Question

It is important for everyone, including young people, to save money for their future. To what extent do you agree or disagree with this statement.

Model Answer

Increases in the cost of living are making it difficult for people to buy a home or start a family. One proposed solution is that people ought to start saving at a younger age. Personally, I feel that the current affordability crisis is a societal problem and that young people should not be too concerned with financial management.

I do not believe that it is necessary for everyone to start saving as soon as they start earning money. The main reason for this is that people should have the freedom to experiment when they are young. People in their twenties are often unsure of the future they want for themselves. It is only by experimenting that people can discover their best path in life. This process naturally involves a certain amount of financial recklessness. If people are forced to settle down before they are ready, they might make decisions that they later regret.

From a societal standpoint, if expenditure on housing or childcare is forcing people into penury, then such basic needs should be made more affordable. Frugality is not a long-term solution to deeper-rooted problems in society. For me, a healthy society is one in which young people are free to enjoy themselves. As individuals get older and wish to settle down, they will naturally start to focus on saving money for the future.

In conclusion, while becoming financially secure is no doubt important, I feel that young people should only worry about it in due course. Your youth should be a time of extravagant spending rather than joyless penny-pinching.

(264 words)