- The World Savings Day 2023 theme set up by the International Savings Bank Congress is “Conquer your Tomorrow” through savings!
- Let us commit to working towards the financial wellbeing of our customers: Seema Prem – Co-founder and CEO at FIA Global
NE BUSINESS BUREAU
AHMEDABAD, OCT 29
The World Savings Day 2023 theme set up by the International Savings Bank Congress is “Conquer your Tomorrow” through savings!
World Savings Day — a day devoted to the promotion of savings — is celebrated on October 30 in India and on October 31 all over the world. The day highlights the necessity of savings for the future. Savings is imperative as it helps us in meeting financial commitments at a future date, for example, to buy a house or a car.
However, the common aim behind celebrating the day is to promote the importance of savings.
The World Savings Day 2023 theme set up by the International Savings Bank Congress is “Conquer your Tomorrow” through savings!
On the eve of World Savings Day, Seema Prem – Co-founder and CEO at FIA Global says, “In these times of economic uncertainty, the onus falls on us, impact fintechs, to curate products that empower our financially vulnerable low-income customers. This World Savings Day, let us commit to working towards the financial wellbeing of our customers.”
World Savings Day 2023 Significance
World Savings Day has gained more importance in the recent past and it promotes the importance of saving money through different modes.
- On World Savings Day a new campaign, awareness program, and quiz competition will be conducted among the students to encourage saving money. Money can be saved in different modes
- Children are taught to save small funds by encouraging them to save money in small savings boxes or piggery pots. It will attract them and they will develop the habit of saving.
- 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 and Poster making competitions 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.
Saving money is a lesson which we learnt first from our parents in our childhood. However, it holds significance in the latter phase of our lives as saving money is a necessity for every individual at a personal level. Also, as a responsible contributor to the country’s development, saving money is important for the country’s economic growth as well.
World Savings Day was established on October 30, 1924, during the first International Savings Bank Congress (World Society of Savings Banks) in Milan, Italy. The Italian Professor Filippo Ravizza declared this day the ‘International Saving Day’ on the last day of the congress.
It was decided in the resolutions of the Thrift Congress that ‘World Thrift Day’ will be dedicated to promote savings all over the world. The motive was to encourage people to save money and to restore the public’s confidence in banks, which was lost after the First World War.
Initially, people were made aware of the significance of saving money through the support of schools, offices, women’s associations, sports etc. The day gained prominence only after the Second World War when people evolved and started taking good care of their resources.
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, financial resources are not available in abundance. Rather, they are limited. Therefore, it becomes important to safeguard money to gain a higher standard of life and to secure the country’s economy as well. Therefore, World Thrift Day even focuses on the financial security of the country.
That is why savings banks play an important role in enhancing savings in countries as they promote campaigns and initiatives such as working with non-governmental organisations in order to double the number of savings accounts held by the poor. On World Thrift Day, people are encouraged to be more mindful about their money and save it the right way.
