World Savings Day 2019: History And Why It Is Celebrated

Every year on 30 October, World Savings Day, previously called as World Thrift Day, is celebrated in many countries around the world. This day is observed to promote the importance of savings for the country's economy and the individuals alike. Savings is a necessity for the global economy and every depositor contributes to its development.

History Of World Savings Day

World Savings Day was first introduced on 30 October 1924 to encourage the importance of bank savings and restore people's confidence in banks. It was established during the 1st International Savings Bank Congress (World Society of Savings Banks) In Milan, Italy.

On the last day of the congress, Italian Professor Filippo Ravizza declared the day as the International Savings Day. The intention was to make the public aware of the importance of saving money mainly because people were not confident about saving anymore after the First World War. The savings banks also worked with the support of schools, offices, sports, and women's associations to promote savings.

After the Second World War, the World Savings Day became popular. And from then on, World Savings Day is being celebrated in countries like Belgium, Austria, Italy, Cuba, Colombia, Germany, India, Indonesia, Dominican Republic, etc.

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Why Is World Savings Day Celebrated?

There are many obstacles in savings for poor people since the rate of unemployment and poverty are high in many countries around the world. So, it's necessary to educate people to save money as it is needed during unemployment, illness, disability or old age.

Importance Of Savings

• During emergencies such as sudden loss of income, medical expenses, major home repairs, etc., you will require money and it will prevent you from going into debt.
• Every year, the fees for education are rising so, saving money for your education is important.
• You will be retiring from work some day and so you will need savings to replace the income you will no longer get from your job.
• If you want to buy luxury cars and go on vacations, saving money is important.
• Saving for a bigger down payment will make it easier to buy your dream home.