Essay 362 – Many people prefer to spend all the money they earn

GT Writing Task 2 / Essay Sample # 362

You should spend about 40 minutes on this task.

Write about the following topic:

Many people prefer to spend all the money they earn and not save anything.

What are the reasons for this?
Is this a positive or a negative development?

Give reasons for your answer and include any relevant examples from your own knowledge or experience.

Write at least 250 words.

Model Answer:

In today’s society, many people have a tendency to spend all the money they earn rather than saving it. This essay will explore the reasons behind this behaviour and argue that it is a negative development.

One reason why people prefer spending everything they earn is the desire for instant gratification. Many individuals feel that purchasing material possessions brings them joy and satisfaction. They often justify their purchases by saying that they work hard and deserve to treat themselves. In addition, advertising has created a culture of consumerism, where people feel that they need to constantly acquire new things to keep up with the latest trends and to fit in with their peers.

Another reason why people do not save money is the low interest rates offered by banks. People may feel that there is no point in saving if they are not earning a significant return on their investment. Moreover, people may feel that it is safer to spend their money now than to save it for an uncertain future, especially in times of economic instability.

However, this behaviour can be detrimental in the long run. People who do not save money may struggle with unexpected expenses or emergencies. Furthermore, excessive spending can lead to debt, which can have serious consequences on a person’s financial well-being. In contrast, saving money can provide individuals with financial security and the ability to achieve their long-term goals.

In conclusion, the desire for instant gratification, low-interest rates, and economic instability are some of the reasons why people prefer spending money rather than saving it. While this behaviour may bring short-term happiness, it can have negative consequences in the long run. Therefore, it is important for individuals to strike a balance between spending and saving to ensure financial stability and achieve their long-term goals.

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