Introduction – World Savings Day is observed on October 31 every year all around the world to spread awareness about the importance of saving both for modern economies. Saving is important in the world economy and each depositor contributes for its development. World Savings and Retail Banking Institute have led every year a day that is dedicated for encouraging the virtue of people saving money called World Saving Day.

History – The World Savings Day was founded on October 1931, 1924 in the first International Saving Bank Congress in Milan, Italy. Filippo Ravizza, the Italian Professor was announced that World Savings Day was observed on the last day of the congress.

Significance – The main aim of this day is to have better saving campaigns and initiative programs in the enhancement of saving. This day enhances the confidence among people to save their money as a healthy practice as it works as a safeguard for the future. This global day promotes savings all around the world. Savings Banks play a significant role in increasing savings in several countries with certain initiatives and campaigns. The main purpose of this day is to save their money in a bank rather than keeping it under the mattress.