World Savings Day, also called World Savings Day, is celebrated around the world on October 31 every year. This function was started in 1924 to promote the value of bank savings and to restore the confidence of citizens in banks.
This day was started during the first congress held at the International Savings Bank in Milan, Italy. The last day of the Assembly was declared World Savings Day. The concept of World Savings Day was adopted by the United States and Spain and United States banks.
To promote a better standard of living for the people of the nation, the bank suggested this concept. World Saving Day was first introduced in the form of a holiday in 1921 as a festival.
Germany had to face challenges to make citizens happy because the citizens of Germany did not trust the banks after losing their savings in 1923 due to monetary reform policies.
History of World Saving Day
October 31, 1924, was named World Savings Day. It was the last day of the first International Savings Congress held in Milan in 1924. It was resolved that World Savings Day should also be a dedicated day, to promoting savings across the world.
Savings Bank also actively participated in the promotion of savings. The banks received support from women’s organizations, professionals, sports associations, pastors, schools, and many other organizations. It is important to save money and to keep the economy safe.
National Savior Day was celebrated for the first time in Spain and America in 1921. However, people’s faith in countries such as Germany rose again because in 1923 the German monetary reform did not leave people anywhere.
World Saving Day continued even after World War II and reached its height of popularity between 1955 and 1970. It has practically become a complete tradition in many countries. In the era of the 1970s, the ‘Sparrow-Journal’, an educational magazine for the youth, received the distribution of 400,000 copies.
Even today, savings education is extremely popular in developed countries because most people in those countries believe in saving money, and practically no one has a bank account. The concept of saving people towards inspiration is still challenging, where the proportion of savings accounts in developing countries is very low and difficult to exceed 10%.
Savings banks play a major role in promoting savings in developing countries with various development and campaigns. To increase the number of savings accounts for the poor, the Savings Bank Bill and Melinda Gates Foundation also work.
A composition of a song for World Saving Day
Guinea Valorie and Giuseppe Petri created the Saving Day song in 1928. In later years, countries such as Germany, Spain, France, Czechoslovakia, Poland, Austria, Great Britain, and Belgium prepared the song.
Savings Day was also designed to promote savings in educational institutions like schools in member countries, which is why several savings movements were organized in schools. Schools broadcast Savings Bank Passbook and Money Box during Savings Week to teach children about saving qualities. Thus, World Savings Day apparently affects school savings to a great extent.
Initially, World Savings Day was partly an educational activity. The World Savings Bank Institute said that savings are a practice and there is an asset that is essential for the social progress of a person, a nation, and the entire community. Thus, the World Savings Bank Congress took the support of schools as the most trusted partner to teach future clients.
Savings are also an important element to protect the future of people against any future adverse circumstances and uncertainties. It is also important that people should avoid playing gambling and lottery games to save money for their hard work.
What is the purpose of World Savings Day?
World Savings Day is very popular in many countries and the reason for this attraction is that there are many obstacles to savings. Since the high rate of unemployment and poverty is still strong in many parts of the world. It is very important to educate people to save money.
Savings are important for dealing with the bad days of life. This is especially important for the day when there is a hindrance in income generation for many reasons like illness, employment, disability, or old age.
World Saving Day reminds us of the importance of regular savings to be safe. Savings also help a person in achieving a dream or goals such as starting a business, doing health care, getting a good education, or buying a home.
How is World Savings Day celebrated? / World Savings Day activities
World Saving Day is celebrated every year on October 31. The celebration includes local MPs, district collectors, MLAs, and almost every government official. Earlier it was celebrated in India on October 31, but since World War II Indira Gandhi’s death on October 31, 1984, World Savings Day is celebrated on October 30.
Although the focus of most countries remains the same, that is to educate people about the importance of saving money.
Retail banks and savings banks take several steps in educating people about the benefits of saving through various means. For each of these steps, it is easy to open a savings account and make depositing money. Since most bank accounts in the world account for savings, it is one of the most important forms to keep.
The savings revolution helps in promoting people’s saving practices and provides good support to small investors. It also helps in mobilizing funds to meet the needs of the country’s planned economic and social expansion.
On the occasion of World Savings Day, several retail and savings banks in Brazil, Mexico, Zambia, Thailand, Colombia, Cote d’Ivoire, Tanzania, Italy, Germany, and Austria conduct marketing ceremonies for existing customers and potential customers. Many member states run savings movements for several weeks or whole months.
In New Delhi, Indian members of WSBI’s National Savings Institute’ organize World Savings Day celebrations at their regional headquarters. The domestic savings movement includes all stakeholders such as expansion agencies, the provincial government, post offices, insurance companies, and banks.
National Savings Institute launched a nationwide campaign and released a special advertisement in regional and national newspapers.
“Savitri Pakhwada” celebrations celebrate World Savings Day celebrations during a fortnight.
World Saving Day theme in 2023: “Saving prepares you for the future“.
Saving your money is important for everyone’s future. It is important not only at a personal level but also at the national level because it brings down the poverty rate of a country which contributed to a large extent towards economic growth.
World Saving Day reminds people to come together in a saving mission. It affects various banks, schools, people, and communities so that it is possible to spread the enthusiasm for savings everywhere.
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|International Day for Elderly People||1st October|
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|Wildlife Week||2nd to 8th October|
|World Habitat Day||First Monday of the month of October|
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|World Post Day||9th October|
|International Day for Natural Disaster Reduction||11th October|
|World Standards Day||14th October|
|World Students Day||15th October|
|World Food Day||16th October|
|World Savings Day||30th October|
|National Unity Day||31st October|