The topic of ethical banking practices has gained significant attention in recent years, making it a potential subject for IELTS Writing Task 2 essays. Based on analysis of past exam trends and current global financial issues, it’s likely that questions related to this theme may appear in future tests. Let’s examine a relevant question that could potentially be featured in an upcoming IELTS exam:
Some people believe that banks should only consider profit when making business decisions. Others think that banks have a responsibility to society and should consider social and environmental impacts. Discuss both views and give your own opinion.
This question addresses the balance between profit-driven banking and socially responsible banking practices, a topic highly relevant in today’s economic landscape. Let’s analyze the question and provide sample essays for different band scores.
Question Analysis
This essay prompt requires candidates to:
- Discuss the view that banks should focus solely on profit
- Discuss the opposing view that banks have a broader social responsibility
- Present and justify their own opinion on the matter
A well-structured essay should include an introduction, at least two body paragraphs discussing both viewpoints, a paragraph expressing the writer’s opinion, and a conclusion.
Sample Essay 1 (Band 8-9)
In today’s rapidly evolving financial landscape, the role of banks in society has become a topic of heated debate. While some argue that banks should prioritize profit above all else, others contend that these institutions have a broader responsibility to consider the social and environmental impacts of their decisions. In my opinion, while profitability is crucial for banks’ survival and growth, they must also embrace ethical practices and contribute positively to society.
Those who believe banks should focus solely on profit argue that this approach ensures financial stability and economic growth. They contend that by maximizing returns for shareholders, banks can attract more investment, expand their services, and ultimately benefit the economy as a whole. Moreover, proponents of this view argue that it is not the responsibility of banks to address social or environmental issues, as these concerns fall under the purview of governments and non-profit organizations.
On the other hand, advocates for socially responsible banking practices argue that banks, as influential institutions, have a moral obligation to consider the broader impacts of their actions. They believe that by incorporating social and environmental factors into their decision-making processes, banks can contribute to sustainable development and mitigate potential harm to communities and ecosystems. This approach aligns with the growing global emphasis on corporate social responsibility and sustainable finance.
In my view, a balanced approach that considers both profitability and social responsibility is not only possible but essential in today’s interconnected world. Banks can adopt ethical practices without sacrificing financial performance, as evidenced by the success of many socially responsible financial institutions. By investing in sustainable projects, supporting local communities, and implementing transparent and fair lending practices, banks can build trust with customers and stakeholders, enhancing their long-term viability and reputation.
In conclusion, while the pursuit of profit is undoubtedly important for banks, it should not come at the expense of social and environmental considerations. As key players in the global economy, banks have the power and responsibility to drive positive change. By striking a balance between profitability and ethical practices, banks can contribute to a more sustainable and equitable financial system that benefits society as a whole.
Ethical banking practices balancing profit and social responsibility
Sample Essay 2 (Band 6-7)
The role of banks in society is a topic that many people have different opinions about. Some think banks should only care about making money, while others believe they should also think about how their actions affect society and the environment. I will discuss both views and give my own opinion on this matter.
People who say banks should focus only on profit have some good reasons. They think that if banks make more money, they can offer better services to customers and help the economy grow. Also, they believe that it’s not the job of banks to solve social or environmental problems, as this is what governments and charities should do.
However, there are also strong arguments for banks to be more socially responsible. Many people think that because banks are so powerful, they should use their influence to help society and protect the environment. For example, banks could give loans to eco-friendly businesses or support community projects. This could help create a better world for everyone.
In my opinion, I think banks should try to do both – make money and be responsible. I believe it’s possible for banks to be profitable while also caring about social and environmental issues. By doing this, banks can build a good reputation and gain the trust of their customers, which can actually help them be more successful in the long run.
To conclude, while making profit is important for banks, I think they should also consider the wider impacts of their actions on society and the environment. Banks have a big influence on the world, and they should use this power in a positive way to help create a better future for everyone.
Socially responsible banking and its impact on communities
Sample Essay 3 (Band 5-6)
Nowadays, people have different ideas about what banks should do. Some think banks should only try to make money, but others say banks should also care about society and the environment. I will talk about both ideas and tell what I think.
First, some people say banks should only focus on profit. They think this is good because it helps banks grow and offer better services to customers. If banks make more money, they can open more branches and hire more staff. This can help the economy too.
But other people think banks should care about more than just money. They say banks are big and powerful, so they should help society and protect nature. For example, banks could give money to good projects that help people or the environment. This could make the world a better place.
I think both ideas are important. Banks need to make money to stay open and keep working. But I also think they should try to help society when they can. Maybe banks can find ways to make money and do good things at the same time.
In conclusion, I believe banks should try to balance making money and helping society. This way, banks can be successful and also make people happy. It’s important for banks to think about how their actions affect everyone, not just themselves.
Ethical banking practices from a global perspective
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 essay
- 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 excellent coherence and cohesion
- Contains relevant, extended and well-supported ideas
Band 6-7 Essay:
- Addresses all parts of the task, although some parts may be more fully covered than others
- Presents a relevant position, although conclusions may become unclear or repetitive
- 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
- Arranges information and ideas coherently with clear overall progression
- Presents relevant main ideas but some may be inadequately developed/unclear
Band 5-6 Essay:
- Addresses the task only partially; format may be inappropriate in places
- Expresses a position but development is not always clear
- Uses limited range of vocabulary; attempts to use less common words but with some inaccuracy
- Uses a limited range of structures with some repetition
- Presents information with some organization but there may be lack of overall progression
- Presents some main ideas but these are limited and not sufficiently developed
Key Vocabulary to Remember
- Ethical practices (noun phrase) – /ˈeθɪkəl ˈpræktɪsɪz/ – Moral principles that guide behavior or conduct
- Corporate social responsibility (noun phrase) – /ˈkɔːrpərət ˈsəʊʃəl rɪˌspɒnsəˈbɪləti/ – A company’s commitment to manage its impact on society and the environment
- Sustainable finance (noun phrase) – /səˈsteɪnəbl faɪˈnæns/ – Financial services that integrate environmental, social and governance criteria
- Stakeholders (noun) – /ˈsteɪkhəʊldəz/ – Individuals or groups with an interest in an organization’s activities
- Transparency (noun) – /trænsˈpærənsi/ – Openness and accountability in business practices
- Socially responsible investing (noun phrase) – /ˈsəʊʃəli rɪˈspɒnsəbl ɪnˈvestɪŋ/ – An investment strategy considering both financial return and social/environmental good
- Environmental impact (noun phrase) – /ɪnˌvaɪrənˈmentl ˈɪmpækt/ – The effect of business activities on the natural environment
- Profit-driven (adjective) – /ˈprɒfɪt ˈdrɪvn/ – Motivated primarily by the desire to make money
- Long-term viability (noun phrase) – /lɒŋ tɜːm ˌvaɪəˈbɪləti/ – The ability to survive or continue to function over an extended period
- Sustainable development (noun phrase) – /səˈsteɪnəbl dɪˈveləpmənt/ – Economic development that meets present needs without compromising future generations
In conclusion, the topic of ethical banking practices is highly relevant in today’s global financial context and may well appear in future IELTS Writing Task 2 questions. By understanding different perspectives on this issue and practicing with sample essays, candidates can prepare effectively for such questions. Remember to balance your arguments, use appropriate vocabulary, and structure your essay clearly to achieve a high band score. As a practice exercise, try writing your own essay on this topic and share it in the comments section for feedback and discussion. This active approach to learning can significantly enhance your IELTS writing skills.
How can ethical banking practices be promoted in today’s financial landscape? This is a question worth exploring further as you continue to develop your understanding of this important topic.