This year we will mark the 98th celebration of World Thrift Day on 30th October 2022, and the theme is "Saving prepares you for the future." This simple theme has a strong message for everyone who wishes to participate in the occasion. But first, let's recap this day; in this scenario, you will learn more about "World Thrift Day".
Why is World Thrift Day being celebrated?
- 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 enthusiastically.
- World Thrift Day is an excellent event for people to get together and promote the idea of reusing and saving. People partake in various activities on this day, such as thrifting, reusing items, and putting their savings safely into the bank.
- It is an important day to be remembered for individuals and the country's economy. Savings, as we all know, are necessary for every depositor who contributes to economic development.
Why does India celebrate this day on 30th October?
- World Thrift Day is celebrated annually on 31st October worldwide, but in India, the day is celebrated annually on 30th October.
- Due to the death of the late Prime Minister Indira Gandhi on the same day in 1984, this day is celebrated on 30th October in India.
History of World Thrift Day
- Thrifting is considered a virtue in many cultures, but people often get carried away by impulses and make avoidable purchases. On World Thrift Day, the importance of thrifting and saving money is discussed to teach the habit of savings to the individuals of a nation.
- The idea of World Savings Day was born out of nothing. Some examples of days earlier also that were committed to saving money to gain a higher standard of life and secured the economy, for instance, in Spain, where the first National Thrift Day was celebrated in 1921, or the United States.
- In countries like Germany, the people's confidence in savings had to be restored since many of them had lost their savings in the German monetary reform of 1923.
- Even without official celebrations, there was a social norm about the importance of saving money for a long time in humanity.
- 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, Italy, during the International Savings Bank Congress (also known as the World Society of Savings Banks).
- Filippo Ravizza officially launched the day; an Italian professor called it International Savings Day.
- 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
People are encouraged to be more aware of their income and save it properly on World Thrift Day, particularly those who are poor or jobless. Here is why this day is significant:
- On this day, the main focus is on saving money.
- Savings provide a safety net in times of economic 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 economic 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 healthcare expenses.
- Banks and non-governmental organizations are essential in understanding numerous ways to save money.
Chronology of World Thrift Day
- 1800-A Different Kind of Saving-People hides their coins, especially silver dollars, inside cast iron pipes in their homes.
- 1924-First Celebration of World Thrift Day-The world celebrates the first World Savings Day or Thrift Day with posters, lectures, brochures, leaflets, press articles, chorus singing, broadcasting, educational, and propaganda films.
- 1928-'Hymn of Thrift' Composed-Gino Valori and Giuseppe Pietri compose the 'Hymn of Thrift' to bring more life to saving.
- 1970s-A Saving Mascot, Austria's official mascot of saving, Sparefroh or Happy Saver, grows more popular than the republic's president and even has a street named after him.