World savings day observed on Wednesday

ISLAMABAD: World Savings Day was celebrated around the globe including Pakistan to increase the public’s awareness of the importance of savings.

Celebrated around the world, the day aims to promote the virtues of putting money aside.

The World Savings Day was established at the International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy on October 31, 1924. The Italian Professor Filippo Ravizza declared this day the “International Saving Day”.

Also called ‘World Thrift Day’, the 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.

Today, banks and financial institutions around the world, celebrated World Savings Day to increase the public’s awareness of the importance of savings both for households and for the country’s economy.

They conducted lectures through highlighting topics such as: Why saving is important, the history of World Savings Day, the role of savings in the national economy and how every depositor contributes to its development.

The most well-known element of the World Savings Day is the “Sparefroh” in Austria.

Sparefroh, the official mascot of saving, is particularly active on the World Savings Day.

‘Sparefroh’ literally means ‘Happy Saver’, or rather “Save Happily!” In the 1970s, the ‘Sparefroh-Journal’, an educational magazine for younger people, reached a circulation of 400,000 copies.