​​World Savings Day 2022 – History, Theme, Importance

World Savings Day is an event created to increase the public’s awareness of the importance of savings both for modern economies and for individuals alike. Savings is important in the global economy and every depositor contributes to its development.

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​History of World savings day 2022

World savings day 2021 date is October 31, 1924, during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy. The Italian Professor Filippo Ravizza declared this day the “International Saving Day” on the last day of the congress. World Savings Day or World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress.

There had been some examples of days that were committed to the idea of saving money to gain a higher standard of life and to secure the economy. For example,  the first national thrift day ​was celebrated in 1921. In other countries, such as Germany, peoples’ confidence in savings had to be restored because many ​people didn’t even think of saving since they had lost close to everything in the German monetary reform of 1923.

After the Second World War, World Thrift Day continued and reached the peak of its popularity in the years between 1955 and 1970. It became a veritable tradition in certain countries. In Austria, for instance, the official mascot of saving, the so-called ‘Sparefroh’ (literally: ‘Happy Saver’) 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.

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World Thrift Day 2022: Importance of Savings

The word ‘Thrift’ itself means to use resources in a wise and careful manner so that we don’t end up finishing it all up in one go. As we all know, financial resources are not available in abundance. Rather, they are limited. Therefore, it becomes important to safeguard money to gain a higher standard of life and to secure the country’s economy as well. Therefore, World Thrift Day even focuses on the financial security of the country.

That is why savings banks play an important role in enhancing savings in countries as they promote campaigns and initiatives such as working with non-governmental organisations in order to double the number of savings accounts held by the poor. On World Thrift Day, people are encouraged to be more mindful about their money and save it the right way.

It is necessary to save money for children’s education needs and bring hope for a secure future. Information on the need to save and the various areas available for saving were some of the information to be told to the common public through this day. Today, World Thrift Day has taken on a more significant role with commercial participation across the globe. Financial security is essential for a bright future. Saving money and investing them further in suitable commodities yield good returns, thus creating a sizeable contingency for one’s future.

Celebrating World Thrift Day 2022

Some of the common forms of celebrations include:

• Children should be encouraged and educated to begin with small savings. Parents can celebrate world savings day by gifting new piggy boxes to their children and introducing them to the concept of savings.
• Poster making competitions are held at various places to highlight the need to save and reserve assets for the future.
• People circulate many world savings day 2021 quotes to educate people about this day.
• Schools and colleges spread awareness among children by arranging debate competitions, quizzes, essay writing and college/poster making events.
• Financial institutions introduce attractive schemes to their customers to encourage them to indulge in more savings.
• People circulate printed copies of educational material about good and trustworthy saving instruments.
• Investment companies encourage people to invest in smart choices through various initiatives wisely.

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Takeaway

World Savings Day or World Thrift Day highlights the necessity of savings in every individual’s life. Savings encompasses many essential factors that generally mean ‘economising’ or ‘reserving’ a part of our stock to look forward to a bright future. Savings help us secure our future, along with preserving resources by avoiding wastage. World Savings Day is celebrated on October 31st every year.

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