Bharat Stories
Light of Knowledge

World Savings Day

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Every year on the 31st of October, World Savings Day is observed. This year in 2017, the date is on a Tuesday. The World Savings Day was formerly known as ‘’International Saving Day’’ and was established in the year 1924 at the time of the first International Savings Bank Congress held in Milano, Italy. It was Filippo Raviza—an Italian professor who declared that the 31st of October should be observed as an International Saving Day, at the last day of the congress. The fundamental objective behind this day as it began to be observed every year since then has been the promotion of savings through savings banks and other associations like clergy, schools, women’s organizations as well as cultural organizations.

As on today, the World Savings Day has its primitive focus on developing countries, including India, wherein a huge population that still resides in the rural sector of the country remain unbanked, having no clue about the concept as well as benefits of savings. It is thus crucial that government banks as well as private banks take initiatives to raise maximum awareness about savings and the advantages of savings, including how one can double their money over a specific tenure, for these people to have a better and secured future monetarily.

Most people do tend to forget the observance of the World Savings Day simply due to the fact that it coincides with the international festival of Halloween—which always manages to get a lot of global media attention. However, it is important that we must known the worth of World Savings Day and do our best to make the concept and benefits of savings be known to the masses, so that they can make the best out of it, both for their present as well as future.

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