Do Old People Spend More Than Youths?

[Praise Oloruntola]

I don't think so.
But while you are young and agile why not also think of when you'd be old and unable to do the things you did to earn money?
I also think the advice to save is linked to the thought: make hay while the sun shines. It wouldn't do to suffer when you've worked in the past.

[The Olynks]

I don't think so. Old people already have some of the things that young people desire. They don't excited about new technology and spend impulsively. Young people have more needs and desires than old people and most don't know how to spend wisely.

[Fredrick Felix Mnjala Maneno]

If one has had the presence of mind to save and keep a little nest egg for retirement then most likely they will not spend much in old age. But when you look at it critically, old people may spend more taking into account all the needs they have. There are medicines, special wear that some need like chiropractic shoes and whatnot. So in my view, I do believe that old people do spend more.

[marta baglioni]

I think old people spend more than the young ones, especially in this generation. It's not really something that comes from a different mindset, but from the fact that the economic crisis is getting harsher and harsher, and young people earn barely what is necessary to stay alive.

[Silvio Omutsiambo]

Also, due to decline in health that usually accompany old age, they are likely to spend more money on hospital bills and supplements. Saving for old age will help take care of those bills.

I get it.

[Silvio Omutsiambo]

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.

WOW! You got one giant of a plan there, haha. I like it.

[Silvio Omutsiambo]

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.

ooh! At an old age there's insufficient flow of income. I got it.

[Silvio Omutsiambo]

I think in some cases youths spend more. For instance, on leisure activities such as partying and shopping they do. However, overall I think old people spend more because they have more bills to take care of than youths. For instance, they may have a mortgage, have children in school to support, utility bills, among others.

Do they have children in school when they retire? I haven't seen that on this side.

[Smart Favour]

I believe that thinking has a big role. Personally, there are times when I spend very little and times when I spend a lot. Although I think it depends on the circumstances, I believe that I save a lot of money since I like to live life to the utmost.

[Victoria Ukamaka]

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.

Yes. Exactly!

[Fay faith]

This question is open and it can attract various responses. In my opinion, I don't think it is possible for a retired person to spend more because his or her needs are not many compared to young people.

[Julia_Review]

It is all about making money when you can be as productive as possible. Also money is not always just money, it is also time. If you use your time correctly until your retirement, it has the power to multiply your money.

[Alet Van Tonder]

I am not sure it is accurate to assume older people spend more. Rather, after retirement income is often drastically reduced and spending habits/budgets may not always be adapted accordingly. In addition, in countries where there are no universal healthcare system increased healthcare costs with older agemust be considered.

[Mr Excellence]

This is an Interesting question. Old people are supposed to save but do they really. Studies show only 6 percent of the elderly do save, so I guess they are spending their money. So, an 80 year old person would be spending a lot more on healthcare because they are more sicker than a 18 year old. And there are other costs for them to consider. Therefore, my answer is yes.

I believe old people spend a lot than youths.
One of my reasons being that a poor immune or cells can constitute health challenges for the old folks than the youths which make them visit the hospital more often.

[cindypatron]

Sure, old people tend to spend more than youths, but not all. Old people often become ill, and would naturally and always be in need of medications and would spend money mostly on their health, but not all health issues are dangerous. They might not even have enough money to cover up their bills since they don't work or save!