Money, no matter what, is the most important commodity we have in our lives. We are sure that money cannot buy happiness but without it, most people do end up having depression. This time we are looking at questions asked in the IELTS speaking section related to the importance of money, its impact on young people and society. Before we begin, let us have a look at some of the vocabulary words related to money, young people and society.
- barter – to trade without using the money
- counterfeit – fake money made in order to deceive
- denomination – the face value of a banknote, coin, or postage stamp.
- foreign exchange – it is used to describe the currency of other countries and the system for dealing in such currencies
- mortgage – a legal agreement by which a bank, building a society, etc. lends money at interest in exchange for taking the title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.
- standing order – an instruction to a bank to make regular payments
- adolescence – a period of time when a person is developing into an adult
- generation gap – a term used to describe a big difference between the younger generations and the adults
- juvenile – a person who is young enough not to be considered old. ( In India, below 18)
- ancestors – the older generation of your family
- rebel – someone who goes against an authority
- prejudice – having a negative view of someone because of their age, gender, race or religion
- extremist – a person whose strong views are not held by the society
Why do some parents give money to their children some fortune to spend each week?
There could be several reasons for it. Possibly, the child is living away from the parents, like in a hostel, it becomes important therefore for the child to have some fortune in hand. There are even parents who want their children to be financially intelligent. Like, a friend of mine got 400 each week and it was his responsibility to make sure his expenses are met. Initially, he fumbled and we thought his parents made a mistake. Looking back at it, I believe, my friend is now more financially active because he knows how to take care of money, which in turn has helped him in real life.
Do you agree that schools should teach children how to manage money?
Teaching children how to manage money could be beneficial, but I believe this must be done only in the later years of school. Probably in the Intermediate years of the school. Money is an important aspect of our lives but education is far more. It could be possible that a child gets engrossed so much in the money aspects that he or she forgets about having fun in life. But, teaching it in the intermediate years, will make children a bit more responsible.
Do you think it is a good idea for children to earn money while studying?
Part time jobs have become the rage of this millennia and most students do take up jobs when studying. I believe doing jobs simultaneously with studying helps in higher education. Not only do they provide a real time experience to students, they make them understand which profession would be correct for them. But, then, one must not do a job at the cost of education. So, skipping school for the job might not be the best thing. One can always do work during holidays and have the best of both worlds.
Do you think in today’s society money cannot buy happiness?
Money always has the power to make you feel happy although it can never get the satisfaction one can get with their loved ones. But, to an extent, money does make it possible for people to extend their happiness. For example, two friends can have more fun on a trek than sitting at home and for a trek to happen, money is important. So, I think ,money does not brings happiness but surely can act as a catalyst.
What disadvantages do you think a society where the gap between rich and poor is large has?
A society with a huge gap between rich and poor often ends up being a depressed and a falling society. Society is like a train with wheels and if the last wheel is broken or is not functioning properly, the entire vehicle will slow down. One of the biggest short backs is the higher crime rates. The more the number of poor people, researchers say, more are the crimes. It also decreases the health levels. A society where most people cannot have good health care will lead to a society with mostly ill people. All of this will lead to a depreciated.