Every year on October 31, World Thrift Day is observed. In India, International Thrift Day is observed on October 30 as the Indian government tends to avoid official festivity on October 31.
World Thrift Day History
The first World Thrift Day was organised in 1924 in Milan, Italy, during the International Savings Bank Congress or the World Society of Savings Banks.
Although the idea of institutionalising 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 occasion also saw the inception of the World Savings and Retail Banking Institute.
In India, the day is observed a day in advance, on October 30. It is because former Prime Minister Indira Gandhi was assassinated on October 31, 1984. World Thrift Day was instituted to promote the habit of savings and better management of money and wealth. Although thrift is considered a virtue in many cultures, people often tend to get carried away by impulses and end up making avoidable spending.
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.
World Thrift Day Significance
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.
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. Both countries and their people 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 organisations, play an important role in understanding numerous ways to save money.
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World Thrift Day Celebrations
- Saving money is taught to children
- Poster-making contests are organised in many locations to emphasise saving money
- Financial institutions encourage their customers to save more money by promoting new programs and schemes
- Many volunteers organise film screenings to urge students to never participate in lotteries or gambling
- Banks run several campaigns and promotional activities to promote savings
World Thrift Day Themes
Like all international days, International Thrift Day also has a theme for each year:
Know and Plan your finances to live a better life
What do you wish for?
When you save a bit, big things follow
Understanding the Importance of Savings
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.
FAQs on World Thrift Day
Q.1. What is the theme of World Thrift Day 2021?
"Understanding the Importance of Savings" was the theme of World Thrift Day 2021.
Q.2. 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 mattress or at home.
Q.3. When does India celebrate World Thrift Day?
In India, World Thrift Day is observed on October 30.
Q.4. Who conceptualised the idea of World Thrift Day?
Italian Professor Filippo Ravizza announced the first World Thrift Day on October 31 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 family's future, their children's future, medical crises, and unforeseeable emergencies.
Q.5. Why does India celebrate World Thrift Day on October 30?
Former Prime Minister Indira Gandhi was killed on October 31. So, India celebrates World Thrift Day a day in advance on October 30.