StarSilver: Why do senior citizens underspend?

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.