Water population can occur in several ways. It can have numerous negative effects or economic costs that could have been saved if sufficient safe and clean water were available. Here’s 10 quick looks at some of the main ways in which water pollution can impact personal finance.
1. Time Burden of Water Collection
The costs associated with collecting water are high especially in most rural areas where they lack piped water system. A lot of time is taken while collecting water, this amount of time could have been used for other productive purposes thus affecting personal finance. Moreover, when the distance between the collection point and home is far, it greatly affects the health of those involved.
2. Money Paid to Water Vendors
Access to clean as a result of water pollution always comes with a cost. Limited options for obtaining safe water would force the household to source from vendors. The rates received from these vendors might be relatively higher. They always charge volumetrically. Money spends on purchasing clean and safe water for domestic or household uses could have been utilized for other purposes leading to an impact on personal finance.
3. Loss of Economic Productivity
Water pollution creates a huge impact on personal finance. Loss in productivity might result from health complications associated with waterborne disease hindering the individuals from working. Lack of man-power destruct the functioning of daily households activities. This would lead to more resource been diverted to caring for sick persons. Loss of productivity also will result from a huge loss of time consumed from collecting safe and clean water.
4. Costs of Treating Water-Borne Illness Cases
Estimates of about 80% of health complications are associated with water pollution and poor sanitation in developing countries. The majority of the populations do not have access to safe or clean water. The cost of treating health complications related to water pollution is very expensive. It affects personal finance in the form of the cost incurred on medicine, clinics and hospital bills and other costs. In other instance, it became vital resulting in the loss of lives.
5. Expenditures on Drinking Water Treatment
Water pollution affects the entire water bodies system necessitating treatment. Water treatment prices increase leading to added extra financial burden, particularly to the poor households. Cost incurs due to additional energy charges and chemical used to filter and clean the water such as the use of chlorine, boiling cost and cost of electricity, all these factors influence personal finance.
6. Restriction of Eating Fish Value
Water pollution affects the food chain which would lead to a change in food habits. Change of food lifestyle may have an impact on personal finance. The influence of food chains occurs when toxins and pollutants present in water are consumed by an aquatic animal which in turn consumed by humans. In this case, the majority of consumers would highly be affected in terms of health-wise and financially.
7. Reduced Recreational Value of Rivers, Streams and Lakes
Water pollution brings about the destruction of an ecosystem. Mostly the ecosystems respond faster to small changes in the environment. This has an impact on the collapse of an entire ecosystem which may have financial implications on it. Reduced recreational value means less revenue from this resource is acquired affecting the general working of the economy.
8. Diminished Value of Commercial Fishing in Streams, Pod, Estuaries
As a result of water pollution, the value of commercial fishing would decline affecting those working in this sector. The majority of the households depend on fishing as a source of livelihood. With the extreme effects of water pollution, huge impacts will be incurred on personal finance.
9. Inadequate Water Supply and Sanitation
Insufficient water supply has a direct impact on agricultural activities even at the household level. This will mean reduced farming activities and food shortage resulting in the reduction of income to the families relying on farming operations. The final result will be much spending, hence impacting on personal finance.
10. Water Storage Investment
Investment in water storage continuously aids in maintaining water security in the face of a water pollution scenario. Moreover, this investment would reduce the price of water due to effective water use management. This means the production of foodstuff at the household level is not affected as safe and clean water is used for agricultural activities. This will have a positive impact on personal finance.