Know about World Savings Day from Paras Mali of Hanumangarh.
Paras Mali.
World Savings Day is celebrated on 30 October. The day was started with the intention of raising awareness among people around the world about the idea of depositing their money in a bank instead of keeping it under the mattress or at home. It promotes savings and financial security not only for individuals but for the entire country. In this article, we will learn about this day, its history, and its significance.
About World Savings Day
World Savings Day, also known as Vishwa Bachat Diwas, underlines the importance of savings in every person’s life. Saving means ‘saving’ or ‘reserving’ a part of your regular income so that it can be used to build a bright future. Saving secures the future and also conserves resources by avoiding wastage.
World Savings Day is a program to raise awareness about the importance of savings for individuals and as a responsible contributor to the development of the country, saving money is also important for the economic growth of the country.
People save money for their old age, retirement, children’s education and marriage or to fulfill any unfulfilled dream in their life.
History of World Savings Day
The purpose of establishing this day was to encourage people to save money that was lost after the First World War.
World Savings Day was first started on 31 October 1924 by the World Savings Bank Society.
This day was started by an Italian professor Filippo Ravizza. He named this day “International Savings Day”.
The purpose of declaring this day by Mr. Ravizza was to create awareness among family groups to save for their future, their children, medical emergencies and unforeseen circumstances.
However, some countries have a history of celebrating Savings Day long before World Savings Day came into existence. For example, Spain has been celebrating the day since 1921 and Germany started it a few years later in 1923.
Importance of World Savings Day
This day emphasizes on financial security, which is essential for a bright future. Saving money and investing it in suitable items gives good returns, creating a great contingency for the person’s future.
This day is used to spread information to the general public about the need for savings and the various areas available for savings.
‘Frugality’ means using resources wisely and carefully so that we do not end up spending everything at once. Therefore, savings banks play an important role in promoting the culture of savings and investment in countries. They run campaigns and start initiatives, such as working with NGOs to double the number of savings accounts of the poor.
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