IELTS vocabulary for economy and money

imported

brought in from another country to be sold

Many shoppers now face a choice between goods made in their own country and cheaper imported alternatives.

domestic producers

companies that make goods within a country

There are certainly benefits to supporting domestic producers.

workshops

small places where things are made or repaired

When people buy food from local farms or furniture from local workshops, they help to keep jobs in their own communities, and the wages earned are then spent in local shops.

unrealistic

not sensible or likely to be achieved

However, insisting on local products in every case would be unrealistic and sometimes harmful.

exports

goods sold to other countries

Workers in developing countries depend on exports to earn a living, and if wealthier countries stopped buying their goods, poverty in those places would increase.

absolute obligation

a duty that must be followed in every case

Nevertheless, it should not be an absolute obligation, because cost, choice and the needs of other countries also matter.

insisting

demanding that something must happen

However, insisting on local products in every case would be unrealistic and sometimes harmful.

excessive

more than is necessary or reasonable

Several factors encourage excessive buying.

targeted advertisements

adverts shown to people based on their interests or behaviour

Online platforms track what people look at and show them targeted advertisements, while special offers such as "buy one, get one free" persuade shoppers to take more than they intended.

mass production

making large numbers of goods in factories

Secondly, mass production has made many goods cheap, so people can replace items easily rather than repair them.

possessions

things that a person owns

Finally, possessions are often seen as a sign of success.

status

a person's position or importance in society

In conclusion, people overbuy because of persuasive marketing, cheap goods and the link between possessions and status.

on balance

after considering all the facts

This essay will consider why people buy more than they need and argue that the trend is, on balance, harmful to society.

wellbeing

the state of being healthy and happy

Although consumer spending supports the economy, I consider this trend mainly negative, as it harms people's finances, the environment and their wellbeing.

contemporary commerce

the way business and trade function in modern times

The transition from physical currency to credit cards for routine purchases has become a defining feature of contemporary commerce.

expenditure

the total amount of money spent by someone

Carrying minimal cash reduces the risk of loss or theft, and digital records allow individuals to monitor their expenditure with precision.

anonymity

the state of not being identified by name

This transparency encourages more disciplined financial planning compared to the anonymity of using banknotes.

impulsive

acting or doing something without considering the consequences

Conversely, the reliance on credit cards often leads to impulsive spending and potential cybersecurity vulnerabilities.

vulnerabilities

weaknesses that can be exploited by outside threats

Conversely, the reliance on credit cards often leads to impulsive spending and potential cybersecurity vulnerabilities.

propensity

a natural tendency to behave in a certain way

While the ability to track expenses and avoid carrying physical currency is undoubtedly beneficial, the propensity for overspending and the threat of digital fraud remain serious concerns.

vigilance

the action of keeping careful watch for potential danger

Users must exercise significant self-control and vigilance to ensure that this modern convenience does not become a long-term financial burden.

categorisation

placing items or data into specific distinct groups

For instance, most banking applications now provide real-time categorisation of spending, which assists users in maintaining a monthly budget.

concentrated

gathered together in one place

In many countries, economic growth has become concentrated in a few large cities, while villages and small towns lose their shops, banks and young residents.

unprofitable

not making enough money to continue

As the number of customers falls, local shops, bank branches and bus services become unprofitable and close, which makes life even harder for those who remain, particularly elderly people who cannot drive.

cycle of decline

a process in which each problem makes the next one worse

Schools and doctors' surgeries may also be forced to close or merge, creating a cycle of decline that pushes more families to leave.

congestion

a situation in which roads or places are too crowded

At the same time, the cities that receive these migrants face rising housing costs, congestion and pressure on public services.

incentives

things that encourage people to do something

Secondly, financial incentives such as lower business taxes or grants could encourage companies to open offices, factories or tourism ventures in the countryside.

ventures

new business activities that involve some risk

Secondly, financial incentives such as lower business taxes or grants could encourage companies to open offices, factories or tourism ventures in the countryside.

relocation

moving something to a new place

Investment in connectivity, incentives for employers and the relocation of public institutions could help restore a better balance.

connectivity

the quality of being connected, especially to the internet or transport

Investment in connectivity, incentives for employers and the relocation of public institutions could help restore a better balance.

catalyst

something that causes an important change to happen

Economic development acts as a catalyst for profound improvements in the quality of life for the general population.

tangible

clear enough to be easily seen or noticed

While some observers argue that this pursuit often compromises traditional social values, I believe that the tangible benefits of economic progress significantly outweigh these cultural costs.

