Financial planning for self-employed individuals is a topic that has gained significant attention in recent IELTS Writing Task 2 exams. Based on trends observed in past exams and the increasing relevance of self-employment in today’s economy, it’s highly likely that this theme will continue to appear in future tests. Let’s explore a sample question and provide model essays for different band scores to help you prepare effectively.
Some people believe that self-employed individuals should be solely responsible for their financial planning, including retirement and healthcare. Others argue that the government should provide support and social security benefits to self-employed workers. Discuss both views and give your own opinion.
Analysis of the Question
This question addresses the complex issue of financial responsibility for self-employed individuals. It requires candidates to:
- Discuss the view that self-employed people should manage their own finances entirely.
- Explore the argument for government support for self-employed workers.
- Present and justify their own opinion on the matter.
The topic combines elements of personal finance, government policy, and social welfare, making it a rich subject for discussion in an IELTS essay.
Sample Essay 1 (Band 8-9)
The debate over financial planning responsibilities for self-employed individuals is increasingly relevant in today’s gig economy. While some argue that these workers should bear full responsibility for their financial future, others contend that government support is necessary. In my opinion, a balanced approach combining personal responsibility and government assistance is the most effective solution.
Proponents of individual responsibility argue that self-employed people have chosen their career path and should therefore be prepared to manage all associated risks and benefits. This view emphasizes the importance of financial literacy and personal accountability. Self-employed individuals often enjoy greater flexibility and potential for higher earnings, which could theoretically allow them to save more for retirement and healthcare needs. Moreover, this approach encourages entrepreneurship and innovation, as individuals are incentivized to maximize their earnings and manage their finances prudently.
On the other hand, advocates for government support argue that self-employed workers are an integral part of the economy and deserve the same social security benefits as traditional employees. They contend that the unpredictable nature of self-employment income makes it challenging to plan for long-term financial needs, potentially leaving these workers vulnerable in retirement or during health crises. Government assistance could provide a safety net, ensuring that self-employed individuals do not fall into poverty due to circumstances beyond their control, such as economic downturns or unexpected health issues.
In my view, a hybrid system that combines elements of both approaches would be most beneficial. Self-employed individuals should be encouraged to take primary responsibility for their financial planning, perhaps through tax incentives for retirement savings or health insurance premiums. Simultaneously, the government could offer a basic level of support, such as access to public healthcare systems or a minimum pension scheme. This balanced approach would promote personal financial responsibility while providing a crucial safety net for those facing exceptional circumstances.
To implement this effectively, governments could introduce tailored policies for self-employed workers, such as matched savings schemes for retirement or subsidized health insurance plans. These measures would acknowledge the unique challenges faced by the self-employed while encouraging proactive financial planning.
In conclusion, while self-employed individuals should bear significant responsibility for their financial future, some level of government support is necessary to ensure societal stability and fairness. A carefully designed system that balances personal accountability with social security would best serve the interests of self-employed workers and society as a whole.
(Word count: 398)
Sample Essay 2 (Band 6-7)
The question of who should be responsible for the financial planning of self-employed people is a topic of much debate. Some think these individuals should handle everything themselves, while others believe the government should help. I will discuss both sides and give my opinion.
Those who say self-employed people should manage their own finances have some good points. Self-employed workers often choose this path for more freedom and the chance to earn more money. They should be prepared to handle the risks that come with it. If they can make more money, they should be able to save for retirement and healthcare on their own. This view also encourages people to be responsible and learn about managing money, which is important for everyone.
On the other hand, people who think the government should help self-employed workers also make valid arguments. Self-employment can be unstable, with income changing a lot from month to month. This makes it hard to plan for the future. Also, self-employed people contribute to the economy, so they deserve some support like regular employees get. Without help, they might face poverty when they’re old or if they get sick, which is bad for society.
In my opinion, I think a mix of both ideas is best. Self-employed people should try to manage their money well and save for the future. But the government should also provide some basic support. For example, they could offer a simple pension plan or access to healthcare. This way, self-employed workers have a safety net, but they’re still encouraged to be responsible with their money.
The government could make special rules for self-employed people, like giving them tax benefits for saving money or helping them pay for health insurance. This would show that the government recognizes the challenges of self-employment while still expecting people to plan for their future.
To conclude, while self-employed individuals should take care of their finances, some government help is also important. A system that combines personal responsibility with some government support would be the fairest and most effective approach for everyone.
(Word count: 345)
Explanation of Band Scores
Band 8-9 Essay:
This essay demonstrates excellent writing skills and a sophisticated approach to the topic:
- Task Achievement: Fully addresses all parts of the task with a well-developed response.
- Coherence and Cohesion: Ideas are logically organized with clear progression throughout.
- Lexical Resource: Uses a wide range of vocabulary with very natural and sophisticated control of lexical features.
- Grammatical Range and Accuracy: Uses a wide range of structures with full flexibility and accuracy.
Band 6-7 Essay:
This essay shows a competent handling of the task with some limitations:
- Task Achievement: Addresses all parts of the task, though some aspects are more fully covered than others.
- Coherence and Cohesion: Information and ideas are generally well organized, but there’s less sophistication in the use of cohesive devices.
- Lexical Resource: Uses an adequate range of vocabulary for the task, with some attempts at less common words.
- Grammatical Range and Accuracy: Uses a mix of simple and complex sentence forms with generally good control, though errors occur when attempting more complex structures.
Key Vocabulary to Remember
- Self-employed (adjective) /ˌself.ɪmˈplɔɪd/ – Working for oneself rather than for an employer.
- Financial planning (noun phrase) /faɪˈnænʃəl ˈplænɪŋ/ – The process of managing one’s money to achieve personal economic satisfaction.
- Social security benefits (noun phrase) /ˈsoʊʃəl sɪˈkjʊərəti ˈbenɪfɪts/ – Government payments to people who are sick, poor, or have no job.
- Entrepreneurship (noun) /ˌɑːn.trəprəˈnɜːr.ʃɪp/ – The activity of setting up businesses and taking on financial risks in the hope of profit.
- Gig economy (noun phrase) /ɡɪɡ iˈkɑː.nə.mi/ – A labor market characterized by short-term contracts or freelance work rather than permanent jobs.
- Financial literacy (noun phrase) /faɪˈnænʃəl ˈlɪt.ər.ə.si/ – The ability to understand and effectively use various financial skills.
- Subsidized (adjective) /ˈsʌb.sɪ.daɪzd/ – Supported with money to keep prices low or affordable.
- Tax incentives (noun phrase) /tæks ɪnˈsen.tɪvz/ – A government measure that encourages individuals or businesses to do something by reducing the amount of tax they have to pay.
Self-employment vs. traditional employment has become an increasingly important topic in recent years, reflecting changes in the global job market. As you prepare for your IELTS Writing Task 2 exam, consider practicing with similar topics related to employment, financial responsibility, and government policies. You might encounter questions about the gig economy, work-life balance for freelancers, or the impact of technology on self-employment.
To further improve your skills, try writing your own essay on this topic and share it in the comments section below. This practice will help you refine your writing abilities and gain valuable feedback from others preparing for the IELTS exam.
Remember, the key to success in IELTS Writing Task 2 is practice, understanding the question types, and developing a clear and coherent argument. Good luck with your preparation!