World Thrift Day 2023 (World Saving Day): Theme, Date, History

Also known as World Savings Day, World Thrift Day is celebrated every year on 31st October worldwide. The goal behind observing the day is to promote the importance of savings and financial security for an individual as well as a nation on a whole.

World thrift day was established to teach and convince people to save their money in a bank rather than keeping it under their mattress or at home. This special day was launched during the first International Savings Bank Congress in 1924 and is celebrated every year since then.

World Thrift Day 2023 Date

Below, you can check the date of celebration of World thrift day:

World Thrift Day 2023 Overview

Significance of World Thrift Day

Saving money is not only important for one’s personal growth but for the economic growth of a country as well. Thrift itself means carefully and planned spending of financial and other resources so we do not waste it unnecessarily. World Thrift Day reminds us of the same and also shows the way to tackle the situation of managing our funds in a better way. Since financial resources are not available in abundance and their presence is limited, they should be valued and spent wisely. However. wisely spending money is not the only significant thing and every person should learn the skill of saving money as well. Money saving allows an individual to gain a standard of life and secure the economy of their country. The day focuses on the financial security of a person and country as well.

History of World Thrift Day Observation

The resolution to observe World Thrift Day was passed in 1924 at the first International Savings Bank Congress in Milan, Italy. Italian Professor Filippo Ravizza declared the establishment of the World Saving Day on October 31 on the last day of the congress with a resolution that this day will be dedicated to promote monetary savings all over the world. The goal behind celebration of savings day was to encourage people to save money and to restore the public confidence in banks that was lost after the First World War. The first World Thrift Day was observed on October 31, 1924.

Check: Special days observed in October

After the Second World War, the World Savings Day got prominence and people got more evolved and started taking good care of their resources. In India due to death of late Prime Minister of India Indira Gandhi on the same day in 1984 World Thrift Day day is being celebrated on 30th October.

Why and How is World Thrift Day celebrated?

World Thrift Day is observed with a simple objective and that is to encourage people to save money for a stable future of self and of nation. The best way to observe this day is to take first step towards saving money and open a savings account in any financial institution that you trust. Teach other of the importance of saving money, especially children, and encourage them to take a first step as well. There will many activities organized by financial institution and a theme too for celebrating the World Thrift Day.

In many countries poster-making contests are organized to stress on the importance of saving money. Financial institutions and banks organize and launch new programs and schemes to encourage their customers to save more money. Many volunteers organize film screenings to teach students the disadvantages of taking part in lotteries or gambling. The World Thrift Day 2022 theme was “Saving prepares you for the future.”

Also check: Halloween 2023

Some Simple Tips to Save Money

On this World Savings Day, here are some simple tips that will help you take the first step towards saving money:

• Prepare a monthly budget and start controlling your expenses.
• Spend wisely and only on necessary and essential things. 
• Understand the difference between what you need and what you want and then spend money accordingly.
• Do not unnecessarily waste electricity and water. Not only they will save resources but money as well.
• Set a proper goal for how much saving should be done.
• Do a little research and learn how to make profitable investments.

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