World Savings Day is an event created to increase the public’s awareness of the importance of savings both for modern economies and for individuals alike. The main topics are focused on the importance of savings in the global economy and how every depositor contributes to its development.
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The World Savings Day was established on October 31, 1924, during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy. The Italian Professor Filippo Ravizza declared this day the "International Saving Day" on the last day of the congress.
World Savings Day or World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress.
There had been some examples of days that were committed to the idea of saving money to gain a higher standard of life and to secure the economy, e.g. in Spain where the first national thrift day was celebrated in 1921, or in the United States. In other countries, such as Germany, the peoples’ confidence in savings had to be restored because many people didn’t even think of saving since they had lost close to everything in the German monetary reform of 1923.
After the Second World War, World Thrift Day continued and reached the peak of its popularity in the years between 1955 and 1970. It became a veritable tradition in certain countries. In Austria, for instance, the official mascot of saving, the so-called ‘Sparefroh’ (literally: ‘Happy Saver’) reached a higher degree of brand awareness than the republic’s President and even a street was named after him. In the 1970s the ‘Sparefroh-Journal’, an educational magazine for younger people, reached a circulation of 400,000 copies.