Do Old People Spend More Than Youths?

[Einsthawkton Edeh]

I guess it depends on the person, but the idea is to save more early so you can spend more later. If you look at a typical life your large costs will be college expenses, homes, cars, etc. But if you aren't always buying the most expensive of each more of your income can go to savings vs living expenses. Personally, I hope to spend more after I retire because I want to travel and maybe buy a vacation home. That's why I find the minimum that I can live with. But, maybe others don't plan to travel and want to buy and pay for things and stay where they are during retirement so they wouldn't need as much.

Correct! This is another way to look at it. Most people want to relax or go to places they've never been to. People want to experience some things they didn't have time to experience while they were working. Retirement period is the best time to do all these. You also need money to do them. That is where the savings come in.

[Einsthawkton Edeh]

I think it depends a lot on mindset. I personally have times when I don't spend anything and there are times when I spend a lot. I feel like it is also situational, but I also save a lot of money because I like to enjoy life to its fullest.

Exactly! We save to enjoy. After toiling and working long hours, we usually do not have time to relax properly. When we eventually get the time, we need to enjoy as much as we want.

[Einsthawkton Edeh]

Well, yeah. Old people pay more bills. They will have to cater for their kids, grand kids and most likely, great grand kids.

That is true. Old people like spoiling their grand kids. Where will they get the money to do that? Their savings of course!

[Madelineren]

I think when it comes to medications, home equipment, or medical bills, then yes, they would spend more. However, I think younger people tend to spend more in general, whereas I notice elders are more frugal.

[Alexis Kraus93]

I don’t think it is because they will spend more at that time than they are currently spending at a young age. It is because they are likely to work less and earn less due to their declining age and health.

I agree with this point. Also, elderly people are more likely to need extra care and have more medical bills due to age complications.

[Lawrence Chinedum]

I think spending is based on individual differences. Someone with uncultured spending habits, is like to take it into the old age.

[Saint Bruno]

I actually believe old people spend more than youths. Come to think of it, old people also spend on the youths, as it's always easier for youth's to come back to their parents' than vice versa. I love this book, especially as it encourages one to get themselves unstuck in life regardless of their stage in life.

[Samina Moiyadi]

I feel that old people tend to spend more on themselves because they had responsibilities towards their children and elders when they were young. They had to weigh their expenses against the needs of their family. After the children become independent and the other dependents are not around, they use their money on themselves.

[Waller Kristie]

Generally speaking, I think older people tend to spend more on medical bills and health maintenance. However, young people spend more in every other sector: social endeavors, business ventures, and child-rearing cost more for young people. Other than on medical issues, I think young people spend more.

[Success Azuka]

I don't think the old ones spend more than the youths. The old ones don't need much to survive. But the youths carry lots of responsibility of their parents and family members.

[Unity Bowling]

I don't think people spend more in old age per se, but the cost of living increases during the margins of life. It's expensive to keep a baby alive, and it's expensive to keep the elderly alive. Medical expenses especially are taxing for old people. Plus there are people who travel during retirement, which costs quite a bit. In that case, they may well be spending more than they did in their youth.

[Duwire Banda]

I think it all depends on what things they spend more on. I think old people spend more on hospital bills due to their old age while young people spend more on things like clothes, shows or parties. But in general young people spend more than old people.

[Phenyo Ramosukwane]

I generally believe older people spend more than the young ones in terms of what they spend on. The older ones have a lot of responsibilities to spend on, ie; their kids when in need of their help and also on their own selves. Now imagine that they now need medical attention and special diets, that is way costly than an average youths' expenditures. The youth may spend on more things but they are relatively less costly as compared to older people spending on less but otherwise costly things.

[Rohit Khanna]

The spending of a person at an older age comes more out of responsibilities than desires. I think the opposite is true in most cases for youth who have trouble saving money. The idea is to save money now so that the responsibilities and emergencies in life later can be dealt with in a smooth way.

[Shanesha Sammerson]

I think that it is most likely an old person will spend more than in their youth because they will have to set aside money for the retirement home, medication, in case of illnesses associated with old age, funeral expenses and also a Will if they have dependants. Whereas in your youth, there aren't as many financial burdens.