Developing a savings habit is a crucial life skill that has become increasingly important in today’s financial landscape. This topic frequently appears in IELTS Writing Task 2 essays, often framed within broader discussions of financial literacy, personal finance management, or economic stability. Based on past exam trends and the growing emphasis on financial education, we can expect to see more questions related to savings habits in future IELTS tests.
Let’s examine a relevant IELTS Writing Task 2 question that addresses this theme:
Many young people find it difficult to save money. What are the reasons for this? What can be done to encourage young people to start a savings habit?
Analyzing the Question
This question consists of two parts:
- Reasons why young people struggle to save money
- Solutions to encourage young people to develop a savings habit
To effectively answer this question, candidates should:
- Identify multiple reasons for young people’s difficulty in saving
- Propose practical solutions to promote savings habits
- Provide examples and explanations to support their points
- Maintain a balanced discussion of both aspects of the question
Now, let’s examine three sample essays of varying quality, targeting different band scores.
Sample Essay 1 (Band 8-9)
In today’s consumer-driven society, many young individuals face significant challenges when it comes to saving money. This essay will explore the reasons behind this difficulty and propose effective strategies to foster a savings culture among youth.
Several factors contribute to young people’s struggle with saving. Firstly, the prevalence of instant gratification culture, fueled by social media and targeted advertising, encourages impulsive spending on trendy products and experiences. Secondly, the rising cost of living, particularly in urban areas, often leaves young adults with little disposable income after covering essential expenses. Additionally, a lack of financial education in schools means many youths enter adulthood without a solid understanding of budgeting and money management principles.
To address this issue, a multi-faceted approach is necessary. One crucial step is to integrate comprehensive financial literacy programs into secondary school curricula. These programs should cover practical skills such as budgeting, investment basics, and the importance of long-term financial planning. Moreover, governments and financial institutions could collaborate to create youth-oriented savings accounts with attractive interest rates and incentives for consistent saving. Employers could also play a role by offering automatic payroll deductions for savings accounts, making the process effortless for young workers.
Furthermore, leveraging technology can be an effective way to encourage saving habits. Mobile apps that gamify saving, providing visual progress tracking and rewards for meeting savings goals, can appeal to the tech-savvy younger generation. Social media influencers and celebrities could be enlisted to promote responsible financial habits, countering the often consumerist messages prevalent in these platforms.
In conclusion, while young people face numerous obstacles to saving, a combination of education, policy initiatives, and innovative approaches can help cultivate a strong savings culture. By addressing this issue, we can empower the younger generation to build financial resilience and security for their futures.
(Word count: 298)
How can financial education reduce poverty rates is a related topic that further explores the importance of financial literacy in addressing economic challenges.
Essay Analysis (Band 8-9)
This essay demonstrates excellence in several key areas:
- Task Response: The essay fully addresses both parts of the question, providing multiple reasons for young people’s saving difficulties and a range of solutions. Each point is well-developed with explanations and examples.
- Coherence and Cohesion: The essay is logically organized with clear paragraphing. Ideas flow smoothly with effective use of cohesive devices (e.g., “Firstly,” “Moreover,” “Furthermore”).
- Lexical Resource: The writer employs a wide range of vocabulary accurately and appropriately (e.g., “consumer-driven society,” “instant gratification culture,” “disposable income”).
- Grammatical Range and Accuracy: The essay showcases a variety of complex sentence structures with minimal errors. It uses a mix of simple, compound, and complex sentences effectively.
- Development and Support: Each point is elaborated with relevant examples and explanations, demonstrating a deep understanding of the topic.
This essay would likely score in the Band 8-9 range due to its comprehensive response, sophisticated language use, and clear, coherent structure.
Sample Essay 2 (Band 6-7)
Young people nowadays find it hard to save money for many reasons. This essay will talk about these reasons and suggest some ways to help young people save more.
One big reason why young people can’t save is because things are very expensive now. Rent, food, and transport costs a lot, so young people don’t have much money left after paying for these things. Another reason is that young people like to buy new things they see on social media or in ads. They want to look cool and have fun experiences, which can be expensive.
Also, many young people don’t know much about managing money because schools don’t teach this. They might not understand how important it is to save for the future or how to make a budget.
To help young people save more, we can do several things. First, schools should teach students about money and how to save. This can help them understand why saving is important and how to do it. Second, banks could make special savings accounts for young people with good interest rates. This might encourage them to save more.
Another idea is to use apps that make saving fun, like games where you can see your money grow. This might make young people more interested in saving. Also, companies could help by automatically putting some of their workers’ pay into savings accounts.
In conclusion, young people find it hard to save because of high costs, wanting to buy things, and not knowing enough about money. But with better education, special bank accounts, and fun apps, we can help them save more for their future.
