World Savings Day (World Thrift Day)
World Savings Day or World Thrift Day is observed on 31st October every year to spread awareness on the concept of saving among society through events that promote individual saving in particular. It warns against the grave consequences of overspending and irrational use of credit cards for purchasing goods.
The day informs people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress. Savings may also assist a person in realizing their dreams or ambitions, such as beginning a company, getting medical attention, receiving a good education, or buying a house.
Saving money to improve one’s quality of living and protect the economy has been a recurring theme throughout its history. The importance of saving can’t be overemphasized. Through saving, A lot of people have been able to achieve their dreams.
World Thrift Day 2021 theme is “Understanding the importance of savings“. While the theme for 2020 was “When you save a bit, big things follow”.
History of World Savings Day
Italian economist and politician Maffeo Pantaleoni (1857-1924) laid the first stone for “Savings Day” in 1924, on the occasion of the First International Thrift Congress held in Milan. Pantaleoni gave a speech that later would inspire the event, stemming from an agreement among saving banks in twenty-six countries that is still upheld today, every October 31.
Spain had named the first national thrift day on record in 1921. Meanwhile, in Germany, confidence in saving had to be revived after many lost nearly all they owned in the monetary reform of 1923. After the Second World War, World Thrift Day continued and reached the peak of its popularity in the years between 1955 and 1970.
World Savings Day is normally celebrated on October 30th, except in countries where that day is a national holiday since the aim is for banks to be open so that people can deposit their savings. In India, the day is celebrated on 30th October as 31st October is the death anniversary of late Prime Minister Indira Gandhi.
As Thrift Day is celebrated to inculcate the habit of savings, to encourage this habit, the various National Savings Banks has launched various schemes and programs over the years, with the support of the schools, the clergy, as well as cultural, sports, professional, and women’s associations.
Why there is a need to save
Life needs a constant flow of money for day-to-day expenses and without a proper income stream, it is very difficult to live a comfortable life. So after retirement, these savings will be the exact source of money you will be looking at for your expenses.
You always need money for emergencies like job loss, urgent medical expenses, vehicle or house repairs which will burn a big hole in your pocket. So the only way to handle these emergencies is to have emergency funds always available through saving.
We all have some future goals and aspirations and will always need some money to achieve them. Be it higher studies, owning a house, or getting married all these goals need money to fulfill.
You may be earning a perfect amount of money which is giving you a perfect life and believe that you don’t need to save. Inflation is like the efficient assassin who fires from the darkest recesses, so no one sees him but he nonetheless finds his mark. So you need to grow your money by saving it faster than inflation can deplete it.
Celebration of World Saving Day
On World Saving Day many events are held worldwide. The participating companies launch campaigns by putting up posters, delivering lectures, publishing booklets, and other press material and advertisements to encourage people to save money.
Banks play an important role in enhancing saving and they promote campaigns and initiatives such as working with non-governmental organizations in order to double the number of savings accounts held by the poor.
Suggested Read: Important Days In October