World Savings Day
World Savings Day, on October 31st, raises public knowledge of the benefits of saving money. It's also a day to reflect on the impact that savings have on the global economy. The day is also known as World Thrift Day by some.
According to financial experts, you should have three to six months' worth of savings in your savings account. You should have $9,000 in savings if your monthly bills are $3000. It's even better if you have enough funds to cover six months of expenses. If you lose your career or your income, you won't have to worry so much if you lose your income. However, if you're like most Americans, you obviously don't have enough money in savings. According to the most recent estimates, 51% of Americans have less than three months' worth of emergency savings in their account. About 25% of those polled don't have any emergency funds at all.
Many people are going from paycheck to paycheck, which is one of the reasons for this. They don't have anything extra for savings after their monthly bills were paid. Some people simply spend too much money and live beyond their means. They may not worry a lot about their financial future.
There are some countries around the world that are doing a good job of saving money. These are the countries with the highest personal savings rates:: The following countries have the most personal savings include:: The countries with the largest savings accounts include::
- South Korea
- The Netherlands
Savings are also good for the entire economy, as well as personal financial stability. When personal savings rates are high, the economy tends to recover more quickly. Also, when the bills are paid, grocery stores, and other retail stores can keep their doors open longer. These companies have a better chance of retaining their employees employed. Savings also helps to reduce the amount of debt the world faces. Global debt is expected to reach a whopping 300 trillion dollars this year.
How to celebrate #worldsavingsday
On this day, banks, credit unions, and other financial institutions host events that promote saving money. Many of them give free gifts to new savings accounts. Others host workshops that inform the public on the benefits of saving. To participate: To participate: To participate: To participate: You must register:
- Make a budget and figure out how much money you can put away in savings each month
- Set a target to save enough to cover at least three months' worth of expenses
- Teach your children about checking and savings accounts
- Take an online financial course if you're not familiar with money
- Learn more about why saving is important for the global economy
#WorldSavingsDay is a hashtag on social media. Share this day on social media with #WorldSavingsDay.
History of world savings day has a long tradition
Filippo Ravizza, an Italian professor, named the last day of the 1st International Savings Bank Congress as "International Saving Day" on the last day of the 1st International Savings Bank Congress. In 1924, the festival was held in Milan, Italy. The idea was to show people that it was better to deposit their money in a bank rather than under their mattress. This day became more popular after WWII. Today, countries from around the world celebrate World Savings Day.