World Thrift Day or World Savings Day is celebrated each year on 30 October to aware consciousness to people about their financial security, savings, and freedom.

This year, with the ongoing season of festivals continuing since September, the importance of saving money has become more important, as rising inflation and other issues have made life of people more difficult.

Apart from this, the two wars going on – Russia-Ukraine and Israel-Hamas, have created a concern that the prices of essentials are going to rise in the coming times and there is an essential need to think about financial security and a safety net.

Date:

This year World Thrift Day will be celebrated on 30 October 2023.

History:

During the 1st International Savings Bank Congress on 31 October 1924, at Italy’s Milan, World Savings Day was established.

At the first International Savings Bank Congress in 1934, an Italian professor Filipo Ravizza proposed the idea of World Thrift Day.

The day gained prominence and understanding between 1955 to 1970, with people started watching the horror of the two World Wars. People also became increasingly conscious about their financial security and savings.

These days, the focus of the banks is to organize World Savings Day is on developing countries, where most people are unbanked.

Significance:

Saving money prevents people from going bankrupt and help during financial crisis. Also, they provide them with a sense of financial freedom. Be it new business to providing decent education to our family members to accessing healthcare facilities, financial safety plays a dominant role.

One who has savings and financial safety can also feel security on the psychological, emotional, and social side. Savings give a person the balance of peace that he or she is looking for. And this is why, World Thrift Day or World Savings Day is important.

Celebrations:

On this day, non-profit organizations and banks organize campaigns and initiatives to create awareness among people to save money.