Do Old People Spend More Than Youths?

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Ian Muchiri
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Re: Do Old People Spend More Than Youths?

Post by Ian Muchiri »

I think the rate of spending varies from one person to the next irrespective of their age.
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Post by Ian Muchiri »

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.
Ukamaka I can't agree with you more. Also, retirement from work leads to a decline in a household's overall income, especially if one was salaried.
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Post by Ian Muchiri »

Tonia Freeman wrote: 19 Jul 2022, 11:38 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.
Thanks for the comment, Tonia! It is indeed wise to save more while still young in order to spend more during your old age. However, the sad side of it is that you have less time to live during your old age years as compared to your youthful years.
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Post by Ian Muchiri »

Kelsey Roy wrote: 21 Jul 2022, 13:06 I do not know that I would be able to distinctly say that older people spend more than youths or vise versa. However, I do think the older generation is more discriminatory on how they spend their money. My mom, who is in her late 60's, always comments on how much her young co-workers spend on morning coffees and eating out at lunchtime. Conversely, my mom clips coupons and packs her lunches but probably has more money to spend on the things that are important to her such as vacation or grand kids. So even if they spend similar amounts of money, the older generation likely puts more planning into where that money goes.
Hey Roy, it's quite interesting to find out that our parents share similar traits lol! My dad also happens to be very good at spending wisely. He says that's the only way you'll never go broke, ignoring other factors such as disease or accidents that need heavy spending.
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Post by siusantos »

I think it will depend on the spending habit of the person. If at a young age, he/she learned the value of hard-earned money, then at old age, that wouldn't change drastically.
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Post by anne Irungu »

I don't think old people spend more than the youths. I think it really depends on the expenses that a person has in his/her retirement age. For example, there some who, though old, are in perfectly good health and may not need to spend on healthcare. in the same way there are some who, though relatively young in age, have to spend a lot in healthcare.
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Post by Doris Nzeket »

It is difficult to give a flat answer to this question. It would depend on the spending habits, health situation, and responsibilities of the person. From my own personal observation, I see young people spending way more than old people.
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Post by Juliet Innocent 1 »

Well for me I think aged people spend more money than young people because they have buy drugs and suppliments to keep them fit.
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Post by MinhDoan »

The question is best answered by demographic statistics. But it's safe to say that not all people subscribe to the premise of the book, depending on what they want to save for. Old people that I know almost always don't spend more than they earn, because they want to leave to the younger generations a legacy, be it real estate, a business, or pure numbers in the bank.
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Post by Bef Ozo »

I do think that old people spend more than young ones because they are unable to work and earn money at their old age, but young people can still work and earn money. This is why one should prepare ahead of retirement and plan well.
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Post by Krispies »

I don't think old people spend more than youths. They spend alot quite alright, but their spend occurs once in awhile. Young people on the other hand, spend lesser amounts, but on a frequent basis.
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Post by Judy O »

No, Young people spend more. They understand the modern world and have modern activities like clubs and shopping where they spend a lot. Old people don't fancy that most times.
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Post by Adeolaoskydeelight »

Looking at the excesses of nowadays youth, they seems not to know how to save, they go for everything they want without thinking of tomorrow, this makes them spend more the the older ones who think of what becomes of them when their energy couldn't work for them again
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Post by Famzi Ken »

No, I think old people spend less than young ones. I can attest to that. The reason why the author mentioned saving from when you are young is that that's when one has the vitality to engage in profitable works or businesses. Then they save or invest the money got for when they won't be fit enough to do them.
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Post by Einsthawkton Edeh »

I think the advice is because they are too old to engage actively in earning a living. The money they save will help them live comfortably during the period they are too weak to work.
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