Friday, May 17, 2024

Insights On World Saving Day

Introduction

Today is World Saving Day also known as World Thrift Day is celebrated on 30 October all over the world. The official date for this Day is October 31st, but in India, it is celebrated on 31 october because the former PM Indira Gandhi was assassinated on this day. The purpose of the day is to emphasize the importance of saving money, especially through banks rather to keep money at home. In this article, we will talk about significance of this day.

Meaning Of World Saving Day

This special day is celebrated to encourage and recognize the value of saving money. It is crucial because life is uncertain and we never know what might happen in the future. By saving money, we can avoid financial difficulties during times of need. It doesn’t matter how much we save, as long as we keep saving regularly. Saving money also brings emotional and social stability, and allows us to have a good quality of life. When we have enough savings, we don’t have to take loans or worry about paying monthly installments.

History Of World Saving Day

It is also known as World Thrift Day, was created in 1924 during a meeting called the International Savings Bank Congress. The Congress took place from October 24th to October 30th, and on the last day, the decision was made to celebrate World Savings Day every year. After the First World War, the significance of the day decreased, but it gained popularity again after the Second World War. The Congress decided to promote saving money in schools, colleges, and both private and government offices.

Initiatives Taken

Various steps is taken by banks in order to promote the importance of saving money. Below are some ways through which bank and government do this activity:

  • On World Savings Day, students will have the opportunity to participate in a campaign, educational program, and quiz competition. The goal is to promote the habit of saving money. There will be various ways suggested on how to save money.
  • Children are taught to save money by putting it in small boxes or pots. This is fun for them and helps them learn to save
  • Poster Making competition is conducted at different spots to encourage the students on the importance of savings. 
  • Schools and colleges will conduct quiz programs, awareness programs to make sure that they develop the habit of saving money.
  • Several campaigns and promotional activities are conducted by banks
  • Financial organizations promote new plans and schemes with their clients to increase the percentage of saving money. Banks also distribute brochures, booklets, or online resources that provide tips and guidance on saving, budgeting, and investment.
  • Promotion of mobile apps and online tools that help customers track their expenses, set savings goals, and manage their finances.
  • Offering free or discounted financial counseling services to help customers plan and manage their finances effectively.
  • Many banks organize financial literacy workshops, seminars, and webinars to educate customers and the public about the importance of saving and managing finances.

Conclusion

Saving money is like giving yourself a little boost in life. During the COVID-19 pandemic, we’ve seen how important it is to have savings. If you had medical insurance, you didn’t have to stress too much about money for medical bills. But if you didn’t have savings, it could be tough. It’s really important to save money wisely. Savings can help you become a better and more successful person. On World Savings Day, let’s promise to be careful with our money, save it, and invest it wisely.

Read More : What are the best ways to save money when you’re on a budget?

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