Personal Savings and Insurance Essay Example | Topics and Well Written Essays - 1250 words

personalized Savings and Insurance - Essay Exampleat the very primitive reason behind an unmarrieds or a familys thrifts is financial security which guarantees safety for the basic necessities for living. in that respect is also a need of financial security for unexpected emergencies, illness or unemployment. This trend of saving for safety needs is very evident in families with income which is neither very pear-shaped nor very small. Families with large income do not need to save for safety needs and families with small income do not sire any extra sums to save for safety needs.Individuals with littler families prefer to save money for improving their lifestyles and alike(p) to spend on luxury items like vacation trips, nicer car and purchasing property. This trend is observed in people having no children. These luxury items tend to change the lifestyle of the individuals as a whole and fork over a substantial return to the individuals for their savings according to their pe rspective.This tendency is present in all individuals only is mostly observed in family heads with larger incomes. Such individuals give priority to saving money for their relationships and conceptualise saving for childrens education, gifts for relatives etc their responsibility.When the individuals have fulfilled all the basic and primitive needs of their life, they move onwards towards the higher objectives and for the fulfillment of those higher objectives they require savings. This trend is observed in older people with comparatively larger incomes who want to spend their money in charity and some of them also want to clan up businesses of their own. The tendency is to achieve the goals which they set up for themselves at earlier ages of their lives.6. The improving economic conditions across the nation and internationally and recovery from recession is encouraging people to spend more and save a smaller proportion of the income because the economy is doing very well and t hey can rely on their spending and previous investments for financials security.8.