The economy is very dynamic in nature. There will be a significant change in the time value of money over a period of time.
An individual should formulate a savings rate over the years based on his income, his family status and social norms. It is unreasonable to keep the savings rate low as it can have a negative impact in times of emergency.
Socio-economic changes and lack of knowledge on the value of afternoon time make people vulnerable to this irrational behavior.
They are eager to live and lead life to maximum luxuries. People are very ignorant about future demand or need for savings
