The world observes World Savings Day on 31 October every year. The main objective of this observance is to promote the importance of savings and financial security worldwide. It encourages and educates people as well as nations to maturely deal with their financial securities.
This observance marks the anniversary of the first International Savings Bank Congress held in Milan, Italy. This observance is also popularly known as World Thrift Day.
History & Timeline of World Savings Day
Spain became the first country to formally acknowledge and encourage the idea of savings and financial security. In 1921, it became the first country to observe the national thrift day. Along with Spain, countries like the United States and Germany also reiterated the importance of savings. Particularly in Germany, where people lost their life’s savings during the German Monetary Reforms of 1923, the idea of financial security had to be restored. This resulted in the first International Savings Bank Congress in 1924. On the very last day of the congress session, Italian Professor Filippo Ravizza declared 31 October as the “International Saving Day“.
Hymn to Thrift: Musical Treasure
Italian music composer Giuseppe Pietri along with Gino Valori composed a Hymn of Thrift. The original title of this hymn is “Inno del Risparmo”. For over 95 years, the hymn has been successful in touching many lives and popularising the importance of savings.
The observance itself started as an educational activity. In 1928, World Savings and Retail Banking Institute aptly articulated Savings as “a virtue and a practice which are essential to the civil progress of each individual, of every nation, and of the whole of humanity!”. Later, the World Savings Banks Congress officially declared that schools are the most reliable ally in the field of teaching future customers.
World War II & Beyond
After the second world war, the concept of savings started becoming popular. As an observance, World Savings Day saw its pinnacle between 1955 and 1970. It was the dawn on savings culture in some countries. People’s enthusiasm for savings can be anticipated from the fact that an advertising figure named Sparefroh became more popular than the then President in Austria.
Savings in Present Time
Thrift education was a success in developed nations. In the current times, it has now become more important than ever that the developing nations take up the issue of financial security very seriously. Even today, there are countries with less than 10% of total savings accounts. The scenario needs to change for them. Education and awareness play a key role in encouraging people to opt for better financial security planning. In this regard, the observance of World Savings Day is all the more relevant.
World Savings Day Theme
“Saving money to gain a higher standard of life and to secure the economy” is the theme of World Savings Day. It has been a central theme of this annual observance throughout its inception.
Quotes on Savings
“Do not save what is left after spending; instead spend what is left after saving.” — Warren Buffett
“A penny saved is worth two pennies earned . . . after taxes. ” — Randy Thurman
“It’s unfortunate how some people complain about being financially unstable, yet they use their last savings to acquire material things.” — Edmond Mbiaka
“Savings, remember, is the prerequisite of investment.” — Campbell McConnell
“Wealth can only be accumulated by the earnings of industry and the savings of frugality.” — John Tyler