The Psychology of Wealth IELTS Reading Answers

Jan 2, 2023

The Psychology of Wealth IELTS Reading Answers has been referenced from the book Cambridge 10 Test 1. The Psychology of Wealth IELTS Reading Answers comprises a total of 14 questions. These 14 questions in this IELTS reading topic are to be solved within a time frame of 20 minutes. The Psychology of Wealth IELTS Reading Answers is an IELTS Reading topic that comprises question types such as; no more than two words, no more than three words and yes/no/not given. Relevant topics like this one can be found in several IELTS Reading practice papers that are available throughout the internet.

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Section 1

Read the passage to answer the following questions

The Psychology of Wealth IELTS Reading Answers

What stops people from succeeding financially and having on-going prosperity in their life? The answer is generally focused around the belief that financial success is not a possibility. There are many people who have unconscious barriers that prevent them from having the wealth and abundance that they deserve.

At a conscious level, most people think they are doing everything possible to achieve their goals. However, there still might be some unwitting part of them that does not believe they can obtain success. The more that unconscious part is avoided, the more a person will be blocked in their everyday life. Another problem is that, instead of focusing on all the possible ways to get rich, many people have an obsession about what they do not have. An interesting pattern develops in which they can become angry or resentful over their situation and this, in turn, can limit these people in their lives more and more. Individuals would find it so much easier to get ahead in life with a peaceful state of mind, rather than an angry or resentful one.

A first step in understanding the unconscious patterning of a person’s financial situation is to explore the deeper nature of how they represent money. For example, a person with money issues may have had parents who lived in poverty, and they subsequently formed a ‘Depression Era’ mentality. An unconscious belief can develop that he or she will always have to struggle financially, because that is what their parents did. Alternatively, the person might have had a parent tell them over and over again that they will never be successful, and eventually they begin to believe it.

It is very common for children to unconsciously form limiting beliefs around money at an early age. In the field of Neuro Linguistic Programming (NLP), these types of limiting beliefs are referred to as ‘imprints.’ An imprint is basically a memory that is formed at an early age, and can serve as a root for both the limiting and empowering beliefs that people form as children. Some of the beliefs that people may develop at early ages are not always healthy, and are created as a result of a traumatic or confusing experience that they have forgotten. How we unconsciously and consciously view the world in terms of money is often based on such beliefs.

A primary and fundamental psychological difference between those who do well financially and those who do not revolves around beliefs. For example, many people do not even view financial success as an option. They do not have the capability to open themselves up to all of the possibilities that are available for achieving prosperity and they will nearly always get stuck in a monthly routine, so that they are unwilling to take risks or try something different, because they are afraid that they will end up being even worse off than before.

Another issue can be that people become over-absorbed with the idea of making money and this can be extremely unhealthy. Money does not determine who you are; it’s simply a resource. There is a term called ‘affluenza,’ which has been defined as “a painful, contagious, socially transmitted condition of overload, debt, anxiety and waste resulting from the dogged pursuit of more.” Affluenza is an unsustainable and seriously unhealthy addiction to personal and societal economic growth. It is most acute in those who inherit wealth and seem to have no purpose or direction. For those with wealth or for those who desire it more than anything, abandoning the urge for more can often be the key to being more successful, and certainly happier. Once people stop equating their self-worth with money, then the doors of possibility can swing open for them, because they are willing to try more things. Once they start feeling better about themselves, they become less fearful and can be open to trying something completely different.

So, can money make people happy? Research shows that it does up to a point, after which there are diminishing returns, so that the extremely wealthy are no happier than the comfortably well off. Rich nations are generally happier than poor ones, but the relationship is far from consistent; other factors like political stss connection seems to be stronger for people paid hourly than those on a salary. This is prability, freedom and security also play a part. Research likewise shows that the money-happiness manly because salaried people can more easily compensate with career satisfaction. Money can also impair the ability to enjoy the simple things in life, which rather offsets the happiness that wealth brings.

Money can also impair people’s satisfaction in their play and humanitarian works. When someone has done something out of the goodness of their heart, they can be insulted by offers of payment. Cognitive dissonance experiments show that paying people derisory amounts of money for their work results in them enjoying it less and doing it less well than if they had no pay at all. The capacity for monetary reward to undermine a person’s intrinsic pleasure in work performance has been demonstrated neurologically.

