World Thrift Day - October 31: Savings boost economy

In a previous article, we told you about the importance of saving. This message will gain even more relevance when the World Thrift Day (WTD) is observed on October 31.

In Sri Lanka too, this event will be commemorated on a grand scale with the majority of promotions being carried out by banks. Schoolchildren will also join in the campaigns to improve public awareness on saving.

Commemorating the WTD started over 80 years ago to honour the virtue of thrift, which is a requirement for the financial stability and economic growth of a country. The origin of the Day can be traced to 1924 when October 31, the last day of the International Savings Bank Conference, which was being held in Milan, Italy, was proclaimed as the WTD.

The lack of financial resources impact(profoundly affect) the growth of a country in an adverse(unfavourable) way; most countries seek aid from outside sources as a way out of this, and get into debt. However, national savings are an alternative to this problem and can effectively contribute to economic growth. Such a domestic capital base will help reduce a country's dependency on foreign aid.

Improved savings can improve the standard of living, create employment, increase investment and contribute to economic development.

Developed countries always have a higher percentage of national savings than developing countries. Sri Lanka's savings rate, which stands around 17.5 per cent, should be in the region of 30 per cent. India has a 20.7 per cent savings rate, Maldives 47 per cent, Singapore 48 per cent and China 44 per cent.

You too can contribute to this savings drive by starting to save whatever you can, in your own small way.

Halloween - spooky but fun-filled day

Would you like to dress up as a ghost and go around scaring your friends and neighbours? This is exactly what most children in Western countries do, on and around Halloween, which is celebrated on October 31.

It is now catching up in Sri Lanka too, but has been celebrated for years in countries like America, Canada, England, Ireland, Australia and New Zealand.

Halloween is a day dedicated to all things spooky and scary, and people, especially children, go around dressed up as ghosts, witches and ghouls. How did such a day come about, you may wonder.

People of yesteryear believed that the spirits of dead people rose from their graves and walked the Earth on this day. As this day fell close to the pumpkin harvesting season, they used carved pumpkins with candles lit inside, to scare away the 'evil spirits'.

Such carved pumpkins, known as jack-o-lanterns, are now a feature associated with this festival. People also believed that if they dressed up as ghosts, the real ghosts would be deceived into believing that they are also from the spirit world, and thus not harm them. The wearing of masks also started as a trick to scare away ghosts.

These old traditions took root in America after they were introduced in that part of the world by Irish and Scottish immigrants. America gave birth to most of the modern day customs associated with this day, and they started spreading around the world during the 20th century.

One of the favourite customs carried out during Halloween, especially by children, is Trick or Treat. A group of children dressed up as various spooky characters would go from house to house shouting 'trick or treat' and will be rewarded with candy, chocolates and other sweet treats.

Teenagers and adults may take part in costume parties dressed as various spooky characters. It is a day of fun and is enjoyed by children and adults alike.