Do Old People Spend More Than Youths?

[Aarya Gondkar]

This is a very relative concept, to be honest. It would change and differ from person to person. In India though, where I am from, we have this concept where grandparents and parents earn their whole lives, only to save and collect their wealth to offer it to the next generations to help them grow. But I assume, as one gets older, expenses might increase? Hospital bills, etc. would take a toll. But, then again, you wouldn't spend on extra stuff like parties, hangouts, shopping, clubs, etc. So, as I said, it is a relative concept.

[Dauria04]

I think that depends on the person regardless of their age. I believe the difference is that the majority of old people aren't working and receiving a steady income.

[Arianne Joy Melendres]

Not necessarily. I think a greater difference lies in the manner of HOW they spend their money.

[Vivian Writes]

As the book explains, planning for retirement is much more than saving and spending a little less cash. While you’re young, it is advised to invest, including commercial ventures, stocks, and even property. If one plans things well, I think they can end up spending much less in old age than they spent as young people. In youth, people have to spend on rent and so many other responsibilities, as well as investments. If you follow the great tips in the book, in your old age, most of those responsibilities should be cut down in half, leading you to spend less than in your youth.

[Fams Pee]

I doubt it. I think it varies; some old people spend more than the youth and vice versa. I just know that the more we grow old, the more the responsibility -- and this implies the need for more spending.

[Anahi Lopez Vidueiros]

I don´t think so, though they should.
Retirement should be an enjoyable moment of your life, and I guess that after a lifetime of working and saving, you are entitled to a little bit of spending.

[Okafor David Okechukwu]

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.

Other than buying of assets, I don't think old people spend outside of the regular maintenance expenses. I'd say they're mostly penny pinchers. Young people are rather liberal in their approach to spending because they're taking care of just themselves

[Krista Kirby-Dempsey]

I feel like when you are older is when you spend the most time doing things because you realize money isn't everything.

[Loniya Chabili Mubanga]

Old people were once young and whatever spending habits they had when they were young might still be with them in their old age. So I don't think old people spend more but they do plan their retirements keeping in mind how they like to spend money. Overall, it depends on the person.

[Kendal Low]

I don’t know that older people will necessarily spend more than the youth at that time in their life. I think they’re advised to start saving when they are younger as they will most likely not be able to bring in an income like they would as young adults. They may not be able to work, and they will more than likely have medical bills and whatnot that need to be paid, so that is a factor to consider why it is thought older people may spend more than the youth.

[FunkyFlowerLady]

I do think old people tend to spend more once they retire, because in current society, being retired is the time to relax and enjoy your life after having worked hard for like 40-50 years. old people tend to get carried away in their newfound freedom and want to enjoy much more than when they were working.

[Ambrose John]

It is not that old people spend more than youths, but the fact that there is no strength for the older adults to work and earn money for themselves. That's why the author advised readers to save while they are agile to work.

[Fome Ewhe]

I strongly believe that it's relative to a lot of things, but I have a bias for the older generation cuz in most cases(there are a lot of exceptions) they have families to take care of... Children. The case could still ber reversed, like a youth with and incapacitated parent with heavy financial needs. It's not something so simple.

[Horlarmidey Harkinolah]

I believe old people spend more than younger ones.
1. They have their health to manage and medical bills to pay.
2. They believe they have responsibilities towards their grandchildren just like the author stated about some grandparents saving for their grandchildren.
3. Despite all this, they earn nothing aside from their pension fee, and that is if they have that in place.

[jomana_3]

When it comes to medical care and supplies, I believe older individuals spend more money than younger people do, especially since neither of these things is in the least bit inexpensive or easily affordable.