Did You Know? The Significance of World Thrift Day

October 31 was nominated as the World Thrift Day in the year 1924. In India, the day is celebrated on October 30th each year, wherein the banks and state administration participates to spread awareness and encourage opening of Savings Accounts

Started in 1924, World Thrift Day is dedicated to promoting savings across the world and hence promote economy. Either ways in Indian households, the culture of Savings, holds strong, though not many know for a fact that there is a day dedicated for this purpose supported by banks and state administration at different levels to encourage individuals to open a bank accounts.

World Thrift Day continued after the Second World War and reached the height of its popularity in between 1955 and 1970. Even today the Thrift education is highly popular in developed countries and practically there is no single individual who doesn’t own a bank account.

The concept of inspiring people in current times towards saving is yet a challenging task especially in the developing countries. Retail banks and Savings banks take several steps in educating people about the benefits of savings through various methods.

The Savings revolution helps in promoting the custom of savings in people and offers a good return to the small investors. It also helps in mobilizing the funds for fulfilling the needs for the country’s planned economic and social expansion.

Thrift in India is an old-age virtue. India is one of the few countries that possess the highest savings rate in the developing economy of the world. The small savings has played a great role in controlling the savings done by the small savers for planned advantageous development of India.

Become master of your money not its servant, say the wise men.

This feature was first published in the print version of SUBURB October 2019 issue.