After being retired, besides saving money for their kids elder people prefers to spend money on themselves. This will keep them busy and helps to fulfill their dreams those were left unachieved due to family responsibilities, which make this approach a positive development.
First and foremost, when a person done with all his or her personal and professional duties. There is nothing left for them to do, and they started feeling alone. Because their children had their own things to deal with. However, if they plan any thing that kept them distracted from loneliness. For instance, they want to go on a vocation, and they started preparing for it latest a week before their trip starts and then the go there spend time with their friends or other tourists. By doing so they can save them from being alone in their home on their own.
Secondly, during their young age, people had so many responsibilities. They had to look after their families which includes their kids and sometimes parents as well so justifying their role as a good parent a or good child, there are some wishes that left unfilled. Therefore, it is their right to complete their dreams with that money rather than saving for their children as they already do so many things for them. For example, being a follower of islam, it is every ones dream to visit Makka and Madena. Then at older age if they had enough time to and money to go there they have to do it.
In conclusion, rather than saving for their children, older people choose to spend their money on themselves when they are retired. That will impact positively on their lives in the form of keep them busy and helps them to make their dream comes true.