World Savings Day, also known as World Thrift Day, is observed annually on October 31 to emphasize the importance of saving money for individuals and society. Established in 1924 during the First International Savings Bank Congress in Milan, Italy, this day promotes financial security and prudent money management.
Quick Facts
- When is it? October 31 (October 30 in India)
- Tagged as: Financial Awareness, Saving Habits
- What’s the hashtag? #WorldSavingsDay
- When was it founded? 1924
- Who founded it? Professor Filippo Ravizza and the World Society of Savings Banks
History of World Savings Day
World Savings Day was born out of the need to rebuild public confidence in savings after World War I. Filippo Ravizza declared it on October 31, 1924, at the First International Savings Bank Congress. The initiative aimed to encourage individuals to save money for a better future and support economic stability. Over decades, this tradition gained global recognition, with banks, schools, and organizations promoting financial literacy and saving habits.
Timeline
- 1921: Spain celebrates its first National Thrift Day.
- 1923: Germany promotes savings after its monetary reform.
- 1924: Official establishment of World Savings Day in Milan.
- 1955–1970: The day reaches peak popularity worldwide.
- 1970s: Austria introduces “Sparefroh,” a mascot for savings awareness.
Dates from 2025 to 2030
| Year | Month and Date | Day |
|---|---|---|
| 2025 | October 31 | Friday |
| 2026 | October 31 | Saturday |
| 2027 | October 31 | Sunday |
| 2028 | October 31 | Tuesday |
| 2029 | October 31 | Wednesday |
| 2030 | October 31 | Thursday |
Observed
World Savings Day is celebrated globally with campaigns, workshops, and activities aimed at teaching financial literacy. Banks often collaborate with schools and community groups to promote saving habits among children and adults alike.
Fun Facts About World Savings Day
- In Austria, a mascot named “Sparefroh” became so popular that a street was named after it.
- Some countries celebrate the day earlier if October 31 is a public holiday.
- Piggy banks remain a favorite tool for teaching children about savings.
Quiz
- Who founded World Savings Day?
(Answer: Filippo Ravizza) - When is World Savings Day celebrated in India?
(Answer: October 30) - What was the original name of World Savings Day?
(Answer: World Thrift Day)
FAQs
Why is saving important?
Saving ensures financial security during emergencies and helps achieve long-term goals like retirement or education.
What are some ways to save money?
You can save by budgeting, opening a savings account, or automating transfers into savings.
Why does India celebrate it on October 30?
In India, the day is observed earlier because October 31 coincides with the death anniversary of Sardar Vallabhbhai Patel.
Related
- International Financial Literacy Month
- National Financial Awareness Day
- Global Money Week