World Savings Day: History and Significance of the day -- Explainer

On October 31 every year, we celebrate 'International Savings Day' to remind us the importance of savings. However, in India. we celebrate it on October 30.

New Delhi: Life is uncertain and you never know what happens next to you in the near future. Hence, we can’t be depedent on our salary for a hurdleless life. Savings is very crucial instrument which we use during odd times. It can help us to deal the blow of hard times without suffering too much.

On October 31, we celebrate 'International Savings Day' to remind us the need of savings. However, in India. we celebrate it on October 30. The importance of savings has been increased more and more amidst the uncertain economic times and looming recession caused by geo-political conflict. 

History of World Savings Day

The history of World Savings Day goes back to the early 20th century in Europe. The idea was mooted at the end of the first International Thrift Congress in Milan, Italy. The day was officially launched by Filippo Ravizza, an Italian Professor, on October 30, 1924. He called it ‘International Savings Day’, which was eventually supported by an array of organisations around the globe.

With the aim to accelerate the tendency of savings among people especially in the post-war period, the idea had garnered a lot of popularity.

The idea prompted banks to open the doors for people to save more. The day gained the popularity post World War II. Since then, it’s been celebrated on October 31 every year. However, India celebrates one day earlier on October 30.

Significance of World Savings Day

It’s a time to remind the importance of savings in our life especially amidst the time we are living. We’ve seen one of the worst pandemics of this century which took many lives and destabilised our lives. The worst is over, however, we’re still reeling the aftershocks of the pandemic. Geo-political situation is getting trickier each passing day with the Ukraine-Russia conflict is one of the repercussions. Moreover, experts anticipate a mild recession next year.

Amidst the uncertain times, Savings is the only thing that can help people to deal the blows without any deep wound. Some may come out unscathed just because of savings they have in their bank accounts. Hence, it would be wiser to save more rather impusive spending for instant gratification and materialistic pleasure.

Theme of World Savings Day

The theme of this year is ‘Saving prepares you for the future’. The theme emphasises the importance of savings for unpredictable times