World Savings Day, also called the World Thrift Day, was established on October 30, 1924, during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milan, Italy. The Thrift Congress agreed that ‘World Thrift Day’ should be a day dedicated to encouraging people to save money all over the world. Savings banks enlisted the help of colleges, the clergy, and cultural, sporting, vocational, and women’s organizations in their efforts to encourage thrift. On the last day of the congress, Italian Professor Filippo Ravizza called this day “International Saving Day.” Savings may also assist a person in realizing their dreams or ambitions, such as beginning a company, getting medical attention, receiving a good education, or buying a house. Banks in the United States, Spain, and the United States have all adopted the idea of World Savings Day. Banks proposed the idea in order to improve the living conditions of the nation’s people. In the year 1921, World Savings Day was established as a holiday to commemorate the event. Even though other countries’ banks embraced the idea, it was difficult to put it into practice everywhere. Representatives from 29 countries wanted to bring the concept of saving to the attention of the global public, as well as its importance to the economy and the individual. The World Savings Day is normally celebrated on October 30th, except in countries where that day is a national holiday since the aim is for banks to be open so that people can deposit their savings.
World Savings Day, also known as World Thrift Day, was created to educate people all over the world about the importance of saving money rather than keeping it under their mattresses. Saving money to improve one’s quality of living and protect the economy has been a recurring theme throughout its history. The concept of World Thrift Day did not appear anywhere. There have been several days dedicated to the concept of saving money in order to improve one’s quality of living and secure the economy, such as in Spain, where the first national thrift day was observed in 1921, or in the United States. People’s confidence in savings had to be restored in other countries, such as Germany after many of them had lost their savings during the German monetary reform of 1923. The World Savings/Thrift Day was commemorated in a variety of ways, including posters, seminars, brochures, leaflets, press releases, chorus singing, broadcasting, and educational and propaganda films. In 1925, the first World Savings/Thrift Day was held, and the organizers had a good idea of what they wanted to promote. In the year 1928, Gino Valori and Giuseppe Pietri wrote a Hymn of Thrift. The Hymn of Thrift was later suggested to be composed by countries such as Germany, Spain, France, Czechoslovakia, Poland, Austria, Great Britain, and Belgium. In many nations, saving is regarded as a sign of both the country’s and its people’s maturity. Saving money is essential for a higher standard of living and the preservation of the economy. World Thrift Day continued after WWII, reaching its pinnacle in success between 1955 and 1970. In certain nations, it has essentially become a tradition. As a result, the World Savings Banks Congress affirmed schools as the most reliable partner for future customers’ education. Thrift education, it was suggested, was vital for everyone in order to use and spend money wisely. Savings is also a critical component in protecting people’s futures from potential adversities and uncertainties. It is also important for people to develop the habit of saving their hard-earned money and to oppose and combat gambling and lottery games. Banks that organize World Savings Day nowadays are focusing on developed countries, where many people are unbanked. Savings banks play an important role in encouraging people to save in these countries through various programs and projects, such as partnering with non-governmental organizations to double the number of disadvantaged people who have savings accounts.