2023-10-30 18:34:22
Created in 1924, during the first International Congress of Savings Banks in Milan, World Savings Day is celebrated each year on October 31. This date was chosen to raise awareness among the general public of the importance of savings for the economic and financial stability of individuals and nations.
The importance of saving
Savings, much more than a simple saving, is above all a guarantee once morest the vagaries of life, a means of planning for the unpredictable, and security in the face of economic instabilities. Furthermore, in a world where currency fluctuations, financial crises and technological changes have become commonplace, saving turns out to be an act of prudence, even sagacity.
According to the Organization for Economic Co-operation and Development (OECD), around 68% of households in member countries have a savings account. However, this figure masks significant disparities. For example, in France, nearly 80% of households say they save regularly, compared to only 45% in Mexico.
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Modern forms of savings
Traditionally, saving was done through bank accounts or real estate investments. However, with the advent of technology, other forms of savings, such as cryptocurrencies or online investment platforms, have emerged. Nowadays, these new forms of savings attract and fascinate, but also arouse mistrust and questions.
The challenges of saving in the contemporary era
While saving is essential, it is not without challenges. With interest rates often close to zero or even negative in many developed countries, the appeal of traditional savings accounts is diminishing. On the other hand, the rise of new forms of savings, although promising, is also fraught with pitfalls and volatility, as illustrated by the fluctuation in the values of cryptocurrencies.
Furthermore, the lack of financial education remains a major obstacle. According to a World Bank study, more than half of adults around the world lack the basic financial skills to manage their savings effectively.
Raising awareness for a safer future
Faced with these challenges, World Savings Day proves to be the ideal opportunity to raise public awareness. Financial institutions, governments and non-governmental organizations have a duty to promote financial education. Initiatives such as workshops, information campaigns, and online training can play a crucial role.
Furthermore, according to the National Institute of Statistics, young people are particularly affected by the lack of financial education. Thus, targeting this age group might prove beneficial for the future economy.
World Savings Day on October 31, 2023 is much more than just a date on the calendar. It reminds us of the importance of planning, of securing one’s future, but also of adapting to new economic challenges. In a constantly changing world, taking the time to think regarding your financial situation, to educate and to be educated, becomes imperative.
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