Do Old People Spend More Than Youths?

Adaeze BlessedMira Ibeh · Post by **Adaeze BlessedMira Ibeh** » 21 Jul 2022, 15:23

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

Misael Carlos · Post by **Misael Carlos** » 22 Jul 2022, 04:57

I think the reason why it’s advised to invest very early is they are at the age when they are at their most productive and likely most aggressive to earn and spend at the same time. Priorities change as they grow older: get married and have kids; thus the less opportunity to save.

Sammy Kamau 2 · Post by **Sammy Kamau 2** » 22 Jul 2022, 13:34

Older people spend more than youths due to their poor health, low-income high inflation, and maybe required to support their children or grandchildren

Praise George-kayode · Post by **Praise George-kayode** » 22 Jul 2022, 16:12

I think young people spend more than old people, since young people try to live their best lives. I think the book advised we start saving when we young, not necessary because we tend to spend more when we old but because saving for those times goes a long way. Because by the time we are retired, we hardly dont have any money coming in except from the savings we had.

Grampy · Post by **Grampy** » 22 Jul 2022, 17:06

Not necessarily true that old people tend to spend more than youths. I think since they are retired there will be no source of income thats why its advisable to start saving when young

let_it_read · Post by **let_it_read** » 23 Jul 2022, 00:52

I believe that it is always about how people think about their future. If they think that they will spend more on their post-retirement, they must plan more cautiously. Also, I believe that old people spend more because they have a lot of medications.

Monale Bariyima Ueh · Post by **Monale Bariyima Ueh** » 23 Jul 2022, 08:45

can imagine the average old person spending more money than the youth. Younger individuals have the support of their parents while older people have to find ways to get by on their own. If they are physically inept, they have to pay for caretakers 24/7 as well, which would quickly drain out their money.

Oluchii · Post by **Oluchii** » 24 Jul 2022, 08:24

I do not think so, youths tend to live extravagantly and end up buying stuffs that they don't really need ,on the other hand, old people do not see the need to live extravagantly

Madu Abigail · Post by **Madu Abigail** » 24 Jul 2022, 10:58

I'd say the reason to save for old age is not necessarily because you will spend more then, it's because you will earn less at old age

Sydney Ash · Post by **Sydney Ash** » 24 Jul 2022, 13:05

I am not sure it’s that old people spend more. I believe the issue is that people are used to backing their spending with their incomes, and as you get older you tend to work less. They probably aren’t spending more, they just don’t have the same amount of income coming in to support it.

Fajarr · Post by **Fajarr** » 24 Jul 2022, 16:19

I feel like the elderly spend more responsibly than the young. All the dreams they could have accomplished are accomplished by their age and now they reserve their money for the next generation

Michael Valentine · Post by **Michael Valentine** » 25 Jul 2022, 00:07

Victoria Ukamaka wrote: ↑19 Jul 2022, 09:54 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 think I will agree with your reply. I have not come across any older person with as much spending impulse as the younger generation. They should save because at that age, they won't have so much strength to work and end so much to meet their needs.

Post by **Sharill Rasowo** » 25 Jul 2022, 00:24

I think it depends on the individual. As you start working you get used to a certain lifestyle that you might want to maintain when you grow old. So I don't think old people necessarily spend more than young people, but spending habits are formed over the years thus there is a need to plan for retirement in order to avoid poverty.

Confidence_derah · Post by **Confidence_derah** » 25 Jul 2022, 07:25

You definitely do not spend more when you are older... But, then it is a life of retirement and no more salary earning, so it basically spending what you have earned. And, you aim to enjoy life at that point so you need the money to live the life you want.

Vyoma Kothari Arunprakash · Post by **Vyoma Kothari Arunprakash** » 25 Jul 2022, 09:08

I think old people only need to save for their health problems. Insurances are a big yes at the young age itself, which will provide for them when they are old. I think mutual funds and such other retirement plans are necessary and doesn't require for them to be active in their old age to be able to make financial decisions. Their lifestyle doesn't have much of expenditure. Overall, once should save for their old age keeping health problems in mind.