World Savings Day: BoU boss urges Ugandans to save for the future

KAMPALA-As countries celebrate World Savings Day which falls on October 31 every year, the Bank of Uganda [BoU] Deputy Governor, Michael Atingi-Ego has urged Ugandans to start saving now, saying savings help people to attain their goals.

“Start saving today. Do not wait to accumulate. Instead, start small and grow your nest egg,” Ating-Ego said in a media statement as BoU, players in the financial sector, and other stakeholders joined in the commemoration of World Savings Day under the theme, “Start Small, Grow Big: Be green Smart”.

Ating-Ego quoted the Financial Capability Survey 2020, which revealed that only 21 percent of Uganda’s savers link their savings with specific goals.

He added: “Aligning savings with specific goals optimises the intended impact. This year we advocate the enrichment of the savings goals to include preserving the environment to combat climate risk.”

He said BoU, Uganda Institute of Banking and Financial Services [UIBFS], Uganda Bankers’ Association [UBA], and other have planned several activities to promote a saving culture mindful of the environment.

The planned activities include; radio programmes, a “savings challenge”, dedication of November as an annual banking and financial services month, and public webinars on savings and financial literacy, among others.

The BoU Deputy Governor urged the public to visit financial institutions to save for specific goals and share the stories of their savings journeys.

“Use the technological innovations that extend user-friendly financial products to all, including the underserved and small earners, to improve livelihoods,” he said, adding that BoU supports the development of a safe, sound, and resilient financial sector that promotes financial inclusion for socio-economic transformation.

World Savings Day highlights the necessity of saving for the future. There are many reasons why one would need to save, including for retirement, education, property, health, purchase, marriage, and adventure among others.

It is also good to be prepared for unforeseen circumstances and save, even if you have no plans for the money yet. In certain situations, saving has been a lifesaver as it helps to overcome sudden unfortunate situations.

History of World Savings Day

World Savings Day began on October 30, 1924, at the end of the first International Thrift Congress in Milan. The day was officially launched by Filippo Ravizza, an Italian professor, who called it International Savings Day. The idea was quickly supported by various associations who also saw the importance of saving.

Though there are accounts of individual countries that observe a day for saving, World Savings Day made the idea more universal, bringing more people on board. Also, some countries needed encouragement due to the effects of war. However, after the Second World War, thrifting became more popular than ever.

The importance of saving prompted banks to open their doors to more people, especially in developing nations. Non-governmental organizations have also been very pivotal in bringing the importance of savings to the fore.

Each year, World Savings Day has a different theme that encapsulates the spirit of saving. These themes encourage more people to engage in the habit of saving. Likewise, banks and other financial institutions have come up with several schemes that help people to save more and make meaningful investments. On this holiday, the government and institutions such as schools and media outlets raise awareness to encourage more people to save.

Promoters also say World Savings Day is also a holiday that aims to influence children to save. “Piggy banks have always been a good idea, as it creates a sense of wealth when the children realise how much they have saved. And let’s be honest, even adults love the idea of piggy banks!”

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