Many seniors carry on with their thrifty behaviour learnt from young, always saving for a rainy day. Photo: 123rf.com
I know of senior citizens who virtually live like paupers despite having a lot of money.
Because they are so obsessed about running out of money, they hardly spend – and when they do, they spend only on basic needs and necessities while denying themselves occasional luxuries, such as a good meal at a nice restaurant or buying themselves something they long to have.
In short, they want to stretch their ringgit as much as possible, and factors such ambience, comfort and convenience do not feature prominently in their final decision.
While the younger generation have no qualms on splurging and feeling comfortable about it, it is a whole different story for senior citizens even though they may be relatively more well-off. Mind you, most of them are also showered with monthly “pocket money” by their children but these are quickly put away for a rainy day!
Most of them had to struggle early in life when their parents had to work very hard just to make ends meet. Their family struggled and suffered in silence. Those trying times are so embedded in their mind that they tell themselves that they will not want to go through the hard times their family experienced.
They carry on with this thrifty behaviour throughout their lives even during their senior years due to their conditioning to be frugal from their early childhood days to their working days. The focus continues to be on saving money – and saving as much as possible – due to the fear of “running low on money” entrenched in their mind.
This sort of behaviour is completely understandable; in fact, it is actually admirable when compared to the easygoing ways of the current generation who sometimes spend more than they earn. But when this saving-as-much-as-you-can culture is sustained throughout their entire life, one just wonders when they are going to spend their money...
These senior citizens know exactly how much they spend each month and yet keep saving for a rainy day – to the extent that their frugality gets in the way of enjoying themselves.
> They prefer to take the bus instead of getting a GrabCar (the fare is becoming too expensive for their liking, especially during peak hours) and enduring a long wait. They are so used to the inconvenience that they take it in their stride and say that it is no big deal.
> Even in an emergency, they would rather go to the general hospital (and wait for hours to see the doctor) instead of paying more to see a doctor in a private clinic or hospital.
> Insisting on keeping their 20-year-old car (jalopy) even if that means having to visit the workshop ever so often and are prepared to face the risk of their vehicle breaking down in the middle of nowhere.
> Eating out only once in a while and, even then, at coffee shops, hawker centres or mamak stalls. There is no way these seniors would ever think of spending their money on an expensive cup of branded coffee at a fancy coffee chain.
In short, seniors continue with the ways they have been so used to (when life was a struggle) in trying to economise and save.
In some cases, there is also pressure from the spouse who tells the other off by saying something like, “Money does not fall from the sky; we have to save as much as we can to take care of our future medical needs.”
Even if the seniors can be persuaded to purchase a nice, new expensive dress, shirt, watch, etc, they will only wear that once in a blue moon or wait for “the right occasion” which may never come!
So how do we get senior citizens to spend their hard-earned money and savings on themselves now? How do we persuade them to let go (and splurge) occasionally? For instance, giving themselves a treat once a month – having a good meal at a nice restaurant – or going to their dream destination for a holiday.
How do we create more of such enjoyable and delightful moments for them? How do we send the message to them that their hard-earned money in the bank is not theirs if they do not spend it? In short, can we educate seniors to “enjoy” life a bit more?
I’m sure senior citizens know that their time to enjoy life is
limited yet they resist any temptation to spend it doing something that brings them joy and excitement. If it’s the RM100-RM200 meal that they really look forward to, then they should go for it.
But there are exceptions. A colleague of mine in her 60s who took optional retirement at the age of 50 summed it up this way: “One-third of my life was spent growing up and getting an education; another third was spent at the workplace; I want to make the most of the last one-third of my life doing things I like and indulge in activities I find pleasurable and rewarding.”
She adds “I will splurge if necessary; I now pay less attention to what others say as I want to do it my way.”
I know of a 77-year-old woman who also underspends but there is a twist here. She unhesitatingly donates part of any money she receives to a temple or centre for the disabled.
