These days, older people who have retired often choose to spend money on themselves (for example on holidays) rather than save money for their children. Is this a positive or negative development?

Nowadays, elderly people indulge in spending aggressively post-retirement

instead

of focusing on savings.

This

might be due to modernisation as well as their urge to live old-age is an entertaining way. In my opinion ,

this

has negative consequences and the reasons for the same are highlighted in the following paragraphs.

To begin

with, since the aged population spends most of their youth working and earning, they are attracted towards opportunities that involve leisurely activities once they retire.

Although

, engaging in various activities helps them in enjoying their old age yet spending large sums of money on vacations can make them dependent leading to increased financial distress on others. To illustrate

further

, a survey has been conducted by United Nations Educational, Science and Cultural Organization, indicating that 65 per cent of the youths are in financial distress due to the high cost of living and expenditure required for the elderly in their families.

Furthermore

, with the shift towards western culture, pupils are more inclined towards having a social status that has led to upliftment in consumption levels rather than preserving for the future, leading to the wastage of financial resources.

For instance

, during the recent pandemic, a recent study conducted by World Health Organization revealed that 70 per cent of old citizens faced tension in bearing their routine expenses as they did not have investments to rely upon. To summarize, retired personnel should strive to achieve a balance between their expenses as well as secure disposable income so that they do not have to rely on their children for their medical and other requirements.

Instead

, they should look for alternatives that help in generating regular earnings for maintaining a better standard of living.