deep-seated

firmly established and difficult to change or remove

For instance, countries that have experienced rapid industrialisation often report significant declines in infant mortality rates and higher literacy levels, demonstrating that material wealth provides the necessary resources to solve deep-seated societal issues.

inadvertently

happening without intention or being done by accident

Conversely, an intense focus on economic gain can inadvertently erode the fabric of traditional communities.

fragmentation

the process of breaking something into small parts

A pertinent example is the phenomenon of urbanisation in developing nations, where the migration of young workers to industrial hubs often leads to the fragmentation of multi-generational households and a subsequent loss of indigenous cultural practices that once provided social stability.

indispensable

absolutely necessary and cannot be done without

Ultimately, although economic development presents challenges regarding the preservation of social heritage, the fundamental improvements it brings to public welfare are indispensable.

judiciously

having or showing good sense and sound judgement

By judiciously managing the pace of growth, governments can harness the benefits of a robust economy while implementing policies that safeguard the cultural identity of their citizens.

safeguard

to protect something from harm or damage

By judiciously managing the pace of growth, governments can harness the benefits of a robust economy while implementing policies that safeguard the cultural identity of their citizens.

affluent

having a great deal of money and wealth

The debate regarding the responsibility of affluent nations to provide financial assistance to developing countries is a significant topic in international relations.

underpin

to support or form the basis of something

Financial aid is essential for establishing critical infrastructure and public services that underpin human development.

catalyse

to cause or accelerate a significant change

For instance, international funding directed toward vaccination programmes in sub-Saharan Africa has significantly reduced child mortality rates, demonstrating how external support can catalyse essential social progress that local resources alone cannot achieve.

mitigating

making something less severe, serious, or painful

Furthermore, assisting poorer nations fosters global stability by mitigating the root causes of conflict and mass migration.

volatility

the tendency of a situation to change unpredictably

A pertinent example is the Marshall Plan, which helped reconstruct Europe after World War II, thereby preventing further geopolitical volatility and establishing a foundation for long-term peace and economic prosperity in the region.

incumbent

necessary for someone as a duty or responsibility

It is incumbent upon prosperous states to utilise their resources to ensure a more equitable future for all.

systemic

relating to an entire system rather than parts

By investing in the infrastructure of developing nations and promoting stability, wealthy countries can effectively address the systemic imbalances that hinder worldwide progress.

equitable

fair and impartial treatment for all people

It is incumbent upon prosperous states to utilise their resources to ensure a more equitable future for all.

remuneration

money paid for work or a service performed

The compensation of professional athletes is a subject of frequent debate, with some arguing that their earnings are excessive, while others maintain that their remuneration is justified.

lucrative

producing a great deal of profit or wealth

Professional sports are multi-billion-pound industries, driven by broadcasting rights, lucrative sponsorship deals, and ticket sales.

capitalise

taking the chance to gain an advantage from

Because the career longevity of an athlete is often limited by physical decline, they must capitalise on their brief prime years.

astronomical

an extremely large or high amount of money

Conversely, critics argue that such astronomical pay scales represent a distorted value system.

incentivise

providing a motive for someone to do something

This perspective suggests that society should incentivise essential public service roles more effectively rather than prioritising the salaries of those in the entertainment sector.

reconcile

making two different ideas or facts agree together

In my view, while it is inevitable that market-driven industries will reward elite talent handsomely, the current gulf in pay is difficult to reconcile with social utility.

social utility

the degree of usefulness to the wider community

In my view, while it is inevitable that market-driven industries will reward elite talent handsomely, the current gulf in pay is difficult to reconcile with social utility.

distorted

pulled or twisted out of a natural shape

Conversely, critics argue that such astronomical pay scales represent a distorted value system.

capital injections

the act of providing money to an organization

While capital injections are undeniably necessary for immediate stability, I contend that transferring technical knowledge and practical skills yields more sustainable progress.

socio-economic

relating to the interaction of social and economic

Proponents of financial aid argue that monetary support is the most effective way to address urgent socio-economic challenges.

bridge these budgetary gaps

to cover the difference between income and expenses

By providing direct funding, international organizations can help governments bridge these budgetary gaps and prevent humanitarian catastrophes.

humanitarian catastrophes

events causing widespread human suffering and death

By providing direct funding, international organizations can help governments bridge these budgetary gaps and prevent humanitarian catastrophes.

