World Thrift Day 2023: Date, history, significance and more

World Thrift Day, also known as World Savings Day, is observed annually on October 30th to promote awareness of financial security, savings, and financial independence.

This year, the importance of saving money has become even more significant due to the ongoing festival season that began in September. Escalating inflation and other economic challenges have made life more demanding for many individuals. Additionally, ongoing conflicts such as the Russia-Ukraine and Israel-Hamas conflicts have raised concerns about potential increases in the prices of essential goods. This highlights the necessity for people to prioritize financial security and create a financial safety net.

World Savings Day has historical roots dating back to the 1st International Savings Bank Congress held on October 31, 1924, in Milan, Italy. The concept of World Thrift Day was introduced by Italian professor Filipo Ravizza during the first International Savings Bank Congress in 1934. The day gained prominence between 1955 and 1970, as global awareness of financial challenges grew, especially in the aftermath of the two World Wars. In recent times, the focus of World Savings Day has shifted towards developing countries, where a significant portion of the population remains unbanked.

The significance of saving money lies in its ability to prevent financial crises and provide a sense of financial freedom. Savings are crucial for various aspects of life, including starting a new business, ensuring quality education for family members, and accessing healthcare facilities. Financial security also contributes to psychological, emotional, and social well-being, providing individuals with the peace and balance they seek. This is why World Thrift Day or World Savings Day holds great importance.

To celebrate World Thrift Day, non-profit organizations and banks typically organize campaigns and initiatives to raise awareness about the importance of saving money.

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