Many contend that securing financial stability is essential for individuals of all ages. I am generally in agreement with this contention though I would concede that saving money can be taken to illogical excesses.
Undue emphasis on saving prioritizes satisfaction in a possible future over enjoyment of the present moment. In most countries, individuals begin to save and plan for retirement as young adults. This approach means that by the time they have enough time to enjoy themselves, they are likely older, unhealthy, and less capable of living an active life. A person who saves for a comfortable retirement by abstaining from travel, going out with friends regularly, and spending on luxuries might discover later in life that a sizeable savings account is no substitute for a full life. However, this assumes an extreme approach to saving that is rare for many people who can typically balance basic fiscal responsibility with freer spending habits.
Moreover, saving money allows individuals of all ages to safeguard the flexibility to pursue a variety of passions in life. Those who have not inherited generational wealth and do not commit themselves to saving, will almost undoubtedly have to work long hours for many years. Yet, if a worker slowly accumulates savings, then that allows them to make investments and generate passive income streams. These alternative ways of earning money can give them options in life. They might decide to quit or work fewer hours and pursue a passion project. They might also be more inclined to be entrepreneurial or adventurous in their choice of vocation. All these options lead to a richer and more varied life that contrasts markedly with working diligently towards retirement.
In conclusion, despite the possible risks of fixating on savings to the detriment of quality of life, there is value in saving wisely for all individuals. These savings will likely vary in size depending on the needs and circumstances of each person.