​World Savings Day​​​ was established on October 13, 1924, during the 1st International Savings Bank Congress in Italy. Italian Professor Filippo Ravizza declared this day the "International Saving Day" on the last day of the congress. Also called 'World Thrift Day', World Savings 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. The World Savings Day held on October 31 since the idea is for the banks to be open, so that the people are able to transfer their savings into their account. National Savings Day 2020: From Keeping Your Credit Card at Home to Utility Savings, Follow 6 Easy Tips to Limit Your Expenditure & Save Money for Future.

Today, banks and financial institutions around the world, celebrate World Savings Day to increase awareness about the importance of savings both for households and for the country’s economy. They conduct lectures on the importance of saving, the history of World Savings Day, the role of savings in the national economy and how every depositor contributes to its development.

For more than 90 years, the World Savings and Retail Banking Institute tried to spread the need to annually dedicate a day to promote the virtue of people saving money. Called World Savings Day, it was the first initiative of WSBI, the voice of savings and retail banks in around 80 countries. The day promotes the idea of saving money to gain a higher standard of life.

In Spain, the first national thrift day was celebrated in 1921. In Germany, the confidence of people in savings restored since many of them had lost their savings in the German monetary reform of 1923. The most well-known element of World Savings Day is the 'Sparefroh' in Austria. 'Sparefroh' literally means 'Happy Saver', or rather "Save Happily!"

(The above story first appeared on LatestLY on Oct 29, 2020 07:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).