Do Old People Spend More Than Youths?

[Helen Akoth]

I don't think old people spend more than youths. The reason why the author advises young people to start saving early could be so that when the retirement age reaches for those who are employed, they'll have some finances to depend on. Most old people are unable to earn more cash due age-restricted employment policies or health issues.

[Aditii Mehta]

I think young people spend more money on leisure and parties. On the contrary, old people spend their money usually on essential things like hospital bills and caretakers.

[Emma Lamoureux]

Obviously it all depends. However, based on my circumstances and the people I know around me who would also be considered the "youth," I think a lot of use spend less money because we don't have it to spend. A lot of us can't afford to live and put some into a savings account at the same time. Life is so expensive these days and it doesn't often leave room to spend extra on non-essential things.

[just_joy]

I really don't think so. I believe that the purpose of saving towards that age is so that even when the steady income ends, you can still feed, clothe, and take care of yourself. I feel it was also created with the idea that at that age, when you can rest, you should be able to have the financial freedom to do as you please, and go where to wish.

At old age,this is the time when people are emaciated are exhausted and don't have energy to work unlike their vibrant youthful days so they need more care like medication and this could be costly

[Francis Omotayo Aderogbin]

In old age, people don't have the strength to work. And if there is no work, there won't be money to spend. That's why the author advised that when you are active and vibrant, remember to save for when you don't have the energy to work again. It does not mean people spend more at old age than when they were younger.

[Nganyi Humphrey]

Yes I do think when one is old he gets to spend and one of the factors is that an old person is prone to illness which is expensive. Similarly, when old you do know that you are quite closer to dieing a natural death and in that event you would want to enjoy the products life has to offer before dieing.

[Leah Mbugua]

I really don't think so. I think people are advised to start early so that they have a longer time to build up their savings. That way, even if your income is low, you can still set aside something worthwhile for your retirement. As for spending during your youth vs retirement, I think it really depends on the person's lifestyle and culture. Most people I know who have retired don't spend that much because they don't have the expenses associated with going to work, and don't travel much because they have less energy than when they were young. The highest expense I've seen is on health issues which can vary widely depending on the country you're in, whether you have health insurance and the coverage of your insurance. Where I come from, our culture is such that once you graduate and get a job, you start taking care of your parents. So, all those additional expenses post-retirement (health expensese, welfare...) can actually befall on the children if they are working.

[Jelly_J]

I think youths of these days spend more than old people. The old people are seen to be practical in their spending, always avoiding unnecessary expenses but young people on the other hand, spend frivolously on unimportant things like internet costs, unnecessary shopping costs, and partying expenses.

[princejal]

No, definitely not! Older people have less of an appetite for expensive or somewhat outrageous or unnecessary things than younger people and as such the spend less.

[Oyedeji Funmilayo]

I think the spending rate depends on the individual involved and personal struggles. But, I agree with the author on saving at an early age for retirement. You never can tell what might happen in the future. But, it is safe to plan ahead than to be caught unaware.

[tinamakgale]

The topic is rather objective. How we spend is generally determined by our lifestyles. The other determinant on spending is typically based on how much money you earn. However, old people may choose to spend less more so that they are retired and out of jobs.

[peace_m]

I think old people spend less than the youth. The reason been that, their flare for flamboyant lifestyle decreases as people gets older. They began to see that actually there is nothing in this world.

[itsme_shahi]

It all depends upon the circumstances. Sometimes old people need to spend more in health and allied services for their betterment compared to youth. Whereas at other times, reckless spending by youths overcome the spending at old age.

[Ol Yinks]

I don't believe it is because they will spend more money then than they do now, when they are still young. It's because their age and health are likely to force them to work fewer hours and earn less money.

[Moyin Loveth]

I don't think this is correct. During one's youth, a lot of expenses come up like mortgage, paying students loans , and it you have kids, there's the additional cost of raising them. At old age, there's little to spend aside sickness, if it arises, and vacations.