Topic:
Many people prefer to spend money and not save it. What are the reasons? Is this a positive or negative development?
Spending money instead of saving it is a phenomena that most of the people are adopting fast nowadays. As the world is now turned into a global village, so the people preferences are now also changed. Following are the reasons for this changed priorities.
First, due to technological development advancement entire marketing and advertisement tactics have been changed. Previously, there were no internet and television through which a product can be advertised. Now, with the help of these tools, combined with latest technology, an item can be better advertised. For example, machine learning algorithms are being used to predict the user’s interest. If you just search a product like treadmill or any other cosmetics related item on Facebook, it will give you many recommendation based on these algorithms for your interest which will increase the chances that you will buy that product. Secondly, increased people to people contact also made the people brand conscious. When people meet frequently or watch your friends travelling abroad in pictures ultimately you will end in spending too much on these luxuries.
As far as my opinion is concerned, it is a negative development, because people who do not have enough money to spend on these luxuries will often commit crimes like robbery, theft, and snatching. Today, the crime rate is increased manifold as a result of these unending needs. In addition to this, people who are well-off, spend carelessly. Resultantly, sometimes they take loan from banks and trapped in this vicious circle.
In conclusion, more people are spending due to modernized international world. People should save money for the rainy days of their life.
