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October 31 - World Thrift Day
World Thrift Day is observed on October 31 every year. The first International Thrift Congress was held in Milan, Italy in 1924. The congress passed a resolution declaring October 31 as the World Thrift day. It was a day “devoted to the promotion of savings all over the world”. It is a worldwide celebration well supported by savings and responsible retail banks, schools, women’s associations, sports bodies, cultural organizations and professional agencies etc. The day reminds us of importance of consistently saving in order to have a safety net. With such consistent savings, we can guard against unexpected risk events. Savings can also help us in achieving our goals such as starting a business, getting good education, healthcare treatments or owning a home etc.
World Thrift Day is celebrated in various forms. Brochures, leaflets and posters are distributed to masses emphasizing the importance of thrift/saving. Press articles and educational films are also made to highlight and promote savings in many parts of the world. Saving campaigns are organized in the schools because it is very important to inculcate this habit in kids since beginning. Children are informed and educated about virtues of thrift and how it can help them in future. Kids are encouraged to use savings bank passbooks and money boxes etc.
Credit must be given to retail banks that have undertaken serious efforts to encourage savings by employing several methods. For instance, they have made it easier for everyone to open an account and deposit the money. Consumers are informed about importance of a formal savings account. In fact, most of the bank accounts in the world are saving accounts. Saving is one of the most vital skills to possess.
In India, World Thrift Day was also celebrated on October 31 but after the death of Prime Minister Indira Gandhi on the same day in 1984, it is since celebrated on October 30.
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