World Thrift Day [October 30, 2023]

World Thrift Day is celebrated worldwide on 30th October every year to promote the habit of savings. On 30th October 1934, at the first International Savings Bank Congress, the idea for World Savings Day, or Thrift Day, was proposed by the Italian Professor, Filipo Ravizza. The idea behind the day was to encourage the practice of saving money, especially through thrifting.

In some countries, World Thrift Day is observed as a public holiday. To know more about the origins of this day, its theme, significance, and the different ways in which it is celebrated around the world, read below.

World Thrift Day 2023

World Thrift Day will be celebrated on Sunday, 30th October 2022. This occasion is celebrated in various parts of the world to promote the habit of thrifting and saving. Countries like Spain, the United States, and Germany celebrate World Thrift Day with much enthusiasm.

World Thrift Day is a great occasion for people to get together and promote the idea of reusing, and saving. On this day, people partake in various activities, such as thrifting, reusing items, and putting their savings safely into the bank.

World Thrift Day 2022 Theme

Every year, a different theme for Thrift Day is announced based on which the celebrations for the day are planned. The World Thrift Day 2022 theme is “Saving prepares you for the future.” This simple theme has a strong message for everyone who wishes to participate in the occasion.

History of World Thrift Day

Thrifting is considered a virtue in many cultures but people often get carried away by impulses and end up making avoidable purchases. On World Thrift Day, the importance of thrifting and saving money is discussed to inculcate the habit of savings in the individuals of a nation.

• Although the idea of institutionalizing the habit of savings to ensure financial security at all times was in the works, it was in 1924 that the First International Thrift Congress was held in Milan.
• The first World Thrift Day was organized in 1924 in Milan, Italy, during the International Savings Bank Congress (also known as the World Society of Savings Banks).
• The occasion also saw the inception of the World Savings and Retail Banking Institute.
• World Thrift Day was instituted to promote the habit of savings and better management of money and wealth.
• The prominence of the day peaked between 1955 and 1970. Following the horror of the two World Wars, citizens became increasingly conscious of the significance of saving.

Significance of World Thrift Day

Individuals are encouraged to be more conscious of their income and save it properly on World Thrift Day, particularly those who are poor or unemployed. Here is why this day is significant:

• On this day, the importance of saving money is highlighted.
• Savings provide a safety net in times of financial crisis. It assists us in beginning a business, obtaining a decent education, and receiving quality healthcare.
• Countries and the people living in them can enjoy financial independence if they develop the practice of saving.
• Saving provides emotional and social stability and a good attitude toward living a better lifestyle.
• Savings can help us avoid loans, reduce stress, and help to prepare for unexpected health care expenses.
• Banks, together with non-governmental organizations, play an important role in understanding numerous ways to save money.

How is World Thrift Day Celebrated Around the World?

• The concept of saving money is taught to children.
• Poster-making contests are organized in many locations to emphasize saving money.
• Financial institutions encourage their customers to save more money by promoting new programs and schemes.
• Many volunteers organize film screenings to urge students to never participate in lotteries or gambling.
• Banks run several campaigns and promotional activities to promote savings.

Previous Year’s World Thrift Day Themes

International Thrift Day, also known as World Thrift Day and World Savings Day, stresses the need for regular savings as an individual, family, and nation. Financial resources are in limited supply, so people should be careful about spending them. This day reminds us to rededicate ourselves to the habit of saving money. Like all international days, International Thrift Day also has a theme for each year:

FAQs on World Thrift Day

Q1. What is the meaning of World Thrift Day?

World Thrift Day was instituted to educate people worldwide about the importance of saving money at a bank rather than under their mattresses or at home. This day was officiated on 30th October 1934 in Milan by Italian Professor Filippo Ravizza.

Q2. What is the theme of World Thrift Day 2022?

World Thrift Day 2022 theme is “Savings Prepare You For a Better Future.” This theme is indicative of the importance of savings. Economic stability achieved through the habit of saving and thrifting can ultimately lead an individual to lead a better life.

Q3. Who conceptualized the idea of World Thrift Day?

Italian Professor Filippo Ravizza announced the first World Thrift Day on 31st October 1924 in Milan, Italy. Ravizza's motivation for declaring this day was to raise awareness within family groups about the importance of saving for the future.

Q4. How is World Thrift Day celebrated?

On World Thrift Day, the habit of thrifting, reusing items, and saving is encouraged. People participate in activities that promote these habits and educate others about them. World Thrift Day is celebrated in various countries around the world.