Deriving Sentimental Value: Sophistication & Cashlessness

Money is fleeting, in an actual sense this seems untrue and paradoxical, but in practical or actual thinking you'd find out that this can be true. For example, Money in the bank is more valuable than money at hand, while this is realistically questionable, it's psychologically relatable.
When we keep money in the bank, the propensity to spend sort of reduces and this is because of the inaccessibility that's attached to it. We can say that cashlessness creates a certain advantage, however, the ability to access one's money easily creates the desire to spend, since mobile banking these days, it's quite easy to take out money from one's wallet and buy some chicken, fries, or yogurt.

It's all in the mind

However, one would think twice if they're swiping their ATM card to pay for this luxury. Imagine how one's desires quickly become their "needs?"

This is possible when a person creates perpetuity in respite to a particular habit, it becomes a "need" we can no longer see as a "want" anymore and all this is possible because we have the purchasing power to back it up.

Sometimes when we spend unnecessarily we often create a validation, to back up that spending, sometimes we even trick our minds by saying things like "we only live once". However, one of the reasons why we even consider spending unnecessarily in the first place is because of accessibility or nearness of funds.

Sovereignty Of Banks On People Who Aren't Savvy

So, people try to mitigate unnecessary spending by putting their money in the bank, thereby cutting away that immediate accessibility.

However, we tend to forget that if the purchasing power of a currency continues to dwindle, it's more or less like losing money, if inflation affects the economy of the said country, then one is facing loss at both ends. So a lot of people hardly focus on the loss of value to their money, especially in a country where the value of the currency is shitty, i.e Nigeria.

Having to face loss on both ends is crazy, but people only try to protect their money against things they can fathom. Banks in Nigeria are accorded the status of sovereignty, especially to people who aren't economically conscious or savvy.

Banks Or Government Policies?

However, the banks are not the reasons for economic decline, the government's ineptitude towards the right policies is the reason, however, banks would never educate people on the true meaning of inflation, or the downside of saving and this is because they're firstly a business venture that's out to make a profit before any other thing.

Let's not be complete to deride the Nigerian banks, at least their existence is advantageous when it comes to automated transaction, the options they offer the ordinary citizen is great.

For example, the option to send and receive money even from foreign banks is amazing, they create choices and even if this isn't from the goodness of their heart, we can say this is the aspect where the common man benefits.

Sentimental & Realistic Value

So, it's easier to see value in one's money especially because the banks create this sentimental value even if it's not realistic. Now have you gone to the bank before to check the numbers of "zeroes" on your money? A lot of people do this and they tend to calculate their worth by this.

A lot of people in Nigeria measure their worth wrongly. Some do this by directly calculating how much their skills are worth, others do so by the number of drinks they can afford, it's only some others that check their investments, the dividends it yields, and how this eventually influences their net worth.

However, we can still say banks have web2 tendencies this is why I think the concept of saving and how blockchain is hoping to change the concept of saving would take a lot of time in showing people how far sophistication can take the concept of saving.

Interested in some more of my works?

Deriving Sentimental Value: Sophistication & Cashlessness

Sovereignty Of Banks On People Who Aren't Savvy

Banks Or Government Policies?

Sentimental & Realistic Value

The Intrinsic Propensity To Spend Money

Poverty: The Unwillingness To Spend?

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The Importance Of Having A Contingency Money Plan

Translational Value; What Is Your Worth?

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