Many people prefer to spend money and not save it. What are the reasons? Is it positive or negative?
It is true that nowadays, a considerable number of individuals have a tendency to spend their money instead of saving it. There are a number of reasons for this trend, which is having a significant impact on both family life and on the community as a whole.
There are two important factors behind this phenomenon. Firstly, I would argue that the pressure to keep up with the rising standard of living in a society can make people spend all their incomes. With the development of technology and the growth of the economy, life has become more sophisticated and requires effort from each individual to adapt to this situation. For instance, every year a new iPhone model comes on the market, and many people buy it because they believe theirs is an old and outdated version. Thus, many people tend to spend their money on buying expensive items that they do not really need. Secondly, the phenomenon of shopaholism has become a common feature in many societies. It means people are addicted to shopping, and that prevents them from saving any money. In addition, advertising also contributes to encouraging people to spend more money than they intend.
However, this tendency to spend all of one’s money could have negative consequences for the individual and society as a whole. An important concern is when a person is faced with unexpected circumstances and they need money to deal with some difficulty. If that person does not have any savings, then they are in trouble. Not saving money for a rainy day may easily lead to poverty if a person has to deal with some financially demanding issue such as an illness, an accident, or unemployment. Additionally, saving money is a wise strategy for a person and their family to ensure future financial stability and independence.
To sum up, the two main reasons for people to spend their money and not save it is the rising standard of living in many societies and addiction to shopping. However, that tendency to spend and not save can lead to financial difficulties and even poverty.
Written by : anonymous