root causes

the fundamental underlying reasons for a specific problem

Conversely, others maintain that practical aid and advisory services are superior because they address the root causes of underdevelopment.

institutional capacity

the ability of an organization to perform functions

I believe that prioritising practical advice and skill development is more effective as it fosters institutional capacity and reduces reliance on external support, ultimately leading to more resilient economies.

perpetual funding

money provided continuously without an expected end date

A pertinent example is the success of agricultural training programmes in Southeast Asia, where teaching farmers modern irrigation and crop management techniques significantly increased food security and economic output without requiring perpetual funding.

resilient economies

economic systems that recover quickly from difficult conditions

I believe that prioritising practical advice and skill development is more effective as it fosters institutional capacity and reduces reliance on external support, ultimately leading to more resilient economies.

e-commerce

the activity of buying or selling products online

The retail landscape has undergone a significant transformation with the emergence of e-commerce, leading to a debate over whether virtual platforms or traditional shops are superior.

geographical constraints

limitations imposed by physical distance or location

By removing geographical constraints, these websites allow shoppers to compare prices instantly and read detailed reviews, which promotes informed decision-making.

niche items

specialized products for a small market segment

For instance, platforms like Amazon enable individuals to purchase niche items that would be unavailable in local shops, thereby saving time and broadening consumer choice.

brick-and-mortar

referring to physical businesses with local buildings

Conversely, brick-and-mortar establishments facilitate a tactile shopping experience that is crucial for assessing product quality and fit before purchase.

tactile

relating to the sense of touch

Conversely, brick-and-mortar establishments facilitate a tactile shopping experience that is crucial for assessing product quality and fit before purchase.

high-street boutiques

shops located in main commercial urban areas

A clear example is the fashion industry, where customers frequently prefer visiting high-street boutiques to try on garments, ensuring the sizing and fabric meet their expectations before committing to a purchase.

synergy

the interaction of two factors to produce more

I believe that neither model is inherently better; rather, the synergy between the two provides the most efficient retail experience.

experiential

based on direct observation or personal experience

Consumers will likely continue to utilise digital tools for research and routine purchases while relying on physical outlets for high-value or experiential items.

high-end

Relating to expensive, high-quality products or services.

For example, a customer buying high-end furniture often prefers visiting a showroom to assess the comfort and build quality, which digital images cannot fully convey.

overhead costs

Regular expenses of operating a physical business location.

unmatched

Having no equal or better than anything else.

Conversely, online shopping offers unmatched convenience and a broader range of choices.

logistical

Relating to the organization of moving goods efficiently.

I believe that as logistical technology continues to improve, the convenience of online shopping will remain the preferred choice for the majority of global consumers.

sensory engagement

Involving the physical senses during a shopping experience.

In summary, although physical stores provide a sensory engagement that online platforms currently lack, the efficiency, cost-effectiveness, and sheer variety offered by digital retailers are more beneficial.

cost-effectiveness

Producing good results for the money spent.

In summary, although physical stores provide a sensory engagement that online platforms currently lack, the efficiency, cost-effectiveness, and sheer variety offered by digital retailers are more beneficial.

overdrafts

arrangements that let you take more money from a bank account than you have

It has become common for people to rely on credit cards, loans and overdrafts to pay for everyday expenses, and many end up with debts they cannot repay.

instalment plans

ways of paying for something in several smaller amounts over time

Credit cards can be obtained within minutes online, and many shops offer instalment plans at the checkout, so people can buy items they cannot currently afford.

impulse purchases

things bought suddenly without planning

Paying with a card or phone also makes spending feel less real than handing over cash, which encourages impulse purchases.

underestimate

to think something is smaller or less serious than it is

Finally, many adults were never taught how interest works or how to plan a budget, so they underestimate how quickly small debts can grow.

budget

a plan of how much money will be spent

Finally, many adults were never taught how interest works or how to plan a budget, so they underestimate how quickly small debts can grow.

confidential

private and not shared with others

For those already in difficulty, free and confidential debt advice services can help people organise their repayments and avoid turning to expensive lenders.

regain control

to be in charge of something again

Better teaching, more responsible lending and accessible advice would help many people regain control of their finances.

perennial

lasting for a very long time or recurring

The debate regarding whether people should accumulate wealth for the future or allocate their earnings towards current pleasures is a perennial topic.

prudent

acting with or showing care for the future

While some argue that living for the moment is essential for mental wellbeing, I strongly agree that prioritising long-term financial security is more prudent to ensure stability and future preparedness.

