Savings and responsible retail banks around the world celebrate World Savings Day/WorldThrift Day
Savings and retail banks around the world are commemorating World Savings Day/World Thrift Day on October 31 and throughout the week. WSBI/ESBG (World Savings Banks Institute/European Savings Banks Group) members from numerous countries on many different continents will commemorate the day in a variety of ways.
In the current financial turmoil, it is important to highlight the importance of consistently putting something aside to have a safety net to guard against risks from unexpected events and to make personal goals possible such as getting an education, owning a home, and starting a business. Setting aside small sums in a safe place allows people to guard against risks like illness, unemployment, other economic hardship, helps people to build assets, and provides opportunities to the next generation. Savings are also increasingly linked to a country’s general economic well-being as the funds can be utilized as credits to serve a growing economy.
The initial concept of World Savings Day/World Thrift Day was developed in order to be a day devoted to the promotion of “Savings” all over the World. Over the years, various organisations – especially savings and responsible retail banks – have undertaken efforts to encourage savings by developing posters, organising lectures and public events, publishing articles, and with advertising campaigns. Special interest has also been paid to the promotion of savings in schools and among children. In recent years, there has been a shift among a number of stakeholders and policymakers from solely focusing on micro-credit to also emphasizing the benefits and the crucial role of savings as a core basic banking service.
Recent research has noted that, while access to micro-credit is important, access to general financial services such as savings accounts is also instrumental in alleviating poverty and stimulating economic growth. Of the estimated 1.4 billion accessible accounts existing at institutions across developing economies of the world with an explicit mission to foster access, some 1.1 billion are provided by savings banks. WSBI/ESBG and its members are constantly aiming to expand access to financial services and increase the number of savings accounts – especially among poorer populations.
Contact:
Dirk Smet, Communications Manager: +32 2 211 11 11, +32 473 423 589, dirk.smet@savings-banks.com
Seth Landau, Editor: +32 2 211 11 11, seth.landau@savings-banks.com
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