Economic downturns and financial crises are recurring themes in IELTS Writing Task 2 essays. This topic is particularly relevant given the global economic challenges faced in recent years. Based on our analysis of past IELTS exams and current trends, we anticipate that questions related to saving money during economic downturns will continue to appear frequently 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 during economic downturns, individuals should focus on saving money rather than spending. To what extent do you agree or disagree with this statement?

Analyzing the Question

This question asks for your opinion on a common economic dilemma: whether to save or spend during tough economic times. It’s crucial to:

1. Clearly state your position
2. Provide reasons and examples to support your view
3. Consider potential counterarguments
4. Conclude by restating your opinion

Now, let’s examine three sample essays of varying quality, representing different band scores.

Sample Essay 1 (Band 8-9)

Economic recessions pose significant challenges to individuals and households, often prompting debates about the most prudent financial strategies. While some argue that saving money should be the primary focus during economic downturns, I believe that a balanced approach incorporating both saving and strategic spending is more beneficial for personal and economic well-being.

Undoubtedly, saving money during economic crises is crucial for several reasons. Firstly, it provides a financial buffer against potential job losses or income reductions, which are common during recessions. This safety net can alleviate stress and prevent individuals from falling into debt or financial hardship. Secondly, having savings allows people to take advantage of investment opportunities that often arise during economic downturns, such as undervalued stocks or real estate.

However, exclusively focusing on saving can be counterproductive both for individuals and the broader economy. On a personal level, completely cutting off spending can lead to a diminished quality of life and missed opportunities for personal growth or career advancement. For instance, investing in education or skills development during a recession can improve one’s employability and earning potential in the long run. From a macroeconomic perspective, if everyone solely saves and refrains from spending, it can exacerbate the economic downturn by reducing consumer demand, leading to further job losses and economic contraction.

Therefore, I advocate for a balanced approach that emphasizes smart saving and strategic spending. This involves prioritizing essential expenses, cutting unnecessary costs, and allocating funds for both savings and investments in personal development or carefully considered purchases. For example, individuals might reduce discretionary spending on luxury items but continue to invest in health, education, or home improvements that offer long-term benefits.

In conclusion, while saving money is undoubtedly important during economic downturns, it should not be pursued to the exclusion of all spending. A nuanced strategy that balances saving with judicious spending can help individuals weather financial storms while contributing to economic recovery and personal growth.

Balancing saving and spending during economic downturn

Sample Essay 2 (Band 6-7)

In times of economic difficulty, many people think that saving money is more important than spending it. I partially agree with this idea because saving money can be helpful, but spending money is also necessary for some reasons.

On one hand, saving money during economic downturns is a good idea. When the economy is bad, many people might lose their jobs or have their salaries reduced. If they have saved money, they can use it to pay for important things like food, rent, and bills. Also, having savings can help people feel less stressed about money problems. For example, my friend who saved money was able to pay for his expenses for several months after losing his job during the last recession.

However, spending money is also important for the economy and for personal reasons. If everyone stops spending money, businesses will suffer and more people might lose their jobs. This can make the economic situation worse. Additionally, some types of spending can be good for individuals even during tough times. For instance, spending money on education or training can help people get better jobs in the future.

I think the best approach is to balance saving and spending. People should try to save some money for emergencies, but also continue to spend on necessary items and investments in their future. For example, they could cut back on luxury items but still spend on healthy food and learning new skills.

In conclusion, while saving money is important during economic downturns, it’s not the only thing people should focus on. A combination of careful saving and smart spending is the best way to handle difficult economic times.

Sample Essay 3 (Band 5-6)

In my opinion, I agree that people should save money when the economy is bad. There are many reasons for this.

Firstly, saving money is important because you don’t know what will happen. Maybe you will lose your job or your salary will be less. If you have money saved, you can pay for things you need. This is very important.

Secondly, when you save money, you feel less worried. You know you have some money if you need it. This is good for your mind and can help you feel better even when things are difficult.

But, sometimes spending money is also necessary. For example, you need to buy food and pay for your house. You can’t save all your money and not buy anything. Also, if nobody spends money, shops will close and more people will lose jobs.

I think people should try to save some money, but also spend on important things. They should not buy expensive things they don’t need, but they should buy what they need to live.

In conclusion, saving money is good when the economy is bad, but people still need to spend some money too. It’s important to be careful with money during these times.

Illustration of saving vs spending choices

Explanation of Band Scores

Band 8-9 Essay:

• Task Response: Fully addresses all parts of the task with a clear position, well-developed ideas, and relevant examples.
• Coherence and Cohesion: Logically organized with clear progression throughout. Uses a range of cohesive devices effectively.
• 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:

• Task Response: Addresses all parts of the task, although some parts may be more fully covered than others.
• Coherence and Cohesion: Arranges information coherently and there is a clear overall progression.
• Lexical Resource: Uses an adequate range of vocabulary for the task with some attempts at less common vocabulary.
• Grammatical Range and Accuracy: Uses a mix of simple and complex sentence forms with generally good control.

Band 5-6 Essay:

• Task Response: Addresses the task only partially, with limited development of ideas.
• Coherence and Cohesion: Presents information with some organization but may lack overall progression.
• Lexical Resource: Uses a limited range of vocabulary, adequate for basic communication.
• Grammatical Range and Accuracy: Uses a limited range of structures with some errors that may cause some difficulty for the reader.

Key Vocabulary to Remember

1. Economic downturn (noun) – /ˌiːkəˈnɒmɪk ˈdaʊntɜːn/ – A period of reduced economic activity
2. Recession (noun) – /rɪˈseʃn/ – A period of temporary economic decline
3. Financial buffer (noun phrase) – /faɪˈnænʃl ˈbʌfər/ – Money set aside for unexpected expenses
4. Prudent (adjective) – /ˈpruːdnt/ – Wise and careful about practical matters
5. Discretionary spending (noun phrase) – /dɪˈskreʃənəri ˈspendɪŋ/ – Spending on non-essential items
6. Exacerbate (verb) – /ɪɡˈzæsəbeɪt/ – To make a problem worse
7. Macroeconomic (adjective) – /ˌmækrəʊiːkəˈnɒmɪk/ – Relating to the economy as a whole
8. Consumer demand (noun phrase) – /kənˈsjuːmər dɪˈmænd/ – The desire for goods and services by consumers
9. Financial hardship (noun phrase) – /faɪˈnænʃl ˈhɑːdʃɪp/ – Difficulty in meeting financial obligations
10. Judicious (adjective) – /dʒuːˈdɪʃəs/ – Showing good judgment

In conclusion, mastering the ability to write about economic topics like saving during downturns is crucial for success in IELTS Writing Task 2. The sample essays provided demonstrate how to approach this topic at different levels of proficiency. Remember to practice writing your own essays on similar topics, focusing on clear organization, relevant examples, and appropriate use of vocabulary. You can even share your practice essays in the comments section below for feedback and further improvement. Additionally, be prepared for related topics that might appear in future exams, such as managing finances during economic recession or the impact of economic crises on job markets.

Keep in mind that while personal financial management is important, broader economic issues like the role of public policy in managing economic crises may also be relevant. For those interested in business perspectives, exploring how to manage the impact of economic downturns on small businesses could provide valuable insights. Regular practice and exposure to a variety of economic topics will help you develop the skills needed to excel in your IELTS Writing Task 2.