Some people think it is better for a country's economy for people to spend money, while others believe that it would be better for people to save money. Discuss both views and give your opinion v.1

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 income for the State is the amount collected from the public in the form of taxes they have paid by 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 that 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% 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.