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World Thrift Day, also known as World Savings Day is aimed at making people financially literate so that they can make their money deposition and saving decisions wisely.
World Thrift Day is celebrated on October 30 in India. (Image: Shutterstock)
World Thrift Day is celebrated on October 31 globally and on October 30 in India. It is a day dedicated to highlighting the value of saving money and financial security.
The term ‘thrift’ refers to using resources carefully and wisely so that they are not exhausted all at once. People should be educated on the need and the various ways of saving. The public should be taught the importance of depositing their money in banks so that it can be accessed during times of need.
Financial education needs to be imparted among kids so that they grow up as financially conscious adults. An expert in the field of education, Syed Sultan Ahmed, Founder and Chief Learner of LXL Ideas expressed his opinion regarding this. Ahmed said, “Financial literacy is like handing kids a life-long tool—a skill they’ll keep using again and again.” “We have to teach financial literacy at a young age so that it becomes part and parcel of everyday conversation,” he added.
WORLD THRIFT DAY 2024: THEME
World Thrift Day is dedicated to fostering a culture of being economical. While it might not be as widely recognised as some other global observances, its purpose is crucial enough to be advocated among the masses.
The primary aim of this day is to emphasise the significance of money saving thrifty spending, and achieving financial security. Many children grow up unaware of how to take care of their financial matters as they have their families or others to do so on their behalf. But financial literacy among children is a requirement in today’s world and Syed Sultan Ahmed tells us why.
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WORLD THRIFT DAY 2024: IMPORTANCE OF FINANCIAL LITERACY AMONG CHILDREN
“Teaching them about money goes beyond just understanding rupees and paise; it’s about offering them a glimpse into how the real world functions. You’re showing them that hard work holds value,” Ahmed said.
“You’re teaching them that making smart financial choices puts them in control of their future…These are skills for life. Kids who grasp budgeting, saving, and investing early in life develop the know-how to make informed choices, dodge debt, and grow their wealth for the future,” he said.
As per Ahmed, one should not wait to be an adult to learn about money management, rather one should learn about it early. You could start using your financial knowledge by running a little lemonade stand or saving up for a dream purchase.
However, the concept is not that simple. Syed said, “It’s more than just math and savings accounts. It’s about understanding opportunity, investment, and the power of choices. If you teach a kid how to budget their money, you’re really teaching them how to budget their life—how to prioritize what’s important, how to see beyond the moment, and how to make sacrifices today for something bigger tomorrow.”
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Syed mentions it being the responsibility of parents and teachers to “get them (children) involved in real-life money situations.” “Give them a small allowance and let them budget it for the week. Help them set goals for saving up for that cool toy or an exciting outing. This teaches them not only about saving but also about delayed gratification—an essential skill that will serve them well in life,” he added.
By financially educating children, “we’re giving them self-assurance and the actual independence along with mindset that says, ‘I am the owner of my future’ so that every child—no matter where they come from—has the opportunity to build a better life for themselves,” Ahmed said.
