November 3, 2022

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When And Why We Celebrate World Thrift Day?

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World Thrift Day is celebrated every year on 31st October worldwide to promote savings and financial security of individual and nation as a whole.

The word ‘Thrift’ means the quality of being careful not to spend too much money.

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.

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.

The first International Thrift Congress which was held in Milan, Italy in 1924 had declared October 31 as the World Thrift day. The aim of celebrating this day is to change our behaviour towards the saving and constantly reminds us the importance of wealth.

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.

Thrift is one of the ancient Indian virtues. Right from our childhood days, our parents teach us the importance of wealth and the need for saving. A well-known saying is “Cut your coat according to your height”.