Financial transparency is becoming normal within the generation of millennials. The new ways of sharing daily life within social networks is helping to put this generation in a position previous generations didn’t have: experiencing financial transparency.
An open generation
A new study by Bankrate.com revealed that approximately one third of the millennials share financial information, such as their salary with their co-workers and their friends. This is another sign that millennials are more likely than any previous generation to share how much they earn.
This study propose social media habits have fostered financial transparency.
The impact of social networks
Social networks and the information shared inside them, have given way to openly share more important topics such as personal finances. Millennials are realizing the latent power of transparency, specifically, how it can be used to improve financial habits and obtain more competitive salaries.
Despite being the largest generation in the current workforce, the average wages of millennials are much lower compared to the average, and are on average 20% lower than the wages of baby boomers when they were the same age. The current economic situation is definitely very different from the past, globalization and the rise in population make growing financially more difficult than at other times.
Make financial transparency a tool to speak more openly about money, demand financial equality and ask for fairer salaries. If you want to make your finances more transparent, join Glass. With Glass, in addition to having a better control of your money, you can share your financial information with whomever you decide.