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World Thrift Day observed on 31st October

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World Thrift Day is celebrated every year on October 31, across the world, but in India, the day is celebrated annually on October 30. This day is celebrated to promote the importance of savings and how saving money is important in today’s world. It is an important day to be remembered for individuals as well as the country’s economy. Savings, as we all know, is a necessity for every depositor who contributes to economic development.

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History of the day:

  • World Savings Day was first introduced in 1924 as World Thrift Day at the first International Thrift Congress held in Milan, Italy. It was decided that the day will be marked across the globe to encourage the idea of saving money and restore the public’s confidence in banks.
  • 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.

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