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?

Retirees often opt to splash
money
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on themselves, especially on
holidays
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rather than save their pension fund for their sons and daughters. In
this
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essay, I will discuss the advantages and drawbacks of
this
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development and express my opinion in the summary. On the one hand, the main disadvantage of
this
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approach is that
money
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that spends unnessacerily on
holidays
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can be used for emergency purposes, particularly when their children are in need.
For example
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, during Covid 19, most employees lost their livelihood due to redundancies and company layoffs. During that crucial situation, fathers who had savings in the bank supported their children to set up new businesses, which helped families to run smoothly. Another disadvantage is old people can save that
money
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for their grandchildren's education, which is obviously helpful for their children if their grandfather contributes to their grandchildren'sstudies.
On the other hand
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, the primary advantage of
this
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development is that it helps them to be healthy and contented. Being in good health and happiness is imperative for the old who is retired.
For instance
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, if they are having good health in their old age,
then
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they can do everything by themselves starting from cooking to chores.
Besides
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, they can
also
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meet new people and socialize with them. In fact,
this
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is vital for them
otherwise
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they may develop the symptoms of mental health issues
such
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as depression, anxiety, and other psychological ailments.
Therefore
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, it is clear that spending
money
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on
holidays
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is advantageous. In conclusion, spending
money
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on
holidays
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is way more advantageous than saving
money
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for their sons and daughters.

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