Do Old People Spend More Than Youths?

[Donna Walker]

I believe this varies massively from one person to another. I know 60-year olds that are still working and are millionaires; I also know a 42-year-old that is retired and is already living off of her assets. That's one side of the spectrum; on the other, I know people in their 60s who are still living paycheck to paycheck and hoping the government will sustain them through various pension schemes when they do finally retire.

What I really enjoyed about this book is that it is relevant to all of those people. Even if you think you have it all figured out—pun intended—there is likely something that you overlooked. This book was excellent at covering all of those bases.

[Amanda Warner]

I don't think old people spend more than youths because when you're young, you buy whatever flashy thing you see, even things you don't need, but when you get older, you tend to spend with a purpose and only on things you need.

[Roderick Voss]

Yeah old people do spend more because at that stage in life, they don't work and spend money on maintaining their health and other things.

[Chinenye Sus]

I won't say they spend more than youths, but people need to save for old age because there won't be working opportunities for them then as when they were youthful.

[Bettny Andrade]

Not necessarily, it all depends on the lifestyle of each person. Many young people generate a lot of money, as well as older adults who generate a lot of money. It all depends on the economic administration they have.

[Precious Anavheoba]

I think both are capable of spending a lot depending on their lifestyles and situations. Some old people may be paying tuition for a distant relative because they have no children of their own or because they have so much money.

[Ukaegbu Confidence]

I don't think old people spend more except if they're dealing with health issues that eat deep into their finance. But, if they don't mange their spending habits in their youth, they'll be just as extravagant if not more when they are old.

[Ukaegbu Confidence]

Youths of today don't care about what they spend their money on. Their mentality is, "I worked hard for it, I can use it as I please". There are other people with the future in mind that save up and invest most of their profits. If these people grow into adults, they'll spend wisely in comparison to those that don't care about their spending.

[Christiana Legbara]

It all depends on personality and responsibilities. But I don't think that we are advised to save for when we get old. I think it's cause we'd be consuming while not having a stream of income

[Nathaniel Sarah]

Saving for old age is like Saving for your health and your life after retirement. But that does not mean that old people spend more than young ones. It all depends on the individual.

[Chris Rich Nwaka]

I don't believe so, no. Because it depends on how much money they save and how much money they spend. If they had already given money to their children or used it for a vacation, perhaps they had saved it exclusively for retirement.

[Monica Omonigho Bennymoore]

Old people definitely spend more than the young because they require a higher level of maintenance and health care at this stage in their lives.

[Mellino Itz]

The idea is simple when you are your you have the ability and strength to work more and earn higher (to save and invest) so that when old age comes and retirement comes you can have what to fall back on.

[Hannah Jones 8]

I think there are a lot of factors that attribute towards this question, some have been raised by other members. 1. when we get older we will retire (hopefully) thus we have a lack of income. Consequently, if you haven't managed to save enough to live off when you are older you may find yourself in a difficult financial situation and not be able to spend more than in your youth.
Other factors include having expenses to pay off when you are younger, education, healthcare, mortgage, and deposit for a house or a car. You may have been raised with the mindset that money is hard earned and thus hard spent. Or you simply want to do more things like travel whilst you are young, fit and healthy.

However, there is the argument that as we age and have managed to hopefully save money along the way when we get older and have family members we want to look after and spoil. Think of grandparents that want to help their grandchildren to buy a car, help with other expenses or simply take loved-ones out for food or on holidays. There is perhaps a level of understanding that money can be shared amongst the many to create greater happiness.

[Ol Yinks]

I would say young people spend more than the older ones because they are more attracted to flashy things. They want the trendy items and are fans of luxury while old people have experienced it all and are more laid back.