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 as 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. Although this concept was supported by banks of other countries, it was difficult to apply this concept everywhere. 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.
World Savings Day will be celebrated on 31 October 2019, worldwide. In India, it is celebrated on October 30th 2019.
History of World Saving Day
On October 31, 1924, was named as 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, promoting savings across the world. Savings Bank also actively participated in the promotion of savings. The banks received support from women organizations, professionals, sports associations, pastors, schools and many other organizations. World Saving Day was originally promoted as a mission of ethical and economic growth.
The first World Savings Day was celebrated in 1925 and its organizers clearly knew what they wanted to promote. Savings in many countries are considered as the stage of maturity of both the country and the public. 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 is promoted and promoted through educational films, broadcast, chorus singing, press articles, leaflets, brochures, lectures, and posters.
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. For example, ‘Sparfruh’ (literally: ‘Happy Sewer’) gained the popularity of the official amulet of savings in Austria that there was a street named after it. 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 of those countries believe in saving money and practically no one who has no 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 of the poor, the Savings Bank Bill and Melinda Gates Foundation also work with.
A composition of a song of World Saving Day
Guinea Valorie and Giuseppe Petri created the Saving Day song in 1928. Later countries like Germany, Spain, France, Czechoslovakia, Poland, Austria, Great Britain and Belgium were asked to prepare the song.
World Savings Day is also to promote savings in educational institutions like schools of member countries and thus various savings movements were planned in schools. Special courses in Savings Week were prepared to teach children about the “saving” qualities. Savings Bank Passbook and Money Box were broadcast in schools. 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 which 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. It was suggested that saving education for every person is important so that their money can be used wisely. 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.
Why is World Savings Day celebrated?
World Savings Day is very popular in many countries and the reason for this attraction is that there are many obstacles in 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. The basis is also formed to earn more income for saving investment.
A day is celebrated to promote saving among the general public. This is a global festival celebrated by especially responsible retail and savings banks, cultural organizations, sports bodies, and skilled agencies. 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. It is celebrated on October 30 in every district of every state in India. 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.
This day is celebrated in different styles in different countries. Although the focus of most countries remains the same, that is to educate people about the importance of saving money. Letters, posters, and brochures are distributed to inform about the importance of savings among the public. Educational films and press articles have also been made in different parts of the world so that the importance of saving money can be shared. Since the habit of saving in children is needed, savings campaigns are organized in schools. If children have knowledge about the benefits of saving and thus they can help in their approach. The piggy bank and savings account passbook is distributed among children. Information about the importance of saving lives in school with the children of the school is shared. Children are very positive in using savings bank accounts and bags.
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. Customers are also informed about the importance of holding formal savings bank accounts. Since most of the bank accounts in the world account for savings, it is one of the most important forms to keep.
Savings revolution helps in promoting people’s saving practice 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.
Savings in India are funded for the time of old age. India is one of the few countries with the highest savings rate in the developing economy of the world. Small savings have played a big role in controlling the savings made by small savers for the planned development of India.
On the occasion of World Savings Day, several retail and savings banks in Brazil, Mexico, Zambia, Thailand, Colombia, Cote d’Ivoire, Tanzania, Italy, Germany, 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 ‘National Savings Institute’ organize World Savings Day celebrations on 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 nationwide campaign and released a special advertisement in regional and national newspapers. Promotional campaign includes messages from high officials to increase awareness about the ability of people to be saved. “Savitri Pakhwada” celebrations celebrate World Savings Day celebrations during a fortnight. Various programs like rural and urban savings seminars, campaigns, meetings, posters/banners exhibitions etc. in specific public places are organized throughout the country.
World Saving Day theme was in 2019: “Hold on to your financial future”.
The saving of 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 of savings everywhere.