Do Old People Spend More Than Youths?

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Kutemba Chilongu
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Re: Do Old People Spend More Than Youths?

Post by Kutemba Chilongu »

I ardently feel old people spend way more than youths because as you grow old, your responsibilities increase and so do your expenses. However,as a youth you have less responsibilities as well as expenses so you tend to live on a small budget. That's just my opinion though.
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Post by Kieran Anslow »

One of the reasons why they'd spend more is because of their health. The spending cost might be equivalent, but I think there are areas where young people spend more than the old ones.
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Post by Angela Mcguire 1 »

I am going to have to agree..yes I believe they do :geek2:
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Eriikeoluwa Nimi
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Post by Eriikeoluwa Nimi »

Old people certainly don't spend more than youths but they can't earn as much as youths earn and that is why they are advised to plan for their retirement.
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Post by Jordan Abio »

I think that the issue of spending more money varies from person to person and is not necessarily a youth vs old debate. Younger people might spend more money than old people because their needs are much more than the later. Younger people will almost certainly spend money on college fees, mortgages, and cars. While old people might already have spent money on these things their expenditure might go up due to huge medical bills.
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Post by Peace10 »

I’ll say they spend as much as each other. The old takes care of their grandchildren in some situations where the children’s parent are deceased. Even the aged go on vacations, trying to live their best lives during their last days.
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Post by Amimo Caroline »

I don't think that old people tend to spend more than the youth, its all about priorities which changes as life progresses and also the youth are more likely to make more income since they have the energy to venture into multiple projects simultaneously,however, with old age one is less active and with many responsibilities to take care of that is school,insurance ,family and at times they reach a point where they cant work and the savings is all they have.
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Post by Hannah Mae Fabro »

I believe that both generation spend the same. Both have different essentials and needs that have to buy or such. Older people spend their money for hospitals, medications, and such. While young spend their money on getting by in life, study, or work, and things like that. So I guess both spend the same amount.
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Post by John Brown 10 »

I doubt if old people spend more than young people because most young people tend to follow trends and celebrities, hence, spending extravagantly to be like them.
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Post by reader ps »

It is advised to invest money very early since, in my opinion, this is when people are most productive and presumably most eager to earn money and spend it. Due to their bad health and the potential need to support their kids or grandkids, older people spend more than younger people.
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Post by Divine Treasure »

It depends on what they are spending on. But in this case, I feel the reason we are advised to save for retirement is that when we get old we wouldn't have the strength to work, so we hold on to our savings.
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Penny Ann Criswell Johnson
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Post by Penny Ann Criswell Johnson »

Once someone retires from a job that supplied insurance, they are not truly aware of how much personal insurance cost. My father-in-law retired a while back and his insurance took nearly his whole retirement check. Unless your blessed with good health our body requires more meds as we grow older. So yes I believe an older person could spend more.
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Post by Keine Gheyinmi »

No. Old people do not spend more than youths. As youths, we always want trendy stuffs, eat junks, go on dates and so many others while old people do not have that much energy to do these things
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Post by Joanne Ike »

I guess it depends. I definitely see myself spending more when I'm older. As an old person who may have spent their youth working several hours a week, retirement may provide the opportunity to do things they didn't have time for. Like traveling, picking up abandoned hobbies, revisiting old passions, and fulfilling old dreams. There might also be new worries such as hospital bills, assisting equipment e.g. wheelchairs, etc. So I definitely see how old people may spend more than in their youth. Then again, I've never been a frugal person to start with :wink:
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Post by Nicole Savage »

There are so many factor to this question.

What age are they retiring at? How is their health? Are they good at living within a budget, or do they always spend more than they have?

I think the main reason, as others have stated, that people are encouraged to save is so they can maintain their lifestyle to a degree when they retire. So they're expected to spend about the same, maybe a little more or less.

However, youths' spending also varies greatly. Especially in today's economy, more and more people are living paycheck to paycheck, just with the basics. Others might be comfortable, and are able to both save and spend extra.
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