redundancy

the state of being no longer needed professionally

Unforeseen circumstances, such as sudden redundancy, medical emergencies, or global economic downturns, can devastate those who live entirely beyond their means.

mitigates

makes something less severe, serious, or painful

By consistently setting aside a portion of one’s income, individuals create a safety net that mitigates the risk of debt and reliance on external assistance.

delayed gratification

resisting immediate reward for a greater later gain

Furthermore, the practice of delayed gratification facilitates substantial long-term investments that enhance one’s quality of life far more than transient luxuries.

transient

lasting only for a short period of time

Furthermore, the practice of delayed gratification facilitates substantial long-term investments that enhance one’s quality of life far more than transient luxuries.

compound growth

earnings growing from both principal and accumulated interest

Redirecting funds from impulsive consumption towards vehicles like pension schemes, property investments, or professional development creates compound growth that sustains a person well into retirement.

fiscal responsibility

the practice of managing money with careful planning

Consequently, individuals should adopt a balanced approach that favours fiscal responsibility to secure their future wellbeing.

minimum wage

the lowest amount of pay that employers are legally allowed to pay

The gap between the highest and lowest earners has widened in many countries, and raising the legal minimum wage is often proposed as a solution.

inequality

an unfair difference between groups in wealth or opportunity

In my view, gradual increases are beneficial, but they cannot solve inequality on their own.

living standards

the level of comfort and wealth that people have

Increasing their pay improves their living standards immediately, without requiring them to apply for government support.

unintended consequences

results of an action that were not planned

On the other hand, opponents warn of unintended consequences.

tight margins

a small difference between costs and income

A small restaurant or family-run shop operates on tight margins, and if wage costs rise sharply, the owner may reduce staff hours, employ fewer young people or replace workers with machines.

predictably

in a way that can be expected in advance

In my opinion, the minimum wage should rise steadily and predictably, giving businesses time to adjust, and the level should be set with advice from independent experts.

pass on

to make someone else pay a cost

Businesses may also pass on the higher costs to customers through price rises, which can reduce the real value of the increase.

deposit

a first payment made when buying something expensive

Buying a home usually requires a large deposit and fees for lawyers and surveys, whereas a tenant normally needs only a month or two of rent in advance.

tenant

a person who pays rent to live in a property

Buying a home usually requires a large deposit and fees for lawyers and surveys, whereas a tenant normally needs only a month or two of rent in advance.

flexibility

the ability to change plans easily

Renting also offers flexibility.

landlord

a person who owns a property and rents it to others

In addition, tenants are not responsible for major repairs; if the boiler breaks or the roof leaks, the landlord must pay.

mortgage

a loan used to buy a home

However, supporters of buying argue that rent is money that is gone forever, whereas mortgage payments gradually turn into ownership.

asset

something valuable that a person owns

Over twenty or thirty years, a homeowner builds up an asset that can provide security in retirement, when income usually falls and rent would be difficult to afford.

stability

the state of being steady and not likely to change

Owners also enjoy greater stability, as they cannot be asked to leave when a landlord decides to sell, and they are free to decorate or extend their home as they wish.

periphery

The outer limits or edge of an area.

One significant consequence of soaring living costs is the erosion of social diversity, as lower-income households are frequently pushed to the periphery of urban centres.

arduous

Involving or requiring strenuous and difficult physical effort.

For instance, in cities like London, many public service workers endure arduous, multi-hour commutes because they cannot afford to live within the city, leading to reduced productivity and diminished quality of life for the workforce.

marginalising

Treating a person or group as insignificant or peripheral.

In summary, the escalating financial burden of urban living threatens the stability of city life by marginalising vulnerable populations.

decentralisation

The transfer of authority from central to local.

By adopting robust housing policies and promoting decentralisation, governments can ensure that cities remain inclusive and functional environments for all citizens.

recalibrate

To adjust or adapt to a different standard.

If regional centres are bolstered with better transport links and digital connectivity, the demand for housing in expensive, primary cities would naturally recalibrate, fostering more balanced economic growth.

bolstered

To support or strengthen a weak situation.

If regional centres are bolstered with better transport links and digital connectivity, the demand for housing in expensive, primary cities would naturally recalibrate, fostering more balanced economic growth.

speculative

Engaged in or involving high risk for profit.

