"Saving" can mean much more than a simple savings account (which are still useful even if rates are negligible -- having a few months' worth of living expenses

"Saving" can mean much more than a simple savings account (which are still useful even if rates are negligible -- having a few months' worth of living expenses in savings against emergencies is a hugely calming thing), e.g. saving in tax-advantaged retirement accounts. Starting that when you're young increases the chances that you'll have a comfortable retirement, and you can more easily tolerate swings in the markets. (401k/IRA et al. in the US, every industrialized country that I know of has something like this though.) Not that I entirely disagree with you. Dying a rich miser who never enjoyed life is a crappy way to go, just as crappy as being old and broke. As with all things, there's a middle path that probably maximizes both short and long term happiness. :)