Will communicating in social media make me vulnerable to identity theft?

It is better to not reveal too much information on social media, especially financial details.

Yeah, you need to very careful, there are people who can use your personal details and make unauthorized spending.
You must keep your eyes open for "spammers". Avoid junk emails and messages that come into your inbox.

Those messages may come from phishers, as well as contain Trojan horse viruses that can ram into your computer and fetch your personal details back to the hands of those fraudsters.
Moreover, Do not store sensitive data on non-secure websites or social platforms.

Yes, it can be troublesome. But you can manage it by considering some steps like; changing password time to time, creating a complex password. avoiding unauthorized wi-fi connection, installing antivirus and so on.

Along with following the above tips, do not give obvious passwords, which are easy to guess, if a person knows you.