Financial transparency in transactions has become an increasingly prominent topic in IELTS Writing Task 2, particularly over the past two years. Based on analysis of recent exam patterns, questions about financial accountability and transparency have appeared in approximately 15% of tests, making it a crucial area for IELTS candidates to prepare for.
The importance of financial transparency in modern economic transactions
Let’s examine one of the most representative questions that has appeared in recent IELTS exams:
Some people believe that all financial transactions should be completely transparent and traceable. Others think that people have the right to financial privacy. Discuss both views and give your opinion.
Analysis of the Question
This question requires candidates to:
- Discuss arguments for complete financial transparency
- Present viewpoints supporting financial privacy
- Provide a balanced perspective with a clear personal stance
- Consider implications for both individuals and society
Sample Essays for Different Band Scores
Band 8 Essay Sample
In today’s digital age, the debate between complete financial transparency and the right to financial privacy has become increasingly significant. While both perspectives have merit, I believe a balanced approach that maintains basic transparency while protecting individual privacy is most beneficial.
Those advocating for complete transparency argue that it serves several crucial purposes. Firstly, it helps prevent financial crimes such as money laundering and tax evasion, which can severely impact economic stability. Furthermore, transparency promotes accountability in both public and private sectors, reducing corruption and ensuring proper resource allocation. As demonstrated in how blockchain prevents financial fraud, modern technology can effectively support these transparency measures.
However, proponents of financial privacy raise valid concerns. They contend that personal financial information should remain confidential as it directly relates to individual freedom and security. The importance of consumer protection in financial services highlights how privacy rights protect individuals from potential exploitation and criminal targeting. Moreover, businesses require some degree of financial privacy to maintain competitive advantages and protect trade secrets.
In my view, the optimal solution lies in implementing a tiered system of transparency. Essential financial information should be available to relevant authorities, while maintaining individual privacy for personal transactions. This approach, similar to current role of government in financial regulation, would balance public interest with personal rights.
Band 6.5 Essay Sample
Financial transparency is a big topic in modern society. Some people think all money matters should be clear to everyone, but others want to keep their financial information private. This essay will discuss both sides and give my opinion.
People who support transparency have good reasons. When everything is visible, it’s harder for people to do illegal things like avoiding taxes or stealing money. Also, it helps the government catch criminals who use money illegally. Companies also become more honest when they know people can see what they do with money.
On the other hand, privacy is important too. Many people don’t want others to know about their money because it’s personal. Rich people might worry about safety if everyone knows how much money they have. Also, some businesses need to keep their financial plans secret from competitors.
I think we need both transparency and privacy. The government should be able to check financial records when necessary, but normal people should have privacy for their personal spending. This way, we can stop crime but also protect people’s private information.
Score Analysis
Band 8 Essay
- Task Response (8): Thoroughly addresses all parts with well-developed arguments
- Coherence and Cohesion (8): Logical organization with clear progression
- Lexical Resource (8): Sophisticated vocabulary use with natural examples
- Grammar (8): Complex structures used accurately
Band 6.5 Essay
- Task Response (6): Addresses main points but lacks depth
- Coherence and Cohesion (7): Basic organization with some linking
- Lexical Resource (6): Simple vocabulary with some repetition
- Grammar (7): Mix of simple and complex structures
Key Vocabulary
- transparency (n) /trænsˈpærənsi/ – openness and clarity in activities
- traceable (adj) /ˈtreɪsəbl/ – able to be found or followed
- accountability (n) /əˌkaʊntəˈbɪləti/ – responsibility to explain actions
- compliance (n) /kəmˈplaɪəns/ – following rules and regulations
- discretionary (adj) /dɪˈskreʃənəri/ – left to one’s own judgment
Consider practicing with these additional topics:
- Digital payment transparency requirements
- International financial reporting standards
- Banking sector transparency reforms
Share your practice essays in the comments section for feedback and improvement suggestions.
