Save money, and be financially smart!
In a world where everything is being accepted from the viewpoint of money, it has become essential to be financially smart in the phase of inflation. I believe financial smartness can define someone’s possibility to succeed. World Thrift Day, celebrated on October 31st, is a day dedicated to highlighting the value of saving money and generating a society full of accumulated wealth. This day outlines and puts a step to make sense of why should we be responsible for our savings not only as an individual benefit but also as a part of having a positive impact on the global financial landscape.
World Thrift Day was established to teach people the importance of depositing their money in banks so that it can be used later when needed. Do you know the three motives of demanding money? They are transaction motive, precautionary motive, and speculative motive. Among them, one of the related concepts to saving is the speculative motive. It emphasizes how to save, invest, and earn profits. Likewise, nowadays most of us are knowledgeable enough to understand why we should secure our future by saving. But unfortunately, there’s a bit of controversy in actually doing that in this rapidly changing economy.
History of this day dates back to 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 importance and understanding between 1955 and 1970 when people began to witness the horror of the two world wars and became increasingly aware of their financial security, wealth, and savings. That’s how October 31st is now being symbolized as World Thrift Day.
Savings secure us in times of financial crisis. From starting a new business to providing a decent education to our family members to accessing quality 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 are also provided by the amount of savings we have. Not getting loans leads to stress and anxiety therefore savings can save us. Banks and non-profit organizations play a significant role in making people understand the various methods of making savings.
The International Saving Bank Congress’s theme for World Savings Day 2023 is “Conquer your Tomorrow through saving”. Saving money is a crucial financial skill that can help you achieve your financial goals, build an emergency fund, and secure your upcoming years. This day plays a huge role in the financial growth of developing countries. The majority of people are not able to avail the services of a bank, savings banks work with NGOs and other non-profit establishments to spread awareness about the same.
Fortunately, there are many methods to observe World Thrift Day such as teaching youngsters about saving money, holding poster-making contests, or holding workshops all around the world to emphasize and encourage saving money. Additionally, financial organizations encourage their clients to save more money by putting together various programs and schemes. Furthermore, numerous volunteers hold movie screenings to persuade students and young people not to play the lottery or gamble.
Nowadays the focus of the banks that organize World Savings Day is on developing countries where many people are unbanked. Savings banks play an important role in enhancing savings in these countries with certain campaigns and initiatives such as working with non-governmental organizations to double the number of savings accounts held by the poor. Finally, it’s up to us to be an owner of a secured financial future.
Written by: Rtr. Sadini Silva
Graphic design by: Rtr. Sathmi Dinanja
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