World Savings Day which is also known as World Thrift Day is annually celebrated on 31st October. The holiday highlights the necessity of saving for the future. There are many reasons why one would need to save, including for retirement, education, property purchase, marriage, etc.
This day promotes the habit of savings. The idea behind this day is to encourage people towards the practice of saving money, especially through thrifting. This holiday is so important that in some countries it is also observed as a public holiday.
We all have been in situations when we required extra money and we wished that we had savings for it. That's why savings is very important especially in today's volatile conditions of our world where we are seeing inflations rising all over the world because of many reasons hence it is always better to be prepared for any circumstances.
| Event | World Savings Day |
|---|---|
| Date | October 31, 2022 |
| Day | Monday |
| Significance | The day is set to promote the habit of Savings |
| Observed by | World wide |
World Savings Day History:
World Savings Day was started on October 30, 1924, at the end of the first International Thrift Congress in Milan, Italy. The day was officially launched by Filippo Ravizza, an Italian professor, who called it International Savings Day. In the resolutions of the Thrift Congress it was decided that "World Savings Day" should be a day devoted to the promotion of savings all over the world. In their efforts to promote thrift, the savings banks also worked with the support of the schools, the clergy, as well as cultural, sports, professional, and women's associations.
The idea of World Savings Day was not born out of nothing. There had been some examples of days earlier also that were committed to the idea of saving money in order to gain a higher standard of life and to secure the economy, for example in Spain where the first National Thrift Day was celebrated in 1921, or in the United States. 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 and even without any official celebrations there was a social norm about the importance of saving money from a long time in humanity.
After the Second World War, World Savings Day continued and reached the peak of its popularity in the years between 1955 and 1970 as after the effects of the war people became extremely cautious about their savings to avoid difficulties in any future conflict. It practically became a veritable tradition in certain countries. In Austria, for instance, the official mascot of saving, the so-called 'Sparefroh' (lit. 'Happy Saver', or rather "save happily!") reached a higher degree of brand awareness than the republic's President and even a street was named after him. In the 1970s, the 'Sparefroh-Journal', an educational magazine for younger people, reached a circulation of 400,000 copies.
Nowadays the focus of the banks that organise the World Savings Day is on developing countries, where many people are still without any bank accounts. Savings banks play an important role in enhancing savings in these countries with certain campaigns and initiatives such as working with non-governmental organisations in order to double the number of savings accounts held by the poor. However recent spikes in inflation and world events like pandemic and conflicts which resulted in stagnation of growth has forced people to take their savings more seriously.
World Savings Day Significance:
International Thrift Day, also known as World Thrift Day and World Savings Day, stresses the need for regular savings as an individual, family, and nation. Financial resources are in limited supply, so people should be careful about spending them. This day reminds us to rededicate ourselves to the habit of saving money. And because of the volatile situations of today's world which has been created through many reasons like first because of the coronavirus pandemic and then because of the certain conflicts taking place in our world which has resulted in the rising inflations and stagnant growth across the world.
On this day, individuals are encouraged to be more conscious of their income and save it properly on World Savings Day, particularly those who are poor or unemployed or does not have a job-security yet. Saving is important because savings provide a safety net in times of financial crisis. It assists us in beginning a business, obtaining a decent education, and receiving quality healthcare. Savings also provides emotional and social stability and a good attitude toward living a better lifestyle. It can help us avoid loans, reduce stress, and help to prepare for unexpected health care expenses.
The importance of saving prompted banks to open their doors to more people, especially in developing nations. Non-governmental organizations have also been very pivotal in bringing the importance of savings to the common public. World Savings Day is also a holiday that aims to influence children to save. Piggy banks have always been a good idea, as it creates a sense of wealth when the children realize how much they've saved so in this way it makes then aware about the importance of money in life and requirement to save it for essential needs.
Thrifting is considered a virtue in many cultures but people often get carried away by impulses and end up making avoidable purchases. On World Savings Day or World Thrift Day, the importance of thrifting and saving money is discussed to inculcate the habit of savings in the individuals of a nation. This day provides a great occasion for people to get together and promote the idea of reusing, and saving. On this day, people partake in various activities, such as thrifting, reusing items, and putting their savings safely into the bank.
World Savings Day Theme:
Every year, a different theme for World Savings Day is announced based on which the celebrations for the day are planned. The World Savings Day 2022 theme is "Savings Prepare You For a Better Future." This simple theme has a strong message for everyone who wishes to participate in the occasion.
This theme is indicative of the importance of savings. Economic stability achieved through the habit of saving and thrifting can ultimately lead an individual to lead a better life without any stress for financial crisis in the future. Overall saving is a very good habit as you never know what might happening future and when you will need money.
It becomes even more important when we look at the current scenarios taking place in our world so it is the perfect time for us to take our savings seriously and start practicing savings now so that we can avoid any financial crisis in the future otherwise ignoring it today can cause serious consequences for our future.
Most Searched FAQs on World Savings Day:
1. When is World Savings Day celebrated?
World Savings Day is annually celebrated on 31st October.
2. Who conceptualized the idea of World Savings Day?
Italian Professor Filippo Ravizza announced the first World Thrift Day on 31st October 1924 in Milan, Italy. Ravizza's motivation for declaring this day was to raise awareness within family groups about the importance of saving for the future.
3. What is the theme of World Savings Day 2022?
The theme of World Savings Day 2022 is "Savings Prepare You For a Better Future."