that we make Savings a habit and that we should involve our loved ones in the process, particularly our young ones. This will help them to grow into responsible adults who know and appreciate the importance of managing money well. This way, we will help to raise a nation of savers and ultimately help our country to prosper. Worrying about money should be a story of our past. This is because Money challenges and the stress that comes with worrying about the lack of it have the potential of adversely affecting our lives and could even lead to death.

October is a special month in the world of Savings. This is because the World Savings Day is commemorated on the 31st October annually. Dear Reader, this week, we will focus on this day so that we get to understand it better and appreciate why it is commemorated. Our message, however, is that we should not only think about Savings during this time but that it should be a way of life. During this time, you are encouraged to reflect about your Savings journey so that you make necessary and firm decisions regarding how you are going to ensure that you set life-changing Saving goals if not doing do already. You will be glad that you did.

The Birth Of World Savings Day 31st

October 1924 was not an ordinary day for representatives of 29 countries who gathered in Milan, Italy for the 1st International Savings Bank/Thrift Congress. Italian Professor Filippo Ravizza declared the last day of the congress, the ‘International Savings Day’. This was with the objective to devote the day to the promotion of savings all over the world. In executing this, the banks were to work in collaboration with identified stakeholders such as the clergy, schools and professional/womens’ associations.

Born Out Of Something Representatives

of the 29 countries wanted to bring the thought of Saving to the worldwide public and its relevance to the individual. The idea of World Thrift Day was not born out of nothing. There had been some examples of days that were committed to the idea of saving money in order to gain a higher standard of life and to secure the economy like in the case of Spain and the United States where the first national Thrift day was celebrated in 1921. In other countries, such as Germany, the peoples’ confidence in savings had to be restored since many of them had lost their savings in the German monetary reform of 1923.

The end of the Second World War, saw the World Thrift Day continue and reaching the peak of its popularity in the years between 1955 and 1970. It practically became a veritable tradition in some countries. In Austria, for instance, brand awareness about saving was so intense that a street was named after the President in recognition of his efforts in ensuring that people were reminded and taught about the importance of saving.

Shift In Focus

Over the years, the focus of the World Savings day has shifted to the developing world where many people still remain unbanked. Whereas we have made steady progress in Financial Inclusion (FI) over the years, we still have a lot of work to do regarding the improvement of our Savings culture. Banks are key stakeholders in this agenda, and it is pleasing to state that the regulator of banks, the Bank of Zambia, has taken the lead in championing the implementation of various activities aimed at raising awareness about Savings. It is important to know that achieving a nation of savers calls for collaboration among all stakeholders. It is for this reason that as Zambia joins the rest of the world in commemorating the 2020 World Savings Day on 31st October, through various activities, we must all remember to do the right thing. We must make firm decisions regarding how we will be Saving money going forward if we are not doing that yet.

The Big Deal – Why We Celebrate World Savings Day

Savings

is a smart thing to do; however, there may be obstacles in executing this. One of the barriers to saving is the lack of knowledge about the importance of doing it. It is for this reason that the World Savings Day is used to remind people about the importance of putting money aside for a rainy day and to share knowledge about the Savings products and services offering that is available to people. On this day, all stakeholders come together to share tips on the importance of Savings and how we can accelerate our Financial Freedom journey. We celebrate this day to position Savings as a key activity in our lives and one that we must make a way of life. Saving changes the quality of life in many aspects. Some of these include the ability to start businesses, improve on our education as well as getting our young ones into better schools and buying a home/other things we value in life. Remember that wealth creation begins with the first ‘ kwacha’ that you put aside, do not feel discouraged about making the first step because once you get started, you will see that it surely works and eventually you will be your own cheerleader! When you get to this level, please do not forget to carry others along on this great journey of discovery, Sharing is Caring!

2020 World Savings Day – My Business, Your Business, Our Business

Come

31st October, 2020, Zambia will join the rest of the world in commemorating this year’s World Savings Day which will be held under the theme, “When You Save A Bit, Big Things Happen!” After all, has been said about World Savings Day, what do we have to do with it? The answer is simple, everything! You and l have everything to do with it. It is our responsibility that we make life-changing decisions regarding saving. Let us start now and let us do so collectively as families. Please remember to teach the young ones about the importance of saving early enough in their lives so that we contribute to raising a Zambia of Savers. Let us begin to save a bit each month, it is these small savings that will birth big things. It is our responsibility!

Until next week, please stay clear of Covid - 19 by adhering to health and safety guidelines as shared by the Ministry of Health.

Be blessed and remember to be a blessing to others!

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