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In the Morden era, with the advancement of global economy money circulation has been improved in the society. Few believes that spending too much on birthdays and weddings is justified, while others argue about the unnecessity of huge expenditure on one time occasion. This essay will discuss the reason and possible solutions of this matter.
To begin with, spending on marriages and birthdays have become status symbol for few individuals. They consider this occasion as an opportunity to show-off their rich lifestyle. However, a recent survey depicts that almost 60% families in India take debt or loan to organize huge celebrations parties and result of that it creates the financial instability for them. Still, it is becoming trend thought-out the society and it is all due to social pressure.
To tackle this situation, we should start awareness campaign about financial literacy and some TV advertisements to teach how we can celebrate this occasion without spending too much money. For instance, Newzeland government runs financial education classes at community level and run TV programs to given less expensive ideas to celebrate marriages and birth anniversary, even they book pre-designed public places to cut down the costs, which decrease the cost of event significantly. So, government support and financially literacy play a vital role.
To conclude, although few individuals spend a lot of money on weddings and birthdays due to social pressure and to show-off. But it should be done based on individual’s financial capability, moreover government should educate the people to spend wisely through campaign and financial literacy programs.
