World Savings Day 2021: World Thrift Day is celebrated on October 31 across the world. But in India, due to the death of Prime Minister Indira Gandhi on the same day in 1984, this day is celebrated on October 30.
World Savings Day was established on October 31, 1924, during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy. The Italian Professor Filippo Ravizza declared this day the “International Saving Day” on the last day of the congress.
The main aim behind the celebration is to promote the importance of savings. Saving money is a necessity for everyone. One who saves money judiciously reaps the benefits in the long run. Also, depositors who save money can help in the economic growth of the country.
The day was established in 1925 during the 1st International Savings Bank Congress (World Society of Savings Banks). As people were not sure about saving after the First World War, the idea was to make people aware of the significance of saving money.
The savings banks operated with the support of schools, offices, women’s associations and sports to foster savings. The day gained prominence post the Second World War looking at the evolution of the world in taking good care of resources.
For more than 90 years, the World Savings and Retail Banking Institute and its members have spearheaded annually a day dedicated to promoting the virtue of people saving money. Called World Savings Day, it was the first initiative of WSBI, the voice of savings and retail banks in close to 80 countries, the day remains relevant for members who engage actively in celebrating in their local areas. World Savings Day is celebrated in countries around the world.
World Thrift Day 2021 Theme
This year, the theme is ‘Understanding the importance of savings’. The theme is self-explanatory, as we all need to understand how important it is to save money to have a balanced and prosperous life. So, spend cautiously, and save wisely.
On World Thrift Day, people are encouraged to be more mindful about their money and save it the right way, especially those who fall under the poverty or unemployment category. Bank, along with NGOs, play a huge role in creating awareness about saving money in different ways.