The topic of savings and long-term financial security is a recurring theme in IELTS Writing Task 2 essays. Based on analysis of past exam trends and predictions for future tests, this subject is likely to appear frequently due to its global relevance and importance in personal financial planning. Let’s examine a real IELTS question that exemplifies this topic:
Some people believe that it is important to save money for the future, while others think it is better to enjoy life and spend money as you earn it. Discuss both views and give your own opinion.
This question effectively encapsulates the debate surrounding the importance of saving early for retirement versus living in the present. Let’s analyze the question and provide sample essays for different band scores.
Question Analysis
The question presents two contrasting viewpoints:
- Saving money for the future is important
- Enjoying life and spending money as you earn it is better
To answer this question effectively, you need to:
- Discuss both perspectives
- Provide reasons and examples for each view
- State your own opinion
- Ensure a balanced argument before concluding
Sample Essay 1 (Band 8-9)
In today’s consumer-driven society, the dilemma between saving for the future and enjoying life in the present is a common concern. While both approaches have their merits, I believe that a balanced strategy that prioritizes saving while allowing for moderate enjoyment is the most prudent course of action.
Those who advocate for saving money argue that it provides long-term security and peace of mind. By setting aside a portion of one’s income, individuals can build a financial safety net for unforeseen circumstances such as medical emergencies or job loss. Moreover, consistent saving habits can lead to substantial wealth accumulation over time, enabling a comfortable retirement and the ability to pursue future goals without financial constraints. This perspective aligns with the traditional wisdom of preparing for rainy days and ensuring a stable future for oneself and one’s family.
On the other hand, proponents of spending and enjoying life in the present contend that life is short and unpredictable. They argue that constantly deferring gratification for an uncertain future may lead to missed opportunities for joy and experiences. This viewpoint emphasizes the importance of work-life balance and the mental health benefits of engaging in leisure activities and pursuing passions. Additionally, spending money can stimulate the economy, supporting businesses and job creation, which has broader societal benefits.
In my opinion, while both arguments have validity, a balanced approach is most beneficial. Prioritizing savings is crucial for long-term financial stability and independence. However, this should not come at the expense of life’s pleasures and experiences. I believe in the 50/30/20 budgeting rule, where 50% of income goes to necessities, 30% to wants, and 20% to savings and debt repayment. This approach allows for both financial prudence and enjoyment of life’s offerings.
In conclusion, while the temptation to live in the moment is strong, the importance of financial planning cannot be overstated. By adopting a balanced strategy that emphasizes saving while allowing for moderate spending on experiences and enjoyment, individuals can secure their future without sacrificing the present. This approach not only ensures long-term financial security but also promotes a fulfilling and well-rounded life.
(Word count: 345)
Sample Essay 2 (Band 6-7)
The question of whether to save money for the future or spend it to enjoy life now is a difficult one. Both sides have good points, and I will discuss them before giving my opinion.
People who think saving is important say it gives security for the future. If you save money, you can be ready for unexpected problems like losing your job or getting sick. Also, if you save for a long time, you can have a good life when you retire and not worry about money. This is smart because nobody knows what will happen in the future.
On the other hand, people who prefer to spend money and enjoy life now say that life is short. They think it’s better to have fun and do exciting things while you’re young and healthy. They might say that you could die tomorrow, so why not enjoy your money today? Also, spending money helps the economy because it supports businesses and jobs.
In my opinion, both saving and spending are important, but saving should be the priority. I think people should try to save about 20% of their income if possible. This way, they can have some security for the future. But they should also use some money to enjoy life now, maybe around 30% for fun things. The rest can be for necessary expenses.
To conclude, while it’s important to enjoy life, saving for the future is crucial for long-term happiness and security. A balanced approach, with more focus on saving, is the best way to have both a good life now and a secure future.
(Word count: 269)
Sample Essay 3 (Band 5-6)
Saving money or spending it is a big question for many people. Some think saving is very important, but others say enjoying life now is better. I will talk about both ideas and give my opinion.
People who like saving money say it’s good for the future. If you save, you can have money for emergencies or when you’re old. This is smart because life can be hard sometimes. For example, if you lose your job, you will have money to live on. Also, when you’re old, you can relax and not worry about money if you saved a lot.
But people who like spending money say life is short. They think it’s better to enjoy now because you don’t know what will happen tomorrow. They might buy nice things or go on holidays. This can make life more fun and exciting. Also, when people spend money, it helps shops and gives people jobs.
