I keep wondering what the next five years will look like, what the world will look like if people continue to struggle to make money and eventually the money they work for is not enough to pay their bills.
The working environment does not change despite how difficult things become every day and without a doubt the ongoing restructuring of the economy is rapidly affecting people's lives and our society as a whole, leading to the financial difficulties that people are facing now. I still remember the days when the salary was 30,000 naira, you could buy anything and still have some money left over for your expenses. Compared to now, when people still get the same salary, but the bills have increased. How do you expect people who already spend half of their salary on bills and have few other expenses to survive the economy?
To take a closer look at the factors contributing to the economic struggle, we will look at the rapid advancement of technology, the rising cost of living, income inequality, and the pace at which people are falling into debt.
Working environment
One of the main contributing factors to financial difficulties that needs to be addressed is our work environment. Stress at work outweighs income, and this has often resulted in lower income and greater insecurity. To be honest, I see technological advancement as one of the ways to help people continue to thrive during this change in the economy, but I'm not stuck in my way of thinking. Instead, people continue to struggle financially due to many things, such as the rising cost of living.
The rising cost of living:
The cost of living continues to rise in many parts of the world, making it increasingly difficult for people to make ends meet. Every day, people face expenses like housing, health care, education and transportation that have contributed to us experiencing significant inflation that outpaces wage growth and many. As a result, individuals and families face difficult decisions, such as sacrificing life's necessities, living in poor conditions, or accumulating debt to meet their basic needs.
Another thing that has become a burden to the individual trying to make ends meet is…
Income inequality. While some people are enjoying significant wealth accumulation, a significant portion of the population is struggling to keep up with rising costs and stagnant wages. The wealth gap not only affects those at the bottom of the socioeconomic ladder, but also puts pressure on the middle class, affecting their financial security and hampering their upward mobility. So all these people are also struggling with mounting debt and financial stress.
As the economy continues to change and the cost of living rises, it will have long-term consequences for individuals and families. In fact, it becomes more difficult to meet daily expenses, save for the future or invest in opportunities that can improve our financial situation.
Conclusion: I believe that if the world can solve the problems and work to create a more inclusive and fair economy that offers opportunity, stability and financial security, everyone will have a fair chance to thrive in an ever-changing world and myself will not get depression of not having the money.