Money - IELTS Speaking Sample Answer

IELTS Speaking Part 1 gives a general topic on which you are expected to speak eloquently and cover the topic from various angles. In this IELTS speaking topic, the examiner asks questions related to Money. There is no right or wrong answer. All you need to do is speak on the topic in a holistic way. Candidates need to practice daily from IELTS speaking practice papers to prepare well. For a better IELTS speaking preparation, focus on communicating with friends/family.

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Topic - Money

Question 1. How much money is enough?

Answer: For most humans, no amount of money is enough because the more a person earns, the more he desires, and before he knows he’s in the vicious cycle of earning and spending more. Money cannot be measured quantitatively as to whether it is enough or not, it is completely a subjective measure that varies from person to person. For some people, greed overtakes them and they keep wanting an endless amount of money and nothing can satisfy them. Some people are happy with little or no money, as they don’t attach materialistic pleasure to their happiness. Some people have certain set financial goals and once they’re able to achieve that, they slow down. So there cannot be an objective answer to this.

Important Vocabulary:

• Quantitatively: something which can be measured in figures
• Vicious: toxic unending cycle
• Subjective: which varies from person to person, nothing definitive
• Materialistic: someone overly occupied in accumulating more material possessions.

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Question 2. Why do people care so much about money?

Answer: Money is needed for survival. We need money for the most basic of things like food, water, and clothing. Hence, even if we do not want to care about money, we are compelled to do so for our needs in order to stay alive. An Individual’s status is decided on the amount of money he/she possesses and that indicates the influence and power that individual has on others. Therefore, people care about money because it can give them a better life with excellent amenities and good status in society. We, humans, value these things and always strive to do better in terms of earning more money. The more money an individual earns, the more authority and experience he/she has, in most cases.

Important Vocabulary:

• Strive: to work hard towards it
• Amenities: things with utility

Question 3. Is money important to you?

Answer: Money is definitely important to me as I’ve certain career and financial goals which I feel if achieved can help me lead a better life with respect and prosperity. I do not aspire for an insane amount of wealth but it is essential for me to be financially independent and make my own choices. And for this, money is required and cannot overlook the material aspect of it. Money does enable me to buy the things I’ve always wanted for myself and for my family. Money gives me the ability to take care of my health and take necessary medicines to beat illnesses. It also helps me to pay off family debts and live a secure life without impending debts and burrowing. I do not attach all my happiness towards money, nor do I slog constantly to earn more money, but I like to earn what I deserve according to my abilities.

Important Vocabulary:

• Prosperity: to live a life without worrying about money
• Insane: something that is unthinkable; absurd
• Essential: something which is of importance
• Impending: about to happen in the future
• Slog: to really work hard constantly over a period of time

Question 4. Do you save money? Why do you save money?

Answer: I think everyone should save money because we can never predict a crisis. Saving money is a good habit that can have timely benefits if you’re patient enough. I save money regularly and try to not be a spendthrift. Initially, it was difficult for me to save money as I constantly wanted to buy expensive things because I was earning for the first time and had many desires. But with time, I minimized them to the necessary few. Saving money is important, it can start with a small amount and he can progressively increase the amount over years, but cultivating the habit is very essential. I save money for many purposes. Of course, I keep aside some amount of money for the unpredictable future, in case there’s a crisis situation. Otherwise, I save money so that I can fund my higher education and invest in real estate. I always wanted to own a house but didn’t want to take an entire loan for it, so I’m saving up for that too.

Important Vocabulary:

• Spendthrift: someone who spends a lot of money.
• Unpredictable: something which one cannot see coming
• Cultivate: try to grow or develop something (like a habit)
• Real estate: property like houses, office, commercial building

Question 5. What are the various ways in which money can be saved?

Answer: The most simple way to save money is to put your savings in a Bank where it gets accumulated over the years, also there’s a certain interest that gets accumulated if one keeps the money in a savings bank account. There are other ways in which I save money. After understanding how the markets work, I invest in various shares and ripe benefits from it. With proper research and good judgment, one can earn good money by investing wisely. I also put my money in fixed deposit schemes which mature only after a few years, thereby keeping the money intact and untouched for future use.

Important Vocabulary:

• Accumulated: to get something together over a period of time
• Ripe: to develop to a stage when one can use it for the specific purpose
• Fixed deposit: low-risk financial scheme where one can grow his/her savings at a fixed rate of interest over a few years.

Question 6. What do people in your country save money for?

Answer: People in my country save money for many purposes. The young population saves money to go on trips and luxury vacations or fund their own education. The adult population saves money to buy houses or to get health insurance or give their kids a good education and fulfill all their wishes. Mostly there isn’t any fixed purpose as to why people in my country save money, but these are the predominant reasons why I’ve observed the 2 groups saving money.

Important Vocabulary:

• Luxury: something which is elegant and sophisticated but is also costly
• Health insurance: it is a way in which an individual’s medical expenses are covered in case of some illness.
• Predominant: mainly; something which seems to be prevalent