World Savings Day 2021 : History, Importance, Theme, Activities and Quotes

The World Savings Day is observed yearly across the globe to educate people all around the world about the idea of saving their money in a bank.

World Savings Day 2021 

World Savings Day, also called the World Thrift Day, is celebrated on October 31st every year. In India it is celebrated on October 30th. It is celebrated every year on the same date to make people aware of methods for saving their money and its needs.

The purpose of this event is to raise public awareness of the importance of savings both for present economies and for individuals alike. The savings helps in protecting the environment by avoiding wastage and contributes to the economic growth of the nation.

History of World Savings Day 

The World Society of Savings Banks established the World Savings Day for the first time in Milano, Italy on October 31st in 1924. The day was formally declared as “International Savings Day” by the Italian Professor Filippo Ravizza.

Mr Ravizza declared this eventful day mainly to bring awareness amongst the families to save for their future, to save for their children, medical crisis and unexpected circumstances.

world thrift day

There are particular examples where governments celebrated savings day within their countries much before World Savings Day came into existence. For instance, in Spain the first national thrift day was celebrated in 1921. In Germany, the confidence of people in savings was observed in the year of 1923.

After the second world war, the concept of savings continued with its popularity in between 1955 and 1970.

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In present times, it has now become a major concern than ever that the developing nations take up the issue of financial security very seriously. Even today, there are nations with less than 10% of total savings. The scenario needs to change for them.

world savings day

Therefore, World Thrift Day was established to promote savings all over the World. Originally, the idea was to educate families, children and thereby the whole society to save and particularly convince them of the importance of saving.

Importance of World Thrift Day

The word ‘Thrift’ itself means to use resources in a wise and careful manner so that we don’t end up finishing it all up in one go. As we all know, many countries don’t have financial resources available in plenty.

Therefore, it becomes important to safeguard money to gain a higher standard of living and to secure the country’s economy as well. As a result, World Thrift Day even focuses on the financial well-being of the country.

Most importantly, there are many barriers in saving for poor people since the rate of unemployment and poverty are high in many countries around the world. So, it’s necessary to educate people to save money as it is needed during unemployment, illness, disability or old age.

On World Thrift Day, people are encouraged to be more mindful about their money and save it the right way.

World Savings Day 2021 Theme 

The theme for 2021 is much awaited, and exciting ideas and innovative ways are called in worldwide to suggest novel ways to celebrate the day.

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However, past year themes followed on this day were:

  • The World Savings Day 2020 theme- “When you save a bit, big things follow”.
  • 2018 presented a questioned theme – “What do you wish for?”
  • 2017 had a beautiful theme in place – “Know and Plan your finances to live a better life”.

How is World Thrift Day Celebrated? 

The day is celebrated in different forms in different countries. However, the primary focus remains the same i.e. educating people about the significance of saving money. Leaflets, Posters and Brochures are distributed amongst the masses to inform them about the importance of savings.

In addition, many events and seminars are also conducted to highlight the need of money saving. Educational films and Press Articles are also created in various parts of the world in order to share the importance of saving money.

importance of world savings day

Since the habit of saving money is needed to be inculcated in children, Saving Campaigns are organized in schools. Children possess knowledge about the advantages of saving and thus it can help them in their outlook. Moreover, piggy banks are distributed amongst the children. Information is shared with the school children about the importance of savings in their life.

Quotes

Some very famous quotes about International savings day are as follows:

world thrift day quotes

quotes on savings day

quotes on savings day

In conclusion, World Savings Day is an important day to promote financial literacy. Financial and entrepreneurial skills provide young people with the tools which can make them agents of change in their lives. It is important to  provide social and financial education especially to those who are the most vulnerable.

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