Some People Think It Is Better For A Country’s Economy For People To Spend Money While Others Believe It Would Be Better For People To Save Money | Band 7.5 IELTS Essay Sample
Some people think that it is better for a country’s economy for people to spend money while others believe that it would be better for people to save money Discuss both sides and give your opinion.
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Band 7.5 IELTS essay sample
The economy of a country is dependent on the spending habits of its citizens. While some people believe that spending money is conducive for the growth of national economy, others argue that saving money will create a robust economy for the native people. In the following paragraphs, both arguments will be analysed before reaching a conclusion. However, I firmly believe that investment is the way forward to secure the future of individuals and the nation.
There are many reasons to believe that increased spending will accelerate the growth of the economy. When people spend more the demand for goods and services will increase. In order to cater to this demand, manufacturers and service providers will have to hire more people. When more people are employed, more and more families will be able to enjoy better standard of living. Thus, increased spending by people who can afford to do it will lead to more equitable distribution of wealth in the country.
On the other hand, some believe that saving money will protect the future of an individual and the coming generations. They think that investment would generate more money which would reinforce the economy in a longer run. For example, savings in a bank would be reinvested in some business, which will eventually create a sustainable economy. People supporting this theory believe in mindful spending based on the need of the product. They are opposed to the idea of frivolous spending.
In my opinion, I would like to reinstate my belief that saving and investing gradually create a strong and tensile economy in due course of time. People should try to find a balance between frugal and unchecked expenses.
In conclusion, both ideologies have their own advantages in the longer run. It is difficult to prove that one is better than the other for creating a healthy economy.