You should spend around 40 minutes on this task.
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?
Give reasons for your answer and include any relevant examples from your own experience or knowledge.
Write at least 250 words.
REPORTED ON 24 AUGUST 2022
FOR VIDEO EXPLANATION: https://youtu.be/Y0SRjHqUxLQ
It is often seen that instead of saving money for own children, older people are seen spending money on themselves like going holidays. It depends on the financial stability of the family whether to decide this is a positive or negative development.
Provided that the family is financial stable, one could definitely say that the trend is positive. This is because these older people must have saved enough all through their productive life for their children’s education and related needs. They have sacrificed a good part of their life, earning for their children, and it is quite logical to have some time for themselves to entertain and relax before they get bed-ridden. Usually, this happens only after retirement, and in a decade or two, they would not be able to spend money for themselves except for medical needs and geriatric care.
On the other hand, it becomes irrational if the family’s financial status is not secure. To be precise, even if these people must have earned well, and they have all the right to spend their money in the way in which they need, they cannot evade their responsibility to secure the future of their children. A part of their post-retirement savings is to be kept untouched for the well-being of their children. This is possible only if they have earned enough and have enough savings. Unless and until they cannot do this, it is unjustifiable for them to spend their money themselves.
To conclude, it is clear that it becomes positive for a person to spend his post-retirement earnings, if he has enough financial reserve for his family. If happens the other way, it would be a disaster.
Word count: 279