In conclusion, people need to realise that their own attitudes to wealth can affect their chances of acquiring both money and happiness. As a person begins to embrace self worth and opens himself or herself up to the idea of what is possible, he or she will attract wealth and prosperity into their life. The outer world is truly a reflection of people’s inner worlds. If someone feels good inside, generally it will show on the outside and they will draw positive experiences into their life.

Section 2

Solution and Explanation
Questions 27-29:
Complete the notes below.
Write NO MORE THAN TWO WORDS for each answer.
Write your answers in boxes 27-29 on your answer sheet.

Some people unwittingly reject the prospect of becoming rich; these 27.................... stop them from financial success.
Most people believe they do the best they can, but sometimes they don’t really believe in their potential.
If people do not face up to this lack of self-belief, they’ll encounter more and more obstacles.
People can also have an 28.................... about their lack of possessions.
Anger is a result, which hinders their progress as well.
People whose parents were poor may feel they will also be poor.
A 29.................... who is always negative about a child’s prospects may also be eventually believed.

Question 27:

Answer: (unconscious) barriers
Supporting Sentence: There are many people who have unconscious barriers that prevent them from having the wealth and abundance that they deserve.
Keyword: unconscious, barriers, prevent, wealth, abundance
Keyword Location: Paragraph 1, lines 2-4
Explanation: Unconscious obstacles exist in many people's lives, keeping them from enjoying the prosperity and abundance they are entitled to. This statement is being conveyed in the reading passage above.

Question 28:

Answer: obsession
Supporting Sentence: Another problem is that, instead of focusing on all the possible ways to get rich, many people have an obsession about what they do not have.
Keyword: focusing, rich, obsession
Keyword Location: Paragraph 2, lines 4-5
Explanation: It is being conveyed in the reading passage that many individuals fixate over what they lack. Rather the necessity is to consider all the ways they may become wealthy is another issue.

Question 29:

Answer: parent
Supporting Sentence: An unconscious belief can develop that he or she will always have to struggle financially, because that is what their parents did. Alternatively, the person might have had a parent tell them over and over again that they will never be successful, and eventually they begin to believe it.
Keyword: unconscious, belief
Keyword Location: Paragraph 3, lines 4-7
Explanation: It is possible for someone to unconsciously come to believe that they would always have to suffer financially since that is what their parents experienced. Thus, the answer to this question will be parent.

Questions 30-34:
Do the following statements agree with the views of the writer of the text?
In boxes 30-34 on your answer sheet write:

YES if the statement agrees with the writer’s views
NO if the statement doesn’t agree with the writer’s views
NOT GIVEN if it is impossible to say what the writer thinks about this

A person can develop unhelpful imprints about money when a child.

Answer: YES
Supporting Sentence: It is very common for children to unconsciously form limiting beliefs around money at an early age. In the field of Neuro Linguistic Programming (NLP), these types of limiting beliefs are referred to as ‘imprints.’
Keyword: unconsciously, Neuro Linguistic Programming (NLP), imprints
Keyword Location: Paragraph 4, lines 1-3
Explanation: It can be concluded from the reading passage that the statement mentioned above is justified. Children frequently develop limiting views about money at a young age through unconscious processes. These forms of limiting ideas are referred to as "imprints" in the field of neuro linguistic programming (NLP).

Although important, belief is not a key part of whether someone can become financially successful.

Answer: NO
Supporting Sentence: A primary and fundamental psychological difference between those who do well financially and those who do not revolves around beliefs.
Keyword: primary, fundamental, psychological, financially
Keyword Location: Paragraph 5, lines 1-2
Explanation: As mentioned in the passage beliefs have a central and basic psychological role in separating individuals who have success financially from those who do not.

Those people stuck in a monthly routine are the most likely to try something different.

Answer: NO
Supporting Sentence: …….. get stuck in a monthly routine, so that they are unwilling to take risks or try something different, because they are afraid that they will end up being even worse off than before.
Keyword: monthly, routine, unwilling, risks, worse
Keyword Location: Paragraph 5, lines 3-6
Explanation: The passage quotes that they will almost always become accustomed to a monthly pattern. Further, this will result in them becoming fearful of taking chances or trying something new for fear of faring even worse than before.

