Many ways lead to achieving financial independence and security. Historically, people, especially the youth, have been advised to save portion of income to secure a stable future. However, in today’s world, frugality may not be as effective, so putting money aside, in my view, can be a regrettable policy.
The main reason why saving is not a wise course of action is the existence of ever-increasing inflation, which, in recent decades, has been rising at rates much larger than it used to ever before. Because of soaring inflation, money keeps losing its value against goods and, particularly property, so what you are able to purchase today at a certain cost, you are highly unlikely to be able to afford next year at the same price. Consequently, by saving, one ends up having their hard-earned money devalued over time.
Another reason is the negative impact of hoarding monetary resources on economy as a whole. For an economic apparatus to be flourishing, people need to constantly engage in trade, buying and selling a wide range of merchandise and services, so that the majority of individual have a livelihood and a source of income to live on. Just imagine what would happen if a large proportion of a population were hoarders and kept cutting corners by not going to restaurants, on holidays, or took it upon themselves to fix broken appliances, and so on. Consequently, many jobs would be lost and a myriad of unfortunate issues, such as increased rate of crime, widespread homelessness, and rampant addiction would inevitably ensue.
To sum up, while saving used to have the benefit of the accumulation of wealth in the end, it may not be the case anymore due to rampant inflation. On top of that, saving can seem somewhat selfish, as it has an adverse effect on the economy of societies by slowing it down and potentially depriving some of working opportunities,