On 11th March 2020, the World Health Organization (WHO) declared a global pandemic due to the outbreak of COVID-19. The disease, which originated in Wuhan, China, spread like wildfire across the planet, unfortunately claiming the lives of many, in what will go down in history as one of the worst outbreaks ever recorded. What followed the official declaration by the WHO was extensive lockdown periods when people around the globe were confined to their homes.
These lockdown periods varied in length depending on the country and government, and there were even multiple different lockdowns throughout the three-year period as in the UK until the pandemic was officially declared over on 5th May 2023. Many countries had lifted lockdowns by this time, but the lasting effect of the pandemic is one that was felt by everyone.
Since then, the world has attempted to revert to normality, but there is no doubting the fact the lengthy periods spent in confinement at home and the complete disruption to daily routines will have a lasting effect. For humankind, it made us more flexible and adaptable and gave birth to certain concepts such as “work from home.” However, one of the biggest effects of the pandemic and world events since then is felt in the way we perceive and use money.

A Digital Future
One of the biggest factors that has influenced our mentality around money is the evolving world around us. During the lockdown, people were forced to find digital solutions to cure boredom and therefore also got used to making more online payments for streaming services, deliveries, online games, anything to keep us busy. And that trend has been continued, even accelerated, due to the rapid digital developments being driven by advances in technology and software.
Contactless payments have been performed since the late 2000’s, when Barclaycard issued the first contactless card in 2007. Since then, payments can be made via text message, while transfer times for certain same-bank transfers like with N26 have been cut out completely. During the pandemic, the world was happy to spend money due to the lack of spending on the outside world, which spiked sales in the gaming industry for example. But even though we are able to roam around the physical world again, advances in payment technology are still making it easier for us to spend money.
Rise of Online Entertainment
One of the saving graces for people during the pandemic was online entertainment. Over the last near two decades, Netflix has been delighting households worldwide. None more so than during the pandemic, when millions ploughed through series after series. However, Netflix itself is a prime example of the way our entertainment habits are changing. With the ever-greater presence of companies from all industries in the online world, there is less of a need to go out shopping anymore.
Even former pillars of entertainment such as casinos are in slow decline due to the rise of online casinos. And UK players even have the luxury of shopping around at these EU casinos at the Daily Star. The spending of money has been given an added convenience due to the increased influence the digital world is having on our everyday lives and if it was not for current issues such as inflation, people might spend more freely like they did during the pandemic.
This cannot be said of everyone of course and there is an argument on the other side of the coin. The rise of online entertainment and the added convenience brought with it might also promote greater responsibility over finances and spending. With the ability to complete most online transactions in a couple of clicks, the danger of overspending has never been more apparent.
Is digital currency the future?
The entertainment industry is just an example of the road society is going down and how it is affecting the role of money. This could all be set to change in the coming years with cryptocurrency gaining a greater influence in society year by year. Although cryptocurrencies such as Bitcoin, Ethereum, and Litecoin have been around for over a decade, it seems like now is the time for them to establish themselves.
With slightly more intricate blockchain tech powering cryptocurrency, there could be another educational step required when it comes to handling money. But while we wait to discover the full impact of cryptocurrency, we can get more familiar with the digital world and how we operate and spend within it.
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