Older people often choose to spend money on themselves

Older people often choose to spend money on themselves (e.g. on holidays) rather than save money for their children after retirement. Is this a positive or negative development?

Model Solution

Older people today have a wider range of options for spending their money, including travelling and leisure activities. However, some people argue that it is more important for them to save money for their children after retirement. In this essay, I will explore the positive and negative aspects of this trend.

On the one hand, older people may choose to spend money on themselves after retirement for a number of reasons. For example, they may feel that they have worked hard throughout their lives and deserve to enjoy their retirement without worrying about financial constraints. Additionally, travelling and leisure activities can help maintain physical and mental health, which is important for ageing individuals. Another reason for spending cash on themselves is that most elder people’s children are grown up by that time and they should be able to afford their expenses.

On the other hand, saving money for their children after retirement can also have significant benefits. This allows parents to provide financial support for their children, which may help with their education, housing, or other important expenses. Furthermore, saving money for their children can also serve as a form of security, as it provides a safety net in case of unforeseen financial difficulties.

In conclusion, the decision of older people to spend money on themselves rather than saving for their children after retirement has both positive and negative aspects. While it is important for older individuals to enjoy their retirement years, saving money for their children can provide important financial support and security. Ultimately, the decision of how to spend their money is a personal one that depends on individual circumstances and values.