World Savings Day

World Savings Day

The last day of October has been established since 1924 as World Savings Day as a reminder of the establishment of the International Institute of Postal Savings in Milan. Italian Professor Filippo Ravizza made that day a declaration to promote the concept of saving worldwide. Savings banks, which supported schools, the clergy, as well as cultural sports, professional and women’s cooperatives, also cooperated in this effort. In the years 1955-1970, it reached its climax.

Nowadays, the goal of banks organizing World Savings Day is mainly focused on developing countries where people do not have access to bank benefits. Savings banks play an important role in boosting savings in these countries through specific campaigns and initiatives, such as working with non-governmental organizations to double the number of savings accounts held by the unpreveleged.

Saving makes it possible for households to cope with the most pressing needs of our day, such as health and education. In fact, savings do not relate to the management of income surplus, but to the proper management of income.

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