Every year on 31st October, the world marks World Thrift Day, also known as World Savings Day. A timely reminder of the power of saving and financial awareness as tools for both individual and national betterment.
The History and Purpose of World Thrift Day
This global annual event dates back to the first First International Thrift Congress held in Milan, Italy, in October 1924, where professor Filippo Ravizza declared (on 31 October) the idea of an “International Saving Day”. The first celebrations took place in 1925. The purpose was simple but profound: to encourage people to save money rather than hiding it at home and to develop a culture of thrift that would benefit both individuals and economies.
Its Aim
Primarily, World Thrift Day is about raising awareness for savings, financial planning and prudent use of resources. It sends a message that saving small amounts can create a buffer for the future. For example: savings for the unforeseen, education, retirement and a more secure life. On a national or global scale, it also ties into the idea that higher savings means more capacity for investment, growth and stability.
Conquer Your Tomorrow 2025
This year, the World Savings and Retail Banking Institute (WSBI) put forward the theme: “Conquer your Tomorrow”, along with the campaign message “This is not a savings account.” The idea behind it is that saving isn’t just about parking money, it’s about building resilience, securing your future, turning the act of saving into a proactive step toward better well being.
Effects in Banks & Nigeria’s Economy
In Nigeria, savings behaviour matters not only for individuals but for the economy. Research shows that bank deposits and private savings are positively linked with economic growth, fixed investment and capital formation in Nigeria. But at the same time savings levels remain low relative to potential. For example, research showed years ago that the gross savings rate is around 15% in Nigeria, far lower than many emerging economies.
Banks, on their part, benefit from mobilised savings. More deposits allow banks to provide credit, support businesses and fuel growth. On the other hand, when the savings culture is weak, banks struggle to generate funds. This results in economic constraints. In short, promoting thrift and savings contributes to a more stable banking sector and a more resilient economy.
In Nigeria’s current context of high inflation, exchange rate pressures and economic headwinds, encouraging habits of saving become even more important.
The Importance and Impact on Nigerian Youth
For Nigerian youth, World Thrift Day is a meaningful occasion. A large proportion of Nigerians are youth. They face job market uncertainty, rising costs of living and the need to build financial resilience. Saving may start small, but starting early builds the habit, the mindset, and financial security.
Financial literacy programmes, fintech innovations and savings campaigns are all relevant. For example, young people are using mobile apps, rotating savings (“ajo”) schemes and informal savings groups to build assets.
When you save small amounts, you set yourself up to handle unexpected shocks, invest in skills or entrepreneurship and avoid falling into debt. The theme “Conquer your Tomorrow” speaks directly to this: you may not be wealthy now, but with deliberate, consistent saving you can improve your future options.
The Tough Question: How Can Youths Save With Low Income and High Expenses?
Let’s be honest, for many young Nigerians the numbers don’t add up easily, making saving feel nearly impossible. With high inflation eating into purchasing power, unstable incomes and rising costs, saving even little amounts feels like a burden.
A study pointed out that young Nigerians face challenges of limited financial literacy, unemployment and surging cost of living.
Yes, it is possible, but it requires you to adjust through budgeting, prioritising and being creative with the money you have.
The key is not necessarily saving large amounts, but disciplined habits that encourage consistency and long-term financial stability. The message of World Thrift Day is that saving is for everyone even when the amounts are minimal.
So, can the average Nigerian youth really save? The answer is yes, but not without significant challenges. It takes reviewing spending, making sacrifices, leaning on technology and community and adopting a long-term mindset for growth.
Conclusion
As we mark World Thrift Day 2025, think of it not as a grand task but a friendly invitation. Take a look at your finances, put aside a little (even ₦100 or ₦500) if you can.
Shift your mindset from “I will save if I have a lot” to “I will save because I’m building toward tomorrow.”
For Nigeria’s youth, for its banks and for the economy at large, that simple and small change matters.
It can ripple outwards in powerful ways, strengthening financial habits and promoting long-term stability across individuals and communities.
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