Georgian banks are celebrating World Savings Day for the second time.

Events will start on October 31 with the opening press-conference at the National Bank of Georgia and end on Bankers Day on November 8. The event is organized by Georgian commercial banks together with Savings Banks Foundation for International Cooperation, the National Bank of Georgia, Association of Banks of Georgia and Georgian Banking Training Centre.

“Today the developed countries celebrate the World Savings Day and I am glad that we, being the country with one of largest rate of expenditure, join the celebration for the second year running Savings week is a good opportunity to run a new active campaign to increase the education level and awareness of our citizens, because a well-informed consumer will always take rational decisions. It is a positive and welcome occasion when banks introduce innovations and offer new products to customers, but it is necessary to know in details and evaluate the risks and benefits of each product.

Only informed consumer gets right decision, only informed costumer is useful as for commercial banks, as for himself. In this regard, I am very satisfied with the level of cooperation that we have with the commercial banks. On the one hand, the bank's primary responsibility is to serve the customer in good faith, but on the other hand, we as the customers have to take responsibility on our decisions. We should read the agreement carefully before signing it, and plan our small financial resources.

I hope that the campaign conducted during the saving week, will be one advanced step for increasing the level of the consumer awareness. I want to thank all the companies which were involved in this process, especially to our German partners and I hope, that Georgia proudly takes the place between different countries, where the financial awareness and education is satisfied” – said the governor of the National Bank of Georgia, Giorgi Kadagidze, on today’s press conference.

Having long history World Savings Day has been celebrated with different events in many countries since 1925. For nearly 90 years the German savings banks organize and conduct (along with other financial institutions in many countries all over the world) the World Savings Day. World Savings Day, or World Thrift Day as it was formerly called, was established by the World Savings Banks Institute (WSBI) in order to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress. Starting in 1925 it soon became an annual tradition in several countries going along with celebrations and campaigns to encourage savings. 

At the occasion and around that day financial institutions will in particular attract  children, young people and their parents by offering specific products, explaining how to best get along with ones money, and undertaking interesting events. The goal is not only to attract savings but to get potential new clients into the bank.

The sector wide initiative will take place in the week from 31st of October – 8th of November. Web-page www.grovia.com.ge will be launched, where customers can find information about World Savings Day, furthermore about banking products, services and consumers’ rights in general.

Savings Bank Foundation for International Cooperation (SBFIC) is implementing the project Mobilisation of Savings and Financial Capability in Georgia and Azerbaijan. The project receives support by the German Federal Ministry for Economic Cooperation and Development.