n an era characterized by materialism, many are willing to share their financial challenges. While this growing trend can be attributed to various reasons, such as societal change, technological advancement and a shift in attitude towards money, it can be beneficial to enhance financial literacy of society when managed properly.
As economies have become more complex and individuals face financial challenges, there is a greater need to understand and manage their finances effectively. Many are aware of the importance of financial literacy and eager to learn from others’ experiences, encouraging open discussions about salaries, expenses and money management. In the past, for example, people used to be reluctant to converse about their financial challenges because of the lack of attention to financial matters. Today, this trend has changed dramatically, resulting in widespread conversation about money management, as many countries are facing economic crisis.
Furthermore, social media platforms contribute a lot to the development of this phenomenon. Influencers, wealthy individuals and public figures are openly sharing their incomes on their Instagram or Facebook accounts with an intention of displaying their wealth in public or sharing their experience so that other individuals would not make the same mistake. This has led to an assumption that discussing financial matters, which used to be a taboo topic, should be widespread to increase the awareness of the public. Thus, the role of social media played a huge role in the dissemination of topics that involve financial challenges, expenditures and average income.
There are several benefits to conversing about finance. Firstly, conversations aimed at resolving economic instability allows people to gain firsthand experience from those who have undergone enough challenges in this aspect, about managing their income. Once individuals learn from others’ mistakes, they tend to make more rational decisions about their expenses or investments. Moreover, talking about finance unites people who have similar problems, encouraging them to foster a sense of community. When people know that they are surrounded by individuals who can support and give advice to them, they might feel confident enough to overcome financial challenges.
In conclusion, while the main reasons of widespread talks about financial matters are economic instability and social media platforms that feature people displaying their wealth, this development is beneficial as it allows people to gain experience and advice from others.