The topic of long-term savings and financial planning for families is increasingly common in IELTS Writing Task 2, particularly in questions about social issues and economic stability. Based on analysis of past IELTS exams, this theme appears in approximately 15% of tests, often integrated with topics like education, retirement, or economic security. Let’s examine a recent task that exemplifies this trend and explore sample responses at different band levels.
Task Analysis
Some people believe that families should save a significant portion of their income for future needs, while others think it is better to spend money when it is earned. Discuss both views and give your opinion.
This question requires candidates to:
- Discuss two contrasting views on family financial management
- Present arguments for both saving and immediate spending
- Provide a clear personal opinion with supporting evidence
importance of budgeting for single-income households can provide valuable context for understanding this topic’s relevance in today’s economic climate.
Sample Essay 1 (Band 8.5)
The management of family finances, particularly regarding savings versus spending, is a crucial decision that impacts both present comfort and future security. While both approaches have their merits, I firmly believe that maintaining substantial savings is essential for family welfare.
Those who advocate immediate spending argue that money loses value over time due to inflation and that families should enjoy their earnings while they can. They contend that investing in current experiences, such as travel or education, can provide immediate benefits and lasting memories. Furthermore, spending money locally helps stimulate the economy and can create job opportunities within communities.
However, proponents of saving emphasize the importance of financial security and emergency preparedness. Unexpected situations such as medical emergencies, job loss, or economic downturns can severely impact families without adequate savings. Moreover, importance of saving for children’s education demonstrates how proper financial planning can secure better opportunities for future generations.
In my opinion, while maintaining a balanced approach is important, prioritizing savings is crucial for long-term family welfare. First, substantial savings provide a safety net during emergencies, reducing stress and preventing debt accumulation. Second, regular saving habits enable families to achieve major life goals, such as homeownership or comfortable retirement. Finally, teaching children about financial responsibility through example helps develop their money management skills.
In conclusion, while immediate spending can provide short-term benefits, the advantages of maintaining significant savings far outweigh temporary pleasures. Families should strive to find a balance that ensures both present comfort and future security, with an emphasis on building strong financial reserves.
Family practicing long-term financial planning through savings
Sample Essay 2 (Band 6.5)
Nowadays, many people have different opinions about saving money for the future. Some think families should save lots of money, but others believe in spending it right away. I will discuss both sides and give my thoughts.
People who support saving money have good reasons. First, savings help in emergencies like health problems or losing a job. Second, families need money for children’s education and retirement. Many Asian families save money because they worry about the future.
On the other hand, some people prefer spending money immediately. They think life is short and want to enjoy it now. For example, they spend on holidays, nice clothes, or eating in restaurants. They also say inflation makes saved money worth less later.
In my opinion, saving money is more important. When families save money, they feel more secure. Also, they can plan better for big expenses like buying a house or sending children to university. However, families should also spend some money on current needs to have a good life.
To conclude, while both saving and spending have benefits, I believe saving more money is better for families. It helps them prepare for problems and achieve their goals in the future.
Key Vocabulary
- financial security (n) /faɪˈnænʃəl sɪˈkjʊərəti/ – state of having stable income and savings
- emergency preparedness (n) /ɪˈmɜːdʒənsi prɪˈpeədnəs/ – readiness for unexpected situations
- substantial (adj) /səbˈstænʃəl/ – considerable in amount or value
- prioritizing (v) /praɪˈɒrətaɪzɪŋ/ – determining the order of importance
- accumulation (n) /əˌkjuːmjʊˈleɪʃən/ – gradual gathering or increase
- welfare (n) /ˈwelfeə/ – health, happiness, and prosperity
- inflation (n) /ɪnˈfleɪʃən/ – general increase in prices over time
- stimulate (v) /ˈstɪmjʊleɪt/ – encourage or trigger activity
Tips for Practice
Try writing your own essay addressing similar topics:
- The role of government in promoting family savings
- The impact of technology on family financial planning
- Balancing saving and investment in modern economies
Share your practice essays in the comments section for feedback and discussion with other learners.
