Saving rates are lower among the elderly than all other age groups because they spend their money on:

Question

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As people age, their health care needs increase, so they spend more money on medical expenses. Additionally, many elderly individuals own homes, but their mortgages or property taxes can be significant. These factors can lead to lower savings rates among the elderly compared to other age groups. While some elderly individuals may also choose to spend money on their children, vacations, or jewelry, these are not typically as significant of expenses as healthcare and housing.

Saving Rates Are Lower Among the Elderly Than All Other