World Savings Day, also known as World Thrift Day, is a holiday we celebrate on October 31 every year. 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. It is also good to be prepared for unforeseen circumstances and save, even if you have no plans for the money yet. In certain situations, saving has been a lifesaver as it helps to overcome sudden unfortunate situations.
Saving tips for students
It’s good to get into the habit of saving early on in life, and although going to college is seen as a huge debt building exercise, it doesn’t have to be that way. A great way to start saving early is by availing scholarships in your early student life. Clueless about where to start? Visit Scholaroo to find all the information that you will need on scholarships.
History of World Savings Day
World Savings Day started on October 30, 1924, at the end of the first International Thrift Congress in Milan. The day was officially launched by Filippo Ravizza, an Italian professor, who called it International Savings Day. The idea was quickly supported by various associations who also saw the importance of saving.
Though there are accounts of individual countries that observe a day for saving, World Savings Day made the idea more universal, bringing more people on board. Also, some countries needed encouragement due to the effects of war. However, after the Second World War, thrifting became more popular than ever.
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 fore.
Each year, World Savings Day has a different theme that encapsulates the spirit of saving. These themes encourage more people to engage in the habit of saving. Likewise, banks and other financial institutions have come up with several schemes that help people to save more and make meaningful investments. On this holiday, the government and institutions such as schools and media outlets raise awareness to encourage more people to save.
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. And let’s be honest, even adults love the idea of piggy banks!
World Savings Day timeline
People hide their coins, especially silver dollars, inside cast iron pipes in their homes.
The world celebrates the first World Savings Day or Thrift Day with posters, lectures, brochures, leaflets, press articles, chorus singing, broadcasting, educational, and propaganda films.
Gino Valori and Giuseppe Pietri compose the ‘Hymn of Thrift’ to bring more life to saving.
Austria’s official mascot of saving, Sparefroh or Happy Saver, grows more popular than the republic’s president and even has a street named after him.
World Savings Day FAQs
What’s the importance of a savings bank account?
A savings account will keep your account secure, and will probably offer you some interest on your savings.
How much should you save?
There’s no fixed percentage required for saving, but it is good to save as much as you can.
Who started World Savings Day?
In 1924, Filippo Ravizza officially announced the commencement of International Savings Day, otherwise known as World Savings Day.
How To Observe World Savings Day
World Savings Day is all about saving money, and there’s no better time to begin than now.
Open a savings bank account
It is necessary to open a savings account where your money is secure to prevent theft and impulse spending.
Encourage your children to save
Teach your children the importance of saving. Tell them the theme of the holiday, and encourage them to save a little from their pocket money.
5 Interesting Facts About Saving
Banks sometimes offer interest on savings account
Ask your bank for an interest-based savings account and get going.
Americans spend more than $2,000 on unexpected expenditures.
Save without seeing the money
You can have a certain amount of money set aside for saving directly from your salary or wages.
Save money by saving resources
When you spend less on commodities like water and electricity, you’re also saving your money.
Saving can make you rich
Many millionaires start out by saving money, which they later use to do great things.
Why We Love World Savings Day
Savings keep us accountable
When we save some of our money, we understand where our remaining money goes, making us conscious of our spending.
World Savings Day has interesting themes
There are themes that make this holiday more fun and interesting. For example, the theme for 2020 was, “When you save a bit, big things follow.”
Saving prepares you for the future
This is because our plans are for the future, and money is usually needed to achieve them.
World Savings Day dates