WSBI, members, partners celebrate how savings give life a lift!
>> Learn more about World Savings Day
BRUSSELS, 31 October 2019 – Today is World Savings Day!
People around the world are celebrating the day, sharing the story of savings. To connect with people, especially young people, WSBI members and staff share the World Savings Day story as World Savings Day ambassadors in local communities, schools, partner organsiations and at locally focused banks.
Simultaneous kick-off events by members and partners are being held today, including in Amsterdam with 2019 World Savings Day partner Aflatoun's annual conference. Events are also being held in El Salvador with WSBI member Fedecrédito, and the WSBI GRULAC meetings in the Dominican Republic in conjunction with member APAP.
Held on 31 October every year, World Savings Day takes place around the world. The World Savings and Retail Banking Institute is the birthplace of World Savings Day. Initiated in 1924.
As savings give life a lift, WSBI and its members chose to place added focus on the stabilising role played by savings and retail banking in the overall financial system. It evokes some of the ethos of local banks: responsible partners in communities, close to the customer, serving households, small and medium-sized firms (SMEs) and local authorities. WSBI member banks demonstrate their locally focused approach to banking through World Savings Day activities in the communities they serve.
WSBI's 107 members in 74 countries know that giving people a chance to save money in a safe and rewarding way boosts financial education, which is a pathway to a better life. Savings are a basic financial service, a pathway to other things too…payments, small business financing and insurance. To go even deeper, savings is pathway to personal development. It helps people to grow.
World Savings Day highlights that savings remain a potent force to address growth and financial stability. Savings help economies build up funds that feed financing models and serve as the engine for economic expansion. Mobilised national savings nourish local infrastructure build-out and narrow the global infrastructure finance gap, which reduces risk exposure to foreign debt. For citizens, household savings help people become resilient against shocks faced in life and avoid over-indebtedness. WSBI ambassadors will be celebrating World Savings Day with members and partners around the globe, including the Dominican Republic, The Netherlands, El Salvador and Morocco.
WSBI members are active on many fronts through innovative ways to connet with people about the importance of savings. One example is in Spain.
For the World Savings Day, WSBI member CECA and its entities will launch a Virtual exhibition of items like historical photos, money boxes, posters, artworks and collection of historical and documentary value about Savings through the website Red Española de Educación Financiera and at the same time, they will join to a social media campaign related to Savings (Twitter, Facebook).
Finally, for that Day, some of CECA’s members will organize some activities to explain the benefits of the thrift for the citizens. CECA really has in its DNA a history linked to thrift and to social commitment, that has it origin a long time ago and nowadays it remains as one of the priorities for all their members. Proof of this, it is the active participation in initiatives such as Financial Education Day in Spain, not only for the awareness of the society in thrift, but to spread financial culture in the society. In this sense, CECA and its members have been awarded in 2019 with Finances for All Award to the promotion and dissemination of the national strategy on financial education, in line with this commitment with the society.
GSB will organize on 31 October its Savings Day 2019, which aims to encourage Thai people to inform and educate them on the importance of savings and financial discipline. GSB in Thailand have three activities. First: Encouraging savings: They will hand out to people at 1,063 GSB branches nationwide its newly created "Piggy Bank Book". Those Piggy Bank Books serve as souvenirs for people who deposit 500 baht or more. Second, Creating financial discipline. Held at their headquarters in Bangkok, they will organize an award ceremony for people who have good financial discipline, outstanding savings at GSB head office to praise an organization, individuals, and customers who have good financial discipline and regular savings. And third, an exhibition about history and the importance of savings.
WSBI-ESBG’s financial education outreach goes beyond World Savings Day, which is also celebrated by members and citizens in places like Germany, Austria, Finland, Norway, Italy, Belarus, Kenya and the Sudan. WSBI members also participate in School Banking. Throughout the world, young people are first exposed to budgeting, spending and saving within their homes, amongst their peers, on the internet and as well in their communities. The classroom is another high-impact “path” to learn about personal finance.
Schoolbank taps into that path. A global effort aimed at boosting financial inclusion of children and young people through the school system. You may well know about SchoolBank and how it takes an innovative multi-stakeholder approach that includes locally focused banks and educators. To develop the next generation of economic citizens, the approach focuses on school adoption. Teachers play an important part, especially when it comes to Economic Citizenship Education (ECE). It’s getting hard won savings from a savings box to a real bank.
Through schoolbanking, children and youth are given a bank account, oftentimes their first contact with a bank and first vehicle to save money. Along with the account, SchoolBank looks to impart the right education to teach them why and how to save and what their economic rights are.
WSBI and CYFI released a study three years ago that measures the success of SchoolBank around the globe. That study points to SchoolBanking promotes a better understanding and more active use of financial services through the financial education and inclusion of children and young people. The report describes the different models and approaches to SchoolBanking through the long tradition of activities carried out by WSBI members, in the past and present. Participating member banks included: German Savings Banks Association via Bildungsmedien (as part of the DSV-Group), Government Savings Bank of Thailand, Malaysia's Bank Simpanan Nasional, Kenya Post Office Saving Bank.
The study demonstrates to policymakers and stakeholders that SchoolBank is a proven way to inform and educate people at a young age about financial principles that they can carry with them throughout their lives. Plans are afoot for SchoolBanking to be spearheaded soon by Aflatoun, a WSBI partner for World Savings Day in The Netherlands.
>> Learn more about World Savings Day