Speaking Test Part 3:

1. Is it important to save some money every month?

In my opinion it’s really important to stick to a budget and to save money each month, even if you have a steady income. That way, if you lose your job or you have an unexpected expense like medical treatment, you won’t need to borrow money at a very high interest rate. Often people have serious financial problems because they don’t have savings so they borrow money, and then they can’t pay it back, so they borrow more. It can become a serious problem.

2. Should children be taught about how to handle money at school?

Absolutely, dealing with money is such an important part of life. Learning about things like interest rates, mortgages, and personal pensions could be really useful. These lessons could also help people learn how to stick to a budget when money is tight, so they don’t end up in debt. A lot of people need help with this, and perhaps school is the best place for it.

3. Why are some people good at saving money while others are not?

It’s a really good question and I’m not sure I know the answer. Perhaps it’s because some people have a role model who teaches them about how to save money. For example, if a child grows up with parents who are frugal and save money each month, then this could have a strong influence on them. On the other hand, if you grow up in a family where you live from hand to mouth, and your parents struggle to pay for your basic needs, this could also teach you the importance of savings. It’s hard to say.

4. How much money is enough money?

For me, it’s not necessary to be extremely wealthy, but I don’t want to live from hand to mouth either. I think it’s enough to have a nice home and car, to be able to go on a foreign holiday every year, and to have enough money to spend on hobbies and leisure activities as well as personal development and education. I’m quite happy to go without some luxuries and I don’t mind sticking to a budget but I don’t want to be constantly in debt or worrying about how I’m going to pay my rent or mortgage.

5. What problems can lack of money lead to?

Not having enough money can cause many problems for people. For example, if you can’t pay your rent or mortgage, then you might end up homeless. A lot of people find themselves seriously in debt because their household income doesn’t cover their expenses. Then they have to pay huge amounts of interest, so they’re trapped in this vicious cycle. Financial problems like this can create a lot of stress, and I think they are the cause of relationship problems as a result. Probably, a lot of couples break up because of the difficulties caused by money problems.

6. Are any professions paid too much?

That’s a good question. On the one hand, some professions earn insane amounts of money. Take for example the football players in the Premier League  - they have absolutely enormous salaries and they’re constantly blowing money on mansions and supercars.  It does seem a little crazy to pay them so much. Meanwhile, money is often tight for people in professions that are really needed by society, such as nurses and teachers. Maybe there is something wrong there.