Many people hold that spending money by folks is lucrative for the nation’s economical growth whereas others favor an alternate idea of saving money rather than spending it. I personally believe that spending on people is more beneficial as compared to saving.
Firstly, it is essential for people to spend money to stimulate the economy because one person’s spending is earning of others. This idea is supported by an economic theory, in which economists claim that governments should encourage consumer spending in order to end the recession and that people’s expenditure is the single most imperative driving force of any economy. Besides, several businesses can flourish if people spend money on their entertainment and comfort. To exemplify, the tourism and hotel industry are based on the people’s expenditures on amusement. In general, money spending is a key factor to boost any economy.
However, numerous people deem the idea of saving money instead of spending because it can help them in some crucial situations to support their families financially. For instance, during the coronavirus pandemic when people had lost their jobs, their saved money helped them to survive. Not only could saving money support families in unfavorable circumstances, but it could also assist them to fulfill some sudden financial requirements in their daily lives. For example, people can support their children‘s higher education expenses easily provided that they saved money in the past.
To conclude, although there are some benefits of saving income, for the overall economic growth of a country, people‘s expenditure is a must. I reckon that for smooth running of the economy, people should spend money as it would provide income to various business and their employees.
Many
people
hold that
spending
money
by folks is lucrative for the nation’s
economical
growth whereas others favor an alternate
idea
of
saving
money
rather
than
spending
it. I
personally
believe that
spending
on
people
is more beneficial as compared to saving.
Firstly
, it is essential for
people
to spend
money
to stimulate the economy
because
one person’s
spending
is earning of others. This
idea
is supported
by an economic theory, in which economists claim that
governments
should encourage consumer
spending
in order to
end
the recession and that
people’s
expenditure is the single most imperative driving force of any economy.
Besides
, several businesses can flourish if
people
spend
money
on their entertainment and comfort. To exemplify, the tourism and hotel industry
are based
on the
people’s
expenditures on amusement.
In general
,
money
spending
is a key factor to boost any economy.
However
, numerous
people
deem the
idea
of
saving
money
instead
of
spending
because
it can
help
them in
some
crucial situations to support their families
financially
.
For instance
, during the coronavirus pandemic when
people
had lost their jobs, their saved
money
helped
them to survive. Not
only
could
saving
money
support families in unfavorable circumstances,
but
it could
also
assist them to fulfill
some
sudden financial requirements in their daily
lives
.
For example
,
people
can support their children‘s higher education expenses
easily
provided that they saved
money
in the past.
To conclude
, although there are
some
benefits of
saving
income, for the
overall
economic growth of a country,
people‘s
expenditure is a
must
. I reckon that for smooth running of the economy,
people
should spend
money
as it would provide income to various business and their employees.