World Savings Day 2020: World Savings Day is observed every year on 30 October. It was previously known as World Thrift Day. Is celebrated in many countries around the world to promote the importance of savings for the country’s economy and the individuals. As we all know savings is a necessity for the global economy and every depositor contributes to its development.
World Savings Day History
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.
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, World Savings Day became popular. And from then on, World Savings Day is being celebrated in many countries.
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
- Sudden loss of income, medical expenses, major home repairs, etc.
- Every year, the fees for education are rising so, saving money for your education is important.
- You will be retiring from work someday 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 vacation, saving money is important. Saving for a bigger down payment will make it easier to buy your dream home.