Nowadays, inflation is the highest it has ever been, which has led to an increased number of people, young and old to save money that can be used in the future when the need arises. I completely agree with this statement, as the future is full of uncertainity, and to deal with such unforeseen circumstances; money can prove to be very useful.
Inflation has increased many times in the past few years, leading to everything becoming more expensive, whether it is healthcare or education. People are having trouble to afford simple hospital visits without paying hefty checks. For instance, my brother was hospitalised because of malayria, and the treatment costed our family one lakh rupees, which is a very large sum in Pakistan. This forced our family to take out a loan from a relative. If we had had sufficient savings, however, there would have been no need to take out a loan. Additionally, many such cases are being observed all over the country, with individuals stressing about paying such huge bills.
Savings are something that can deal with these problems to a great extent. When young people start saving early, they can accumulate a large sum of money in relatively few years. This creates a buffer for them, that can help them in difficult times. For example, a friend of mine had his university fee stolen, but thanks to his savings, he was able to pay his fee challan on time. Moreover, saving money can also help individuals buy things which under normal circumstances can be quite challenging for them, such as saving for a house, or saving up to buy a vehicle in the future. As a result, it can save people from a lot of trouble, and also help them invest for their future.
In conclusion, I believe in today’s world, which is full of unpredictable surprises; saving can help ease the burden of many people, and serve as a cushion when difficult situations come up.