World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress or at home. All over the world, October 31 is observed as ‘World Thrift Day.’ In India, due to death of late Prime Minister Indira Gandhi on the same day in 1984, this day is being celebrated on 30th October.
As its alternate name ‘International Day of Savings’ suggests, this is an important day to remember for each and every one of us. It is dedicated to the promotion of savings and how imperative it is to know more about the same. Saving money is a lesson we learn from our parents when we grow up to live on our own. The word ‘Thrift’ itself means to use our resources in a wise and careful manner, in order to not finish it all up at one go.
With the pandemic clipping our wings, our spending and savings patterns have changed. While some embrace the idea of “cashing in on” the restricted times to save up for the future, others look to invest smartly to make the best out of the unexpected gain. As World Thrift Day is observed on October 31 to highlight the importance of savings, we find out how some have been balancing the books since the lockdown.
In 1924, the first International Thrift Congress was held in Milan, Italy. The congress declared 31 October as the World Thrift day. The first World Thrift Day was celebrated in 1925. But the first national Thrift Day was celebrated in the year 1921 in Spain and the US. The day was established to create awareness among the people about the idea of saving their money in a bank rather than keeping it at home.
The intention was to make the public aware of the importance of saving money mainly because people were not confident about saving anymore after the First World War. The savings banks also worked with the support of schools, offices, sports, and women’s associations to promote savings. After the Second World War, World Savings Day became popular. And from then on, World Savings Day is being celebrated in many countries.
There are many obstacles in savings for poor people since the rate of unemployment and poverty are high in many countries around the world. So, it’s necessary to educate people to save money as it is needed during unemployment, illness, disability or old age. Wealth in terms of saving will act as a safeguard to face financial crisis. It helps us in starting a business, getting good education and availing good healthcare treatment. The habit of saving will give independence to both people as well as the country.
In 1928, even a Hymn of Thrift was composed by Gino Valori and Giuseppe Pietri. For the subsequent editions of the Hymn of Thrift, it has been proposed consecutively to Belgium, Great-Britain, Austria, Poland, Czechoslovakia, France, Spain and finally Germany.
After the Second World War, World Thrift Day continued and reached the peak of its popularity in the years between 1955 and 1970. It practically became a veritable tradition in certain countries. In Austria, for instance, the official mascot of saving, the so-called ‘Sparefroh’ (literally: ‘Happy Saver’) reached a higher degree of brand awareness than the republic’s president and even a street was named after him. In the 1970s the ‘Sparefroh-Journal’, an educational magazine for younger people, reached a circulation of 400,000 copies.
Nowadays, it can be said that thrift education in developed countries, where most people save money, was a success since there are practically no people that do not yet own a bank account. The field that is now to be played is the developing countries where, in the worst case, the number of saving accounts does not exceed 10%. Savings banks play an important role in enhancing savings in these countries with certain campaigns and initiatives such as working with the Bill and Melinda Gates in order to double the number of savings accounts held by the poor.
The idea and purpose behind the day are simple. Financial resources are not always found in abundance. Therefore, it is imperative to save money and raise awareness about the same. Brochures, leaflets, posters, etc. are distributed and showcased which talk about the importance of saving money. Campaigns take place in schools as well where children are taught about the same at a very young age, something they should remember when they grow up. Not only that, World Thrift Day focuses on the financial security of the country as well. Banks play an all-important role on this day. They come up with methods with which they encourage people to be more mindful about their money and save it the right way. They are told about the savings account and its importance in great detail.
This day plays a huge in the financial growth of developing countries. As a majority of the people there are not able to avail the services of a bank, savings banks work with NGOs and other non-profit establishments to spread awareness about the same.
