“It’s not how you make money but how you save it”, this is true for everyone. Everyone saves money for one or other reasons, to buy new shinning red shoes or a nice vacation to see the world. Saving is blended into our daily routines, but did you know there is a sperate dedicated for it. Not just in recent years, it has been celebrated for almost 94 years.

  • World saving day or World Thrift day is observed on 31st October every year to promote saving and the utilization of banks.
  • The specific date was chosen to commemorate the establishment of the World Saving Bank Institute (WSBI) in 1924.
  • The 94th anniversary WSBI or World savings day 2018 will be on 31st October, Wednesday.

Why World Thrift day is celebrated?

  • Thrift day meaning is Saving day it is celebrated to encourage saving that promotes the development of world economy and also individuals.
  • World savings day also focus on recognizing the efforts of savings and retail banks is in stabilizing the overall financial systems.
  • It’s a day to reinforce people trust in banks and create an awareness that saving in a bank is better than keeping money under the mattress.
  • In recent years 69% that is 3.8 billion people have now got bank accounts. In 2014-2017, 515 million have created accounts.

History of World Savings Day

  • In 1924 World saving day was launched in the first International Savings Bank Congress in Milano, Italy.
  • One of the major World savings day quote is “a virtue and a practice which are essential to the civil progress of each individual, of every nation, and of the whole of humanity!”
  • It is the common mindset of saving money to gain higher standards and also secures the economy. Spain was the first to celebrate national savings day in 1921.
  • Due to the German monetary reforms, many lost their money and trust in banks and this helped to regain their confidence.
  • World savings day popularity peaked after second world war as people wanted peace and stability in life. Now more than 80 countries celebrate International savings day.

World Saving day Activities

The world savings day activities stress the involvement of children and educating them about the virtue saving from an early stage. World Thrift day celebration takes place in various forms like Poster making, quiz competition, world savings day essays, and debates.

World savings day 2018 theme

World savings day is celebrated with a different theme to focus the efforts every year. World Thrift day 2018 theme is “What do you wish for? “representing that hope for something starts with saving today.

World Savings day in India

  • With various Indian government initiatives like Jan Dhan Yojana and other schemes to encourage citizen to utilizing bank facilities.
  • Due to this, the account holders in India have doubled since 2011; but still, there are 19 crore adults have no account.
  • World Thrift day in India is celebrated on 30th October instead of 31st as Prime Minister Indira Gandhi demised on 31st
  • Many educative camps and activities take place from national level to communal level across the nation.

‘Every penny saved is every Penny earned’, Himalai IAS coaching encourages savings on this World thrift day 2018 as a part of our India with world events.