For economic progress, some people assert that people ought to spend their salaries; however, some would argue that people had better save their money. While expanding money would result in economic robustness, I believe that amassing money for the future would help them get rid of financial worries.
On the one hand, spending money can help governments develop their countries. In other words, the main source of income for the State is the amount collected from the public in the form of taxes they have paid while making a purchase. This money, therefore, be utilised to reciprocate in a constructive way - making education more competitive; introducing state-of-the-art health care system- which, consequently, lifts the living standards of citizens. In the West, for instance, people are encouraged to spend their earnings with a view to delivering sophisticated amenities to individuals. However, I think in this way people might become materialistic and squander their hard earned money which, otherwise, would have been saved and used in difficult times.
On the other hand, accumulating wealth comes immensely handy in the twilight phase of individuals' life. People's capability to work and manage their overhead expenses deteriorates with the span of time, and they often struggle to meet both ends. Given the unavailability or decreased incomes they have to resort to government's old age schemes to support themselves, which are usually inadequate to provide the lifestyle - they dreamt in the young age. Hence, if they have some savings to financially support their expenses, they would be able to relish the post-retirement period. Recently unveiled report file Life insurance Corporation Limited India, it was revealed that around 75 per cent working professionals are investing in insurance schemes to make their old age less problematic.
In conclusion, although spending could usher in development and more facilities, I reiterate that people should save their income in order to protect them from financial crisis in their later life.
For economic progress,
some
people
assert that
people
ought to spend their salaries;
however
,
some
would argue that
people
had better save their
money
. While expanding
money
would result in economic robustness, I believe that amassing
money
for the future would
help
them
get
rid of financial worries.
On the one hand, spending
money
can
help
governments
develop their countries.
In other words
, the main source of income for the State is the amount collected from the public in the form of taxes they have paid while making a
purchase
. This
money
,
therefore
, be
utilised
to reciprocate
in a constructive way
-
making education more competitive; introducing state-of-the-art health care system- which,
consequently
, lifts the living standards of citizens. In the West,
for instance
,
people
are encouraged
to spend their earnings with a view to delivering sophisticated amenities to individuals.
However
, I
think
in this way
people
might become materialistic and squander their
hard earned
money
which,
otherwise
, would have
been saved
and
used
in difficult times.
On the other hand
, accumulating wealth
comes
immensely
handy in the twilight phase of individuals' life.
People
's capability to work and manage their overhead expenses deteriorates with the span of time, and they
often
struggle to
meet
both ends.
Given
the unavailability or decreased incomes they
have to
resort to
government
's
old
age schemes to support themselves, which are
usually
inadequate to provide the lifestyle
-
they dreamt in the young age.
Hence
, if they have
some
savings to
financially
support their expenses, they would be able to relish the post-retirement period. Recently unveiled report file Life insurance Corporation Limited India, it
was revealed
that around 75 per cent working professionals are investing in insurance schemes to
make
their
old
age less problematic.
In conclusion
, although spending could usher in development and more facilities, I reiterate that
people
should save their income in order to protect them from financial crisis in their later life.