This research by Whydo is supported by our readers. We may earn a commission when you purchase through our links. Learn more
Why Do Some People Ignore Money Savings
You may wonder but there are millions of adults across the world who ignore saving money for their future or emergency situations. They keep using whatever they earn, and their bank accounts do not usually reflect a significant sum of money. While this habit may lead to problematic situations in life, such people are never bothered about anything that could happen to them or their families. Check out some common reasons that individuals and research studies have offered to justify this habit.
Lack of vision for future
A few studies have shown that people, who are non-savers, generally cannot envision their life at a certain point of time in future. Since they lack imagination, they do not pay attention to saving money for any unforeseen incident.
Many people, especially those who are still in their young adulthood, follow a carefree approach toward life. They do not bother to care for future situations and want to live only in the present. Although one cannot call it a wrong attitude, it is also not highly recommended when you are living in a money-governed world. If urgency happens and nobody bothers to help these individuals, then they may be left aloof or hopeless. Savings can always provide power and stability to a person.
Finding bank interest unappealing
A group of non-savers also feels that banks are hardly progressing to pay them sufficient interest on their savings. They believe that their piggy banks can do the same, and thus, completely ignore this habit of saving money.
There are people who offer another reason, which is of facing unexpected expenses and not having much to save. While it is true at times, proper planning can help avoid such expenses.
Lack of financial knowledge
While it may look like a simple excuse, some people are actually unaware of the complexities of financial markets. Thus, they are feared of making savings or investments. A few of them may also want to avoid the troubles of investment procedures.