World Savings Day is an important day for Sparkassen and Banks to encourage the younger generation to focus on the topic of savings. But also, for many adult savers, this day is important to bring the focus back to the reserve generation. Special offers for young customers make the day an event every year.

People have been saving for thousands of years. Even in ancient times, Greeks and Romans used simple containers with small openings to store coins. 

The oldest known money box is a small Greek treasure temple made of clay: a so-called “thesaurus”. And this is the origin of the nowadays more popular word - “safe”.

In the Middle Ages, people used clay pots to store money. It was during this period that the first pig-shaped money boxes appeared. Even then, the animal was considered a symbol of good luck and prosperity. The proverb "having a pig" describes precisely that: only someone wealthy could afford to own livestock - and always had food to eat.

In many households, the piggy bank changed into various shapes, such as bears, tigers, unicorns or even a soccer ball. It is still a popular way of storing money.

But besides that, there are many different options to store the money, such as classical savings at the bank, investing in funds, ETFs, stocks and many more. There is a variety of offers all around the globe. This high amount of opportunities may also lead to overload, which is why World Savings Day is also an excellent opportunity to clear up the mass of options and gain some knowledge about the topic of “Saving”.

World Savings Day has a tradition that goes back almost a century: it was first held on 31^st October 1925. A year earlier, the World Savings Banks Institute had decided to introduce "World Thrift Day" at the first International Savings Banks Congress in Milan.

The aim was to build up a fortune over the years with small amounts - and thus learn to appreciate the value of money.

Saving, it was said at the time, "is a virtue and a practice that is fundamental to the social progress of every individual, every nation and all mankind!"

Talking to people in your circle of friends or acquaintances about saving can provide exciting insights into how others think. After all, even within your own family, there can be many different views on money and financial planning. Some may save diligently and put aside a fixed amount each month to be better protected later during retirement. Others prefer to spend their money directly because they feel it is important to live well here and now.

Retirement provision is a must.- Even if not enough people are currently doing so - saving privately for retirement is an absolute must. After all, the state pension will be enough for very few people in the future. That's why the younger generation should start saving early for old age. A fund savings plan, for example, can be set up for a small amount of money a month. This leaves enough money to enjoy life in the here and now - and at the same time, save for a good life in old age.

Saving means you have to sacrifice something today to have it available tomorrow. This is often difficult because the future is uncertain. So many people prefer to live in the here and now instead of saving for the future. However: Saving is worthwhile even despite a low savings interest rate because the lion's share is always made up of one's own savings amounts. Financial dry spells can be better survived with a small financial cushion.

In the Sparkasse, we believe that there are different stages of savings. First, it is essential to have a minimum liquidity reserve, and to be flexible when it comes to financial emergencies. The recommendation is to have 2-3x your monthly income as a reserve.

The second stage concerns the coverage of life risks that can threaten your existence, such as occupational disability. This can be done by an insurance (if available in your country) or another saving-buffer.

The third stage is about providing for old age by saving for a private retirement or investing in property. The last step of savings is to build up wealth: When you have taken care of all the other stages, you can now focus on your wealth and build up your assets. But as with everything, success in saving money doesn't happen overnight. Slow and steady win the race. So, be patient and save as much as you can.

Sources of Information: Weltspartag | Sparkasse.de