World Thirft Day or 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).
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.