Why Transparency Equals Financial Literacy : SoshWallet
How hard would it be to meet your budget, pay all your bills, and navigate the financial paths of your life without being able to look at your bank account? Yes, there are methodical people who balance their checkbook to the penny. Most people however don't need to look at their bank account when making financial decisions. Even the most frugal and wealthy, often check their finances to make sure everything is running smoothly. So why don't groups do this?
The big answer is because up until now, they haven't been able to aside from budget meetings. SoshWallet is changing the game by allowing entire groups to view their shared bank accounts. Roommates can share accounts through SoshWallet and make sure all the bills are being paid. Charities can share accounts with their donors to assure them the money is being put to good use. Politicians can put their campaign funds on SoshWallet to show who all their donors are.
There is now a level of transparency attainable in the banking world that has never before been available. This service of giving visibility to all participants has the potential to make all the difference. Look at the difference regularly checking your bank account gives you when it comes to your financial performance. Now apply that to largescale groups and organizations that survive off others money.
While not everyone has complied and parts of it have been overturned, the Healthcare Price Transparency Act tremendously helped patients and insurance providers in the hospitals that complied with the act. Basically it made providers streamline their costs versus charging different prices for the same surgery to different insurances.
Transparency might not always be best as there are levels of privacy necessary for military spending and intellectual property, but when applied to most standard social settings - it's the way to go! We believe SoshWallet can help your group become more financially literate! Try out our app!