Do you save enough ?
By akumei1269
@akumei1269 (1749)
India
July 6, 2007 3:45am CST
Recently i came across a man , who happened to be my school teacher . His both daughters has done well as student as well as in the job market . They both earn much higher that what their father earned . But , according to the father , their future is not secured .
Do you know why ?
Because they don't save . Recently the younger daughter had to borrow some money from her father for purchasing some tax saving investment scheme .
Is it true that the younger generation does not save ? If yes what may be the reason ? Is it due to their sense of security of future flow of income? Or is it due to their ove indulgence in luxury that results in extravagant expenditure ?
3 people like this
3 responses
@puccagirl (7294)
• Israel
17 Oct 10
There are plenty of young people who save. I personally am not that old and I think saving is really important (but to be honest, even more so the older I get, so I guess in that sense you are right).
@musicman6 (2406)
• United States
22 Mar 08
I personally think, that it is a lack of education, and their own vulnerability, that businesses lure them to spend more money, and with credit cards, money they don't have!
And it doesn't matter what their income is, as long as they have a "hole in their bucket" they are not ever going to accumulate anything, as far as savings!
@theproperator (2429)
• United States
14 Jul 07
I think a lot of young people start out life trying to live at the same standard of living as their parents do after 20+ years in the workforce. They are also more free with credit cards and loans and often run themselves into debt before they are even out of schoo. Nowadays, it is acceptable to be in debt, so people aren't overly concerned with paying it off, let alone saving for the future. i don't unerstand it myself, we know social security is probably going to fail before most people under 30 will be able to take advantage of it, and companies don't have retirement plans like they used to. If people don't start saign young, they will have to work into their 70's before they can afford to retire!
