It's no brainer that if you do not save but spend from your savings instead, then it is just a matter of time before your savings will be all gone, no matter how great a sum you have in your savings.
The needs of an ageing society are beyond those of "a rainy day", PM Lee said.
"It is an 'everyday need money' day. We will need to spend more on healthcare every year, year after year, for many years to come.
"If we use the reserves for something (which requires) money every day, soon you will find that the reserves are going down, depleted."
"When the rain comes and the children and grandchildren need the money, really truly, they will find it's gone".
PM Lee said the Government had carefully considered its options before deciding to raise GST some time between 2021 and 2025.
"This is a prudent, responsible, long-term approach," he said.
"We are the stewards of Singapore. We are responsible not just for making it work for ourselves, but also for making it work for the next generations, beyond our working lives, beyond our lifetime."
PM Lee said it is the responsibility of all Singaporeans to think like this. "Our children may not be voting yet, our grandchildren may not yet be born. But their lives and future depend on us acting on their behalf... making wise and far-sighted decisions that protect their interests."
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