World Thrift Day 2020: Date, History; Significance of Savings

World Savings Day is observed every year on October 31 all over the world. Previously known as World Thrift Day, this day is celebrated in India on October 30. This day is dedicated to promote the importance of savings and learn more about the same.

It is an important day to be remembered for individuals as well as the country’s economy. Savings, as we all know, is a necessity for every depositor who contributes to the economic development.

History

World Savings Day was first introduced in 1924 as World Thrift Day at the first International Thrift Congress held in Milan, Italy. It was decided that the day will be marked across the globe to encourage the idea of saving money and restore public’s confidence in banks. The day was established in 1925 during the 1st International Savings Bank Congress (World Society of Savings Banks). As people were not sure about saving after the First World War, the idea was to make people aware of the significance of saving money. The savings banks operated with the support of schools, offices, women’s associations and sports to foster savings. The day gained prominence post the Second World War looking at the evolution of the world in taking good care of resources.

Significance

As financial resources are not available in abundance always, it is imperative to safeguard money and lever awareness. Campaigns take place and brochures, posters are distributed and displayed that speak of saving money. The day also primarily focuses on the financial security of the country. The role of banks on this day is all the more important as they come up with new ideas to approach people so that they gain more insight and become mindful about their savings.

Also, as the majority of the population does not have access to bank services, the savings banks associate closely with NGOs and other non-profit establishments to uphold cognizance. It is also extremely essential to educate people who fall under the poverty or unemployment category so that they can save money for their needs including illness, disability or old age.