World Saving’s Day observed globally

World Saving’s Day observed globally

Established by the World Society of Savings Banks during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milan, Italy on October 31, 1924, World Saving’s Day celebrates its 90th instance today. The Italian Prof. Filippo Ravizza pronounced this day the “World Saving Day” on the final day of the Congress. In the resolutions of the Thrift Congress, it was chosen that the “World Thrift Day” ought to be a day dedicated to the promotion of savings across the globe.  In their endeavors to encourage thrift, the investment funds banks likewise worked with the support of the schools, the pastorate, cultural, sports, and women’s associations.

The 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 and is celebrated by many countries across the world. The main topics are focused on the importance of savings in the global economy and how every depositor contributes to its development.

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

Nowadays the focus of the banks that organise the World Savings Day is on developing countries, where many people are unbanked. Savings banks play an important role in enhancing savings in these countries with certain campaigns and initiatives such as working with non governmental organisations in order to double the number of savings accounts held by the poor.

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