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“In 1899, Economist and sociologist
Thorstein Veblem coined the phrase “conspicuous consumption” in his
book ‘The Theory of the Leisure Class’ 1899. He argued that some
consumption is intended to send a message about the consumer’s status
rather than just to satisfy a need. They buy certain goods because of
what those goods reveal about their standing in society, rather than
the intrinsic enjoyment they derive from the purchase.” Conspicuous
consumption is the ostentatious display and consumption of resources by
largely the wealthy class, to advertise their wealth. As the term
“keeping up with the Jones'” suggests, we measure our success against
others around us and have become so consumed with the image of
affluence, that we fail to be satisfied with the happiness and
contentment that comes from financial stability and good old fashioned
family values.

National Currency

A national currency is a source of
national identity and pride and an anchor for a country’s economic
prosperity. The Nigerian naira is of great value to our national psyche
and deserves our faith and respect. It must be treated and used
responsibly if it is to have its pride of place in our national
heritage.

Nigerians are world renowned for
teeming social activity and the throwing of lavish parties. Indeed we
have been described as “a merry making people on the west coast of
Africa.” The “spraying” of money at social events such as weddings,
christenings, anniversaries and funerals is often attributed to the
Yoruba, a practise that has now spread widely to other communities
across the country.

Upon closer examination, it appears
that where this was indeed the practise in the past, its purpose was to
display appreciation and gratitude and it was practised with some
restraint; indeed a sense of decency, simplicity, modesty, and
frugality prevailed. The phenomenon of “show”, appears to be more
recent and grew largely from the emergence of a new class in the 1970s
following the oil boom, and was made popular by praise singing
musicians who waxed lyrical in their releases by singling out some of
the wealthy in their midst.

Wining and dining at such gatherings,
is often accompanied by the irritating closure of public roads, loud
music, dancing and much festivity. The celebrant is joined on the dance
floor by guests who begin to paste the currency notes on their forehead
and fling money at them, the “spray” of money cascades to the floor and
people stamp and dance on it with someone assigned to pick it up.

The CBN Act of 2006 singled out the
practise of “spraying” as the worst form of abuse of the naira. The
Act, which was signed into law, stipulates that anyone caught spraying
the naira will be jailed for six months without an option of fine.

A widening abyss

Indeed, the ignorance of conspicuous
consumption has serious societal implications and the upsurge in
incidents of violence is not an isolated phenomenon. Differences in
culture, religion and politics are often blamed as the catalysts of
unrest, but the strong underlying economic factors that fuel violence,
unless remedied, can create irreparable damage to our economic
development and our collective psyche.

The ever widening abyss in incomes of
the rich and poor, and the show of opulence and ostentatious living by
the rich is slowly giving rise to a sense of despondency, deprivation
and degradation among much of the populace that lives largely in abject
poverty.

Whilst most people appear to have
accepted their lot, a small minority have become restive and translate
their resentment and wrath into acts of social disorder. Such
resentment breeds a desperation that can become extreme and manifests
in lawlessness, armed robbery, kidnapping, and murder.

Conspicuous spending sends a powerful
message to the society, and in particular the impressionable youth,
that they must strive to make money by any means. On the contrary, they
must be encouraged to value education, hard work, ambition and ability,
and the belief that true success comes from the dint of sheer hard work.

Financial, social and economic discipline

“Economy is a poor man’s revenue;
extravagance, a rich man’s ruin,” said Lydia Maria Child. There will
always be people that have much more than you; nicer homes, cars,
clothes, jewels. It is tempting to try to copy or outdo them but you
then put yourself under intense pressure. Focus instead on your own
particular situation and your long-term financial goals.

The “play now, pay later” syndrome
implies that people who spend a large part of their wealth on acquiring
luxuries, often on credit, are in essence undermining their future
financial security. Some people “appear” to be wealthy, yet the
feverish display of opulence may be shielding huge debt.

The phenomenon of wasteful and lavish
consumption to enhance social prestige can be reversed where the
mindset shifts towards the timeless disciplined approach to creating,
building and retaining wealth. This comes from a systematic approach to
saving, investing and spending. Acquiring and maintaining long-term
financial security is a process with few short cuts, but the rewards
over time, are well beyond the thrills of any instant gratification or
outward appearances.