Updated October 12, 2022
World Thrift Day aka world savings day, is observed on October 31 worldwide every year. In India however, we observe the day on October 30. Promoting the importance of savings in today’s world is the objective of this day.
World Thrift Day was founded to educate people all around the world about the idea of saving their money in a bank rather than keeping it in a rice drum at home. The common goal behind observing the day is to promote the significance of financial security and saving for both people and the country as a whole.
History of World Thrift Day
In 1924, during the International Savings Bank Congress or the World Society of Savings Banks, the first World Thrift Day was organized in Milan, Italy. The day of October 31 was declared ‘International Saving Day’ by Italian Professor Filippo Ravizza.
The purpose behind the day was to promote saving among the populace and boost their confidence in banks, which had fallen off following the horror of the two World Wars. Since then, World Thrift Day has been celebrated worldwide.
Although, in India, the day is celebrated one day earlier, on October 30. so that it does not fall on the same day as former Prime Minister Indira Gandhi’s death anniversary; she was assassinated on October 31, 1984.
Significance of World Thrift Day
Saving money is essential for many reasons, such as a secure future, education of children, and good healthcare. Savings offer emotional and social stability and a good attitude toward living a decent lifestyle. Also, saving reduces stress and helps us avoid loans.
Financial stability promises us a safeguard to face financial crises in the future. It assists us in starting a business, obtaining a better education, and receiving quality healthcare treatment. The habit of the practice of saving will give independence to both individuals as well as the nation.
World Thrift Day is a significant day promoting the importance of saving money and other resources that can help achieve financial stability through saving. Furthermore, this day provides us with a tool to change our behavior toward saving and constantly remind us of the importance of saving.
The Theme of World Thrift Day 2022:
Every year, a unique theme is launched, making this holiday more special and interesting. Such as the theme for 2020 was, “When you save a bit, big things follow.” And for 2021 was “Understanding the Importance of Savings.” The theme for 2022 has not been decided yet.
How to Celebrate World Thrift Day?
Fortunately, there are various ways to mark international thrift day, which include Saving money is taught to children, Poster-making events, or workshops conducted in numerous places to highlight and promote saving money.
Moreover, Financial institutions educate their customers to save more money by organizing some programs and schemes; many volunteers host film screenings to urge students and youths to never participate in lotteries or gambling; banks organize several campaigns and promotional activities to promote the importance of savings.
World Thrift Day Quotes
(I) “It is never too early to encourage long-term savings.”– Ron Lewis
(II) “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.”– Will Smith
(III) “The way to build your savings is by spending less each month.”– Suze Orman
(IV) “Influence is like a savings account. The less you use it, the more you’ve got.”– Andrew Young
(V) “You must gain control over your money or the lack of it will forever control you.”– Dave Ramsey
(VI) “The safe way to double your money is to fold it over once and put it in your pocket.”– Kin Hubbard
(VII) “Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other.”– Murray Rothbard
(VIII) “Put all of your savings on autopilot, and you won’t likely notice the missing cash.”– Jean Chatzky
(IX) “Beware of little expenses; a small leak will sink a great ship.”– Benjamin Franklin
(X) “A man who both spends and saves money is the happiest man because he has both enjoyments.”– Samuel Johnson
Savings is the amount of your income that remains there after meeting the consumption needs of an individual. Saving money is a lesson that we first learn from our parents in our early days.
Whereas saving money is of huge importance to deal with difficult days in your life, saving money is equally crucial for the country’s economic growth. And, as a responsible citizen, we must inculcate some spending habits that allows us to save.
Frequently Asked Questions on World Thrift Day
Ans: World Thrift Day is celebrated on 30th October every year. Promoting the importance of savings and how savings are essential in today’s world is the objective of this day.
Ans: The theme of world Thrift Day 2021 was “Understanding the Importance of Savings.”
Ans: There are lots of ways to mark international thrift day, which include Saving money is taught to children, Poster-making events, or workshops conducted in numerous places to highlight and promote saving money.
Ans: Yes, you should keep cash for emergencies but in a Minimum amount.
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