The problem of ‘affluenza’ has been in the media a lot recently.

Answer: NOT GIVEN
Explanation: No relevant information was given in the reading passage associated with the question mentioned above.

‘Affluenza’ is more common in people who have not had to work for their money

Answer: YES
Supporting Sentence: Affluenza is an unsustainable and seriously unhealthy addiction to personal and societal economic growth.
Keyword: Affluenza, unsustainable, unhealthy, addiction
Keyword Location: Paragraph 6, lines 5-6
Explanation: It has been mentioned in the reading passage that addiction to individual and social economic prosperity is a dangerous and unsustainable condition. This is further termed as known as affluenza.

Questions 35-40:
Complete the summary below.
Write NO MORE THAN THREE WORDS from the text for each answer.
Write your answers in boxes 35-40 on your answer sheet.

Money and Happiness

(35) .................... mean people are not happier with wealth beyond a certain amount. Rich countries are happier than poor ones, but this is simplistic, due to other relevant (36) .................... . Salaried workers have been shown to be happier than wage-paid workers, maybe due to (37) .................... . Rich people also sometimes do not enjoy life’s (38) .................... .

Money can also relate to how people approach doing things and (39) .................... have proved this. The complex relationship between a (40) .................... and enjoyment of work has also been proved.

Changing their attitudes to wealth can make some people happier and allow them to acquire money more easily.

Question 35:

Answer: diminishing returns
Supporting Sentence: Research shows that it does up to a point, after which there are diminishing returns, so that the extremely wealthy are no happier than the comfortably well off.
Keyword: diminishing, returns, wealthy, comfortably
Keyword Location: Paragraph 7, lines 1-3
Explanation: The passage quotes about a research that suggests diminishing benefits are making it such that those who are extraordinarily affluent are no happier. These are in comparison to those who are comfortably situated.

Question 36:

Answer: factors
Supporting Sentence: Rich nations are generally happier than poor ones, but the relationship is far from consistent; other factors like political stss connection seems to be stronger for people paid hourly than those on a salary.
Keyword: Rich nations, relationship, political
Keyword Location: Paragraph 7, lines 3-5
Explanation: The association between wealth and happiness is far from constant. Other factors, such as political ties, appear to be greater for individuals earning an hourly wage than for those earning a salary. Rich countries are typically happier than poor ones.

Question 37:

Answer: career satisfaction
Supporting Sentence: Research likewise shows that the money-happiness manly because salaried people can more easily compensate with career satisfaction.
Keyword: Paragraph 7, lines 5-7
Keyword Location: Research, money-happiness, salaried people, career satisfaction
Explanation: Additionally, research demonstrates that the relationship between wealth and happiness is particularly strong for those who earn a living. Since it is simpler for them to make up lost wages through a fulfilling profession.

Question 38:

Answer: simple things
Supporting Sentence: Money can also impair the ability to enjoy the simple things in life, which rather offsets the happiness that wealth brings.
Keyword: Money, impair, ability, wealth
Keyword Location: Paragraph 7, lines 7-8
Explanation: The satisfaction that prosperity gives might be somewhat mitigated by the fact that money can make it harder to enjoy the basic things in life.

Question 39:

Answer: (Cognitive) (dissonance) experiments
Supporting Sentence: Cognitive dissonance experiments show that paying people derisory amounts of money for their work results in them enjoying it less and doing it less well than if they had no pay at all.
Keyword: Cognitive, dissonance, experiments, derisory
Keyword Location: Paragraph 8, lines 3-5
Explanation: Reading passage quotes cognitive dissonance research that when people are paid pitiful sums of money for their labour, they perform it less competently. Further, with less enjoyment than if they were receiving no compensation at all.

Question 40:

Answer: (monetary) reward
Supporting Sentence: The capacity for monetary reward to undermine a person’s intrinsic pleasure in work performance has been demonstrated neurologically.
Keyword: capacity, monetary, reward, undermine, intrinsic
Keyword Location: Paragraph 8, lines 5-6
Explanation: The ability of financial compensation to diminish one's inherent motivation to do well at work has been neurologically shown.

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