In India teh saaving is a must as there is no state pension or medical cover. This is a sign of a poor country, so people better save as there is no social seccurity net like in Europe and Canada.

There is another aspect to saving. Many have excessive income looking to their life style. For them saving is automatic. Also many save just for tax rebates. 

National bonds and certificates and Insurance policies get a tax rebate and if I am not mistaken even postal savings and fixed deposits up to Rs 4,50,000 and more than 10,00,000 for senior citizens get a tax rebate

i too don't agree on his thinking he should know the value of money in todays world 

I am sure he knows the value of money but for him money is meant for having a good time which is fine ...If he also puts away even a small amount in savings , I am sure that his future would be far more secure !

MG Singh wrote:

In India teh saaving is a must as there is no state pension or medical cover. This is a sign of a poor country, so people better save as there is no social seccurity net like in Europe and Canada.

I agree with you. India's fast changing economic condition, fluctuating Market conditions, it's highly essential to save as far as possible.

I read somewhere that only 20% of one's savings are enjoyed and 80% get passed on. So one can rethink. But in today's times one can take insurance policies for health. accidents etc and  also take a pension plan. These would enable him to save less and enjoy more. But enjoying is not simple it has to be cultivated. 

MG Singh wrote:

In India teh saaving is a must as there is no state pension or medical cover. This is a sign of a poor country, so people better save as there is no social seccurity net like in Europe and Canada.

I personally feel that while social security, unemployment benefit , child benefit and other measures that are there in other countries tend to make people lax which one can see after a few generations have passed. Everyone should work for their living and save part of their savings. Our government has enough schemes to help out people who want to invest and enhance their savings..all that is required is a will to do so and be consistent in their saving habit !

usha manohar wrote:

MG Singh wrote:

In India teh saaving is a must as there is no state pension or medical cover. This is a sign of a poor country, so people better save as there is no social seccurity net like in Europe and Canada.

I personally feel that while social security, unemployment benefit , child benefit and other measures that are there in other countries tend to make people lax which one can see after a few generations have passed. Everyone should work for their living and save part of their savings. Our government has enough schemes to help out people who want to invest and enhance their savings..all that is required is a will to do so and be consistent in their saving habit !

I agree, it is the duty of every individual to work hard and save for his own or her own future and also pay taxes properly so that the government can provide basic facilities to everyone. While social security that other countries provide are good to some extent, these facilities are still abused greatly. eg. unwed mothers in UK get financial assistance by the government which has led to great increase in the percentage of girls as young as 14 and 15 giving births to children all because they get money from the govt for it and they do not have to work for it.

Unemployment allowance and allowance for handicapped are being abused left and right in India too which are equivalent to Social security in other countries