It is paramount that both old and young people should put some funds away for the coming years. I completely agree with this view as it will guarantee a financially secure future for youngsters, and elderly folks will have a stable retirement plan.
One major reason that supports the idea of saving for the future is that it saves youths from worrying about the years ahead of them. If one forms the habit of setting aside a part of their earnings while growing up, it will enable them to take up money-intensive projects without having to get loans from the banks or borrow from friends and cooperative societies. This is because, the money accumulated over the years will yield compound interests and with this, they can do things like further their education, buy a car or an apartment, start a family or even start a new business. For example, I learnt the act of saving from my grandpa who gifted me a piggybox on my 15th birthday. I put away some of my pocket money for over 5 years and I was able to start my poultry business without asking for assistance from my parents.
Furthermore, older citizens will have a reliable plan when they retire. Many old people tend to depend solely on their children and on the social welfare packages provided by the government when they are beyond the working age. However, it has been noticed that some of these people are deprived of their pensions and then, they become a burden to their relatives. In extreme cases, they are neglected and left vulnerable to abuse. Such situations could have been averted if the individuals had prepared well by allocating some of their funds for the later years.
In conclusion, I believe that everyone regardless of their age should imbibe the habit of not spending all their income at once because it leads to a stress free life for youths and adults alike.