Earlier grandparents at home used to tell many stories. I still remember all the stories I heard and read. I definitely say it helped me in creative thinking, dream and imagine things just like I want them to happen, and a hope to make all my dreams come true.
It is also a good exercise to brains of both the speaker and the listener too. So, open the story books, or your brain which can create several stories. Let us not make "story telling was once upon a time..!!" but let us begin the story from, "once upon a time,."