World Thrift Day 2023: Date, history, significance

World Thrift Day 2023: It is the season of festivals, and we cannot keep calm. However, it is important to remember to save money as it provides us with financial security, freedom and a safety net when we have a difficult time. Hard times can come at any point, and we should be prepared to combat it. While it is important to have fun and create memories, we should never forget to save money when we can. World Thrift Day promotes the importance of saving money and how savings can cushion our difficult times. It raises awareness about the importance of thrifting to save money.

World Thrift Day is just around the corner and as we gear up to celebrate the day, here are a few things to keep in mind.

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Date:

World Thrift Day is celebrated every year on October 30. This year, World Thrift Day will be celebrated on Monday.

History:

In 1934, at the first International Savings Bank Congress, Filipo Ravizza – an Italian professor – proposed the idea of World Thrift Day. This day and the awareness it raised gained more prominence and understanding between 1955 to 1970 as people started watching the horror of the two World Wars and became increasingly conscious about their financial security and savings.

Significance:

Savings save us in the times of financial crisis. From starting a new business to providing decent education to our family members to accessing healthcare facilities, money and savings come to use. It is important to learn the significance of savings at an early age to have a life ruled by financial independence and freedom. Emotional and social stability, and a decent lifestyle is also provided by the amount of savings we have. From avoiding getting into loans, or stress and anxiety, savings can save us. Banks and non-profit organisations play a significant role in making people understand the various ways of making savings.