World Savings Day, also called the World Thrift Day, is celebrated every year on October 31 across the world. The ceremony was introduced in 1924 for promoting the value of bank savings and re-establish citizen’s confidence in banks.

The Day was launched during the First Congress held at the International Savings Bank in Milan, Italy. The last day of the assembly was declared as the World Savings Day. The concept of World Savings Day was adopted by the banks of the United States and Spain and the United States.

In order to promote better living standards for the people of the nation, banks suggested the concept. World Savings Day was first introduced as the celebration in the form of a holiday in the year 1921. Even though the concept was supported by other countries’ banks, but it was difficult to implement the concept everywhere. Germany faced challenges in influencing people towards savings as the citizens of Germany didn’t trust banks after losing their savings in 1923 Monetary Reform.

WORLD SAVINGS DAY (WORLD THRIFT DAY) 2020