IELTS Part 3 discussion questions about saving money

Do you think it's easy for (young) people to save money?

A lot depends on their circumstances; I mean if they aren’t working and only
receive money from their parents then it could be quite difficult for them to save money. On
the other hand, if a young person has a part-time job, they might find it quite easy to save some
money each week or each month. 

It also depends on their outlook, whether they plan for the future or see everything in the short
term. There are a lot of things young people can spend their money on, but saving money is
also important to help purchase larger items or do things in the future. Parents can also have a
great influence over if their children develop a habit of saving money regularly or not. Once a
person has the habit, it’s quite easy to do, even if it’s only saving a little money regularly rather
than spending it all.

Do young people nowadays believe in saving money?

In general, there is a lot of pressure for people, not just young people, to spend all they have or
earn and then some more. That’s why credit cards are so popular and easy payment terms in
stores. 

Many companies want you to buy their products now, not six months in the future when you
have saved up enough money. Some young people have seen the problems which people
experienced because of the financial recession in recent years, when many people had
borrowed more than they really should have and then found themselves in an impossible
situation trying to pay back too much debt. I think many young people now are a lot wiser
about how easy it is to take on too much credit and not save any money for emergencies or
unforeseen circumstances. 

I think most people believe that saving money is a good idea, but actually developing the
discipline to do it over a long period of time is what most people find difficult to do.

In your opinion, why do many people derive pleasure from spending money?

It makes us feel good when we can buy things, or maybe spend money on our friends. When we
buy something new, clothes or gadgets or whatever, we usually feel happy with what we’ve
bought for a short time. It’s a bit like eating your favorite food or something like that. You feel
good for a while, but then later you want to buy something else because that happy feeling has
disappeared. 
What do young people in your country save money for?

Some of them save for going to college, buying a car or maybe going traveling when they
graduate from school. My sister has started saving to buy an apartment, she’s been doing it for
5 years now and hopefully next year she’ll have enough to think about buying one. 

I’m saving for two things; for when I go to college and also for a vacation when I graduate. I
plan to travel with some of my friends for six months so we’re all saving as much as we can at
the moment.

Who do you think places more importance on saving money, men or women?

I’m not sure. I have friends who save money and friends who just spend all their money. I don’t
think there are more men than women who save… or the other way round. 

Maybe women are more impulsive when it comes to shopping and spending money. But, for
example, my girlfriends and I often spend money on clothes but my brother always seems to be
buying gadgets and computer stuff. He might save money for a few months and then spend it
all, but I save some of money every month and never spend it… so we have different habits. 

It’s difficult to say if men or women think saving money is more important.

Why do some people find it hard to save?

Well, first, you need to have some extra money. It’s almost impossible to save anything if you
need to spend everything you have just to cover the cost of living. So to be able to save, you
need to have a little extra, more than you need for the necessities of life. 

Then you have to be disciplined and get into the habit of putting some money away each week
or month, either in a savings account in the bank or even just keeping it safe at home. The
other difficulty is that we are constantly tempted to spend money on things we see in the
stores or on television… so learning to control your buying impulses is important too. 

Some people just can’t resist buying everything they see and want and so end up with no
savings. But if you get into the habit of regular saving, then it becomes a habit for life…
something my grandmother taught me.

Which do you think is better for the economy of a country or area, people saving money or
people spending money?
I suppose it’s a good thing for the local economy if people are spending their money. It means
that they are buying things and that in turn means that people in stores and service companies
have work. The whole manufacturing and supply chain depends on consumers consuming. 

When people save their money, and don’t spend it, then only the banks win really. In an ideal
economy, people would have enough money to spend on buying products and services and also
save money. That would be the best scenario. It’s important for people to do both activitie s.