Postal Savings Day

What Is Postal Savings Day?

May 2nd is "Postal Savings Day" (the Anniversary of the Founding of Postal Savings) in Japan. It was established in 1950 by the Ministry of Posts and Telecommunications to commemorate the start of Japan's postal savings service on May 2, 1875. Postal savings played a major role as "a system where people could safely deposit money at a place close to home," and spread across the country along with the post office network.

The Origin and History of Postal Savings Day

Postal savings was introduced by Maejima Hisoka, who designed Japan's postal system and is known as "the father of Japan's modern postal service." While studying the British postal system, Maejima learned that post offices there handled not only mail but also money orders and savings, and he worked to bring the same services to Japan.

• May 2, 1875: Savings offices were set up at 18 locations in Tokyo and one in Yokohama, and the postal savings service began.
• A slow start: The idea of "saving money" was unfamiliar to many people at the time, and savings deposits lagged far behind the demand for mail and money orders.
• Efforts to spread the habit of saving: Maejima worked to promote savings, for example by proposing that the value of saving be taught in elementary schools, and savings gradually began to grow from around 1887.

The Role of Postal Savings

Postal savings was more than just a savings scheme -- it served as an important part of Japan's financial infrastructure.

• A nationwide network: Post offices exist everywhere from cities to remote islands, making it possible to save money close to home.
• High level of trust: As a government-run system, it was trusted and used by a great many people.
• Putting the funds to use: Money gathered through postal savings was also used for public projects through the government's Fiscal Investment and Loan Program and other channels.

Fun Facts About Postal Savings

• At first, it was simply "savings": Since no other institution accepted deposits at the time, the service was simply called "savings." After names such as "Ekiteikyoku Savings," the name "postal savings" came into use around 1891.
• Modeled on Britain: The system of handling savings at post offices was based on what Maejima Hisoka learned in Britain.
• Now part of Japan Post Bank: With the privatization of Japan's postal services in October 2007, the postal savings business was taken over by Japan Post Bank.

Ideas for Postal Savings Day

• Review your household budget: Reflect on your saving habits and make a financial plan for the future.
• Learn about the history of the post office: Understanding how the postal and savings systems came to be can help you see the value of this familiar service.
• Start saving with your children: Even small amounts can be a great way to learn about the importance of saving.
• Look back at old postal savings passbooks: They offer a glimpse into your family's history and changing times.

May 2nd: A Day to Reflect on the Value and History of Money

Postal Savings Day isn't just a day to save money -- it's a day to look back on the history of a system that has supported the development of Japan's financial culture. Starting at the familiar post office, the savings system has supported people's lives and contributed to economic growth.

On May 2nd, take the opportunity to review your own saving habits and relationship with money, and take a step toward the future.