In numerous nations worldwide it is observed that new age has influenced the individual of the society to discuss their earnings and expenditures more openly in day-to-day talks. While this shift in preference undoubtedly offers remarkable advantages but the true allure lies in the development of a support network and the financial literacy that comes with discussing finances openly. However, it is important to acknowledge the accompanying drawbacks such as the potential of vulnerability, which cannot be disregarded. To determine whether a practice is constructive or destructive, it is rationally imperative to analyse the associated merits and demerits in an elaborative manner, and this essay will serve that purpose.
Our primary advantage of adding finances to normal conversations is its tendency to create a network of individuals in the society that will be able to support one-another. This is because of the increasing inflation rates around the world that has left many hard-working people in financial difficulties. This practice will eventually result in individuals helping each other to know one’s financial status. This can have an astounding effect on the different societies of the world and people can live in harmony peacefully. For instance, I have been a part of a group in our town that encourages people to come and share their experiences and finances as others can have a chance to help if needed. It isa actually a very good practice according to our religion Islam as well, as most burdened people of our society never disclose their situations, and nobody knows what they are going through.
The second biggest positive point of chatting income and expenditures with one another is the aspect of financial literacy that many new people in the professional environment lack. This is due to the new world crises where unemployment is at its peak, many graduates are being offered below-reputation jobs for which they are overqualified for. By adding finances to the conversations will allow these young people to know their place and be able to negotiate with the recruiter more professionally. On a broader scale, people will be aware of income from specific jobs and will be able to make choices more accurately knowing the financial status of different jobs. For example, this might be possible that two people working on the same position in the same company are being paid differently, by discussing with each other, these employees will be able to demand increase in their salaries.
Paradoxically, there is also a disadvantage of disclosing one’s finances that should not be overlooked. One significant drawback is the exposed truths of a person’s capability. This means that the individual is now more vulnerable as his income and weak points are known, and this can result in colleges and companies exploiting one’s capabilities and using it to their own advantage. For example, many companies in the United Arab Emirates provide less salaries to the people applying from south Asian countries as compared the individuals applying from western countries as they know the financial status of Asian people that their national currencies have low value.
To summarize, discussing income and expenditure openly is undoubtedly a propitious and worthy approach as it offers wellbeing of the society. Realistically, it can be argued that practice entails both advantageous and detrimental aspects.