(Word count: 275)
Essay Analysis (Band 6-7)
This essay demonstrates competence in addressing the task but lacks the sophistication of a higher band score:
- Task Response: The essay addresses both parts of the question, providing reasons and solutions. However, the ideas are less fully developed compared to the Band 8-9 essay.
- Coherence and Cohesion: The essay has a clear structure with appropriate paragraphing. It uses some cohesive devices, but they are less varied and sophisticated than in the higher band essay.
- Lexical Resource: The vocabulary used is adequate for the task, but lacks the precision and sophistication of higher band scores. There is some attempt at using less common vocabulary (e.g., “managing money,” “automatically”).
- Grammatical Range and Accuracy: The essay uses a mix of simple and complex sentences with generally good control. However, it lacks the variety and complexity seen in higher band essays.
- Development and Support: Ideas are supported with some explanation, but lack the depth and specificity of the Band 8-9 essay.
This essay would likely score in the Band 6-7 range. It demonstrates a clear understanding of the task and communicates ideas effectively, but lacks the lexical sophistication and depth of analysis seen in higher band scores.
Sample Essay 3 (Band 5-6)
Young people have trouble saving money these days. There are many reasons for this and some things we can do to help them save more.
One reason young people can’t save is because everything is expensive. They have to pay a lot for rent and food. After that, they don’t have much money left. Also, young people like to buy new things they see on Instagram or TikTok. They want to look cool like their friends.
Another problem is that young people don’t know how to save money. They didn’t learn about it in school, so they don’t know it’s important.
To help young people save, we can do some things. Schools should teach about money and saving. This will help young people understand why saving is good. Banks can make special accounts for young people with good interest. This might make them want to save more.
We can also make saving more fun. There are apps that make saving like a game. Young people might like this because they like using their phones.
In conclusion, young people find it hard to save because things cost a lot and they don’t know how to save. But if we teach them and make saving more interesting, they might save more money.
(Word count: 204)
The importance of teaching financial literacy in secondary schools is crucial for preparing young people to manage their finances effectively in adulthood.
Essay Analysis (Band 5-6)
This essay demonstrates a basic attempt at addressing the task but falls short in several areas:
- Task Response: The essay addresses both parts of the question but in a limited way. Ideas are present but underdeveloped.
- Coherence and Cohesion: There is a basic structure, but paragraphing is not always logical. Limited use of cohesive devices.
- Lexical Resource: The vocabulary is simple and repetitive. There are few attempts at using less common vocabulary.
- Grammatical Range and Accuracy: Sentences are mostly simple with limited variety. There are some errors, but they do not impede communication.
- Development and Support: Ideas are present but lack elaboration and specific examples.
This essay would likely score in the Band 5-6 range. It communicates basic ideas related to the task but lacks the depth, language sophistication, and coherence required for higher band scores.
Key Vocabulary to Remember
- Financial literacy (noun) – /faɪˈnænʃəl ˈlɪtərəsi/ – The ability to understand and effectively use various financial skills
- Budgeting (noun) – /ˈbʌdʒɪtɪŋ/ – The process of creating a plan to spend your money
- Disposable income (noun) – /dɪˈspəʊzəbl ˈɪnkʌm/ – The amount of money that households have available for spending and saving after income taxes
- Instant gratification (noun) – /ˈɪnstənt ɡrætɪfɪˈkeɪʃn/ – The desire to experience pleasure or fulfillment without delay
- Impulsive spending (noun) – /ɪmˈpʌlsɪv ˈspendɪŋ/ – The act of buying things that you do not need or have not planned to buy
- Financial resilience (noun) – /faɪˈnænʃəl rɪˈzɪliəns/ – The ability to withstand life events that impact one’s income or assets
- Gamify (verb) – /ˈɡeɪmɪfaɪ/ – To apply typical elements of game playing to other areas of activity
- Payroll deduction (noun) – /ˈpeɪrəʊl dɪˈdʌkʃn/ – An amount of money that is subtracted from an employee’s paycheck
In conclusion, the topic of developing savings habits among young people is highly relevant in today’s IELTS Writing Task 2 exams. It touches on broader themes of financial literacy, personal responsibility, and economic stability. To prepare for similar questions, candidates should practice writing essays that analyze both the causes of financial challenges and propose practical solutions.
For further practice, consider writing essays on related topics such as:
- The role of parents in teaching financial responsibility to children
- The impact of consumer culture on personal savings
- How technology can be used to promote better financial habits
We encourage readers to practice writing their own essays on this topic and share them in the comments section. This active engagement can significantly improve your writing skills and prepare you for success in the IELTS Writing Task 2.
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