I think both saving and spending are important. We should save some money for the future because it’s safe. But we should also enjoy life now and buy some nice things. Maybe we can save half of our extra money and spend the other half. This way, we can have fun now and also be safe in the future.
In conclusion, saving and spending are both good, but in different ways. The best thing is to do both – save some money and also enjoy life a little bit. This way, we can be happy now and also in the future.
(Word count: 249)
Explanation of Band Scores
Band 8-9 Essay:
- Fully addresses all parts of the task with a well-developed response
- Presents a clear position throughout the response
- Uses a wide range of vocabulary with very natural and sophisticated control of lexical features
- Uses a wide range of structures with full flexibility and accuracy
- Demonstrates sophisticated control of grammatical structures
- Ideas are coherently and logically organized with clear progression throughout
- Uses cohesive devices effectively as required
- Uses paragraphing sufficiently and appropriately
Band 6-7 Essay:
- Addresses all parts of the task
- Presents a clear overall position but some ideas may not be fully extended
- Uses an adequate range of vocabulary for the task with some evidence of style and flexibility
- Uses a mix of simple and complex sentence forms
- Has generally good control of grammar and punctuation with few errors
- Arranges information and ideas coherently and there is a clear overall progression
- Uses cohesive devices effectively, but cohesion within and/or between sentences may be faulty or mechanical
- Uses paragraphing, but not always logically
Band 5-6 Essay:
- Addresses the task only partially; the format may be inappropriate in places
- Expresses a position but the development is not always clear and there may be no conclusions drawn
- Uses a limited range of vocabulary, but this is minimally adequate for the task
- May make noticeable errors in spelling and/or word formation that may cause some difficulty for the reader
- Uses only a limited range of structures with only rare use of subordinate clauses
- Some structures are accurate but errors predominate, and punctuation may be faulty
- Presents information with some organization but there may be a lack of overall progression
- Makes inadequate, inaccurate or over-use of cohesive devices
- May be repetitive because of lack of referencing and substitution
- May not write in paragraphs, or paragraphing may be inadequate
Key Vocabulary to Remember
Financial security (noun) – /faɪˈnænʃəl sɪˈkjʊərəti/ – The state of having stable income or financial resources.
Long-term (adjective) – /lɒŋ tɜːm/ – Occurring over or involving a relatively long period of time.
Prudent (adjective) – /ˈpruːdənt/ – Acting with or showing care and thought for the future.
Accumulation (noun) – /əˌkjuːmjəˈleɪʃn/ – The acquisition or gradual gathering of something.
Gratification (noun) – /ˌɡrætɪfɪˈkeɪʃn/ – Pleasure, especially when gained from the satisfaction of a desire.
Stimulate (verb) – /ˈstɪmjuleɪt/ – Raise levels of physiological or nervous activity in (the body or any biological system).
Prioritizing (verb) – /praɪˈɒrətaɪzɪŋ/ – Designating or treating something as more important than other things.
Budgeting (noun) – /ˈbʌdʒɪtɪŋ/ – The process of creating a plan to spend your money.
Unforeseen (adjective) – /ˌʌnfɔːˈsiːn/ – Not anticipated or predicted.
Work-life balance (noun) – /wɜːk laɪf ˈbæləns/ – The division of one’s time and focus between working and family or leisure activities.
The impact of savings accounts on economy is significant, as it affects both individual financial security and broader economic stability. Understanding these concepts and their implications is crucial for crafting well-rounded essays on this topic.
Conclusion
The Importance Of Savings For Long-term Security is a critical topic in personal finance and economic discussions. As we’ve seen through these sample essays, there are various approaches to addressing this subject in IELTS Writing Task 2. To further prepare for your exam, consider practicing with similar topics such as:
- The role of financial education in schools
- Government policies to encourage saving
- The impact of consumer culture on personal finances
- Balancing personal savings with economic growth
Remember, the key to success in IELTS Writing Task 2 is not just about language proficiency, but also about presenting well-structured arguments and demonstrating critical thinking skills. Practice writing essays on these topics and share them in the comments section below for feedback and discussion. This active engagement will significantly enhance your writing skills and prepare you for success in the IELTS exam.
IELTS Writing Practice on Importance of Savings
Lastly, don’t forget to consider the importance of emergency savings for self-employed individuals as another potential angle to explore in your essays. This perspective can add depth to your understanding of the topic and provide additional examples to support your arguments.
