In my previous blog, I discussed thanatophobia, the fear of death. In this post, I will explore chrematophobia, or the fear of spending, which is surprisingly common among the elderly. This fear warrants attention because it significantly impacts many senior citizens. Older individuals are often no longer economically active and rely on their pensions or savings. Given that they no longer have an active income, their reluctance to spend is understandable.
Their frugality is, to some extent, justified as they try to ensure their savings last for the rest of their lives. Moreover, many seniors feel entitled to discounts and freebies because of their age. This sense of entitlement is partly due to government benefits like tax reductions and transport fare discounts, and partly because of cultural expectations that children should care for their aging parents.
However, chrematophobia is more than just frugality—it is an intense fear of spending. I know an elderly gentleman who is financially secure, yet constantly complains that everyone—from electricians to vegetable vendors—is trying to take advantage of him. He even refuses to pay for his seven-year-old grandchild’s meal when they go out for lunch, insisting the child eat from his plate. This overwhelming fear not only causes him distress but also makes him the subject of ridicule.
Psychologists suggest that this fear often stems from earlier life experiences. For many, money was either idolized or feared in their childhood homes, especially if parents frequently fought about finances. In some cases, the difficult circumstances they grew up in meant that money was always a source of worry and anxiety. Others may have experienced financial loss in the past, leading them to believe, perhaps unconsciously, that society owes them discounts or free services. When these benefits are denied, they may react with frustration.
Regardless of the underlying cause, it is advisable for individuals experiencing chrematophobia to seek professional help to overcome it, enabling them to live more peacefully. In the meantime, they may benefit from reflecting on the following points:
Will my savings last until my death? For an elderly couple in their seventies, living comfortably without dependents, this is a simple question to answer. Consider a couple residing in a senior living community with expenses of about Rs. 25,000 per month. If they have savings of one crore rupees, this would last for over 33 years, well into their late nineties. With additional savings for medical emergencies, they can live comfortably for the rest of their lives without financial stress. Anything beyond that amount may be excessive.
Should I leave behind a large bank balance? It is not necessary to live a life of frugality in order to leave a substantial inheritance, especially if one’s children are already financially secure. Enjoying the small luxuries of life and being generous to those who help us—such as service staff and vendors—can bring great satisfaction. A small tip or gesture of kindness can make a big difference in the lives of others, fostering goodwill and improving one’s own well- being.
What should I do with excess wealth? Once savings for one’s lifetime are secured, consider donating to charities that support those in need. Contributing to causes such as orphanages or humanitarian initiatives can be immensely fulfilling, knowing your resources are helping improve lives. This can provide a sense of purpose and joy in later years.
These are a few simple yet impactful ways seniors can ensure their happiness, security, and relevance in the world.
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