Saving is timeless: World Saving Day 2019

Everybody knows that saving is a good habit, but probably not all of us have a place where that extra money goes in. And even though we know it is for our sake and our future, we might not have it in our priorities list. Yet the importance of savings relies not only in the individual security but it also does at a country level.

This understanding took the Italian Professor, Fillippo Ravizza, to declare the 30th of October as the International Savings Day in 1924. The world of that time was very different, yet after the first International Savings Bank Congress in Milan, the attendees realized that there was a need to restore confidence in savings since ‘World War I’ changed abruptly the way people interacted with money.

This idea came from the already national saving days in Spain and the US. Both countries started in 1921 campaigning for awareness towards not leaving their money under the mattress or inside the cookie jar but to put them in institutions that could take care of it and make them grow. Germany on the other side was coming out of the reforms that came after the war and left people scared about their savings as well as for their future.

It took time and another war to conclude until the day became relevant in the calendar. But it got there. By the time between 1950 and 1970´s, some countries made a tradition out of saving and created their own holiday. Austria, for instance, invented a mascot called “Sparefroh”. This literally translates to Happy Savings. He, not only had a magazine that aimed to educate the public into a healthy financial lifestyle, but was so popular that even a street was named after him.

And how is it doing so far?

The adoption of the international savings day was clearly more successful in countries where the majority of the population had the possibility to set some money aside. But for those countries where the poverty levels made it impossible to adopt measures for their future, the story was different. That is why, in the late 1980´s, the institutions behind the World Savings Day, started working with NGO´s to bring not only awareness about savings but also different possibilities for them to adopt in order to take care of their future.

Much has changed in this almost 100 years since the first international savings day, yet the importance of it remains the same. Setting money aside is relevant for the future to come. It might help us with an emergency, but it also might give us that little present we always wanted to buy. Having healthy finances will make a difference in our lifestyle and having a savings account will provide us with security for the endeavours to come.

There are always options!

Nowadays we have many possibilities to put our money and even get something from it. We can open a traditional account in a bank or go online with stocks or investment accounts.

For us, at Iban Wallet, savings are there to help you achieve your goals. We work hard every day to give our customers the best service and a safe option for your money.

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