Rather than allowing speculative investment to dominate the real estate sector, governments could impose taxes on vacant properties to increase housing supply.

fiscal prudence

careful and sensible management of financial resources

While some argue that fiscal prudence is paramount, others maintain that life is best enriched through active engagement and exploration.

unforeseen

events that were not predicted or expected

Saving money is a prudent strategy that ensures financial stability and provides a safety net against unforeseen circumstances.

mitigate

to make something less severe or serious

By setting aside capital, individuals can mitigate the risks associated with sudden unemployment or medical emergencies, thereby reducing anxiety.

autonomy

the right or condition of self-governing power

For example, those who consistently contribute to a savings account often experience a sense of autonomy and control, allowing them to navigate economic downturns without relying on credit or external assistance.

idle assets

resources that are not being used productively

Rather than accumulating idle assets, spending on travel, education, or cultural activities broadens one's perspective and sharpens interpersonal skills.

irreplaceable

impossible to replace if lost or damaged

A person who invests in a challenging expedition or a language course, for instance, gains irreplaceable knowledge and self-confidence that money held in a bank account cannot replicate.

monetary accumulation

the process of gathering or saving money

By prioritising memorable activities, one ensures that their life is defined by personal development rather than mere monetary accumulation.

contentious

causing or likely to cause an argument

The debate regarding whether it is wiser to accumulate wealth for future security or to allocate funds towards immediate experiences remains contentious.

exempt

free from an obligation or liability imposed others

While some argue that personal earnings are private property, I strongly disagree with the notion that individuals should be exempt from taxation, as it is the fundamental mechanism that sustains essential public services and promotes social equity.

procure

to obtain something with care or great effort

Taxes are indispensable for the provision of public infrastructure and essential services that individuals cannot realistically procure on their own.

redistribution

the transfer of income to promote social equality

Furthermore, a taxation system serves as a vital tool for wealth redistribution, which is necessary to maintain social stability and support vulnerable members of the community.

detrimental

tending to cause harm or being very damaging

In summary, the complete abolition of taxes would be detrimental to the collective well-being of the population.

cornerstone

an important quality on which something depends entirely

By funding critical infrastructure and facilitating a fairer distribution of resources, taxation remains a cornerstone of a civilised and functional society.

independent

not owned or controlled by a larger company

In many towns, independent shops, cafés and family firms have closed as international chains have expanded.

distinctive character

special qualities that make a place different from others

These businesses also give high streets their distinctive character; a town full of independent bakeries and bookshops feels very different from one with the same chains found everywhere else.

enterprise

the activity of starting and running businesses

Furthermore, small firms offer ordinary people a realistic route to running their own business, which encourages enterprise and new ideas.

multinationals

large companies that operate in many countries

At the same time, multinationals cannot simply be blamed.

drive rivals out of the market

force competitors to stop trading

Large corporations can use complex structures to pay very little tax in the countries where they trade, and they can afford to sell at a loss for long periods to drive rivals out of the market.

tax loopholes

gaps in tax law that allow people or firms to pay less

Governments should therefore close tax loopholes, enforce competition law strictly and reduce the business rates paid by small shops, which are often a heavy burden.

business rates

a tax paid on property used for business

Governments should therefore close tax loopholes, enforce competition law strictly and reduce the business rates paid by small shops, which are often a heavy burden.

gig economy

a system in which people are paid for individual jobs rather than a regular salary

This so-called gig economy has grown rapidly.

conventional

traditional and usual

For people who find it difficult to get conventional employment, gig work can provide a valuable source of income.

competitive

as good as or cheaper than others

Consumers also gain, since apps make it possible to order food or a ride at any time, usually at a competitive price, and businesses can respond to busy periods without hiring permanent staff.

self-employed

working for yourself rather than for an employer

Because they are usually classed as self-employed, gig workers often receive no sick pay, holiday pay or pension contributions.

pension contributions

regular payments saved for a person's retirement

Because they are usually classed as self-employed, gig workers often receive no sick pay, holiday pay or pension contributions.

unpredictable

likely to change suddenly

Earnings are also unpredictable: pay rates can be changed by the company overnight, and on quiet days a worker may wait for hours without being offered a job.

negotiate

to discuss something to reach an agreement

Since each worker deals with the app alone, they have very little power to negotiate better conditions.

insecurity

a lack of safety or certainty

In conclusion, the gig economy provides flexibility and convenience, but at present these advantages are outweighed by the insecurity faced by workers.

viability

The ability to work successfully or survive long-term

The rapid global transition towards digital payment systems has sparked a debate regarding the viability of a society that entirely abandons physical currency.

illicit

Activities that are forbidden by law or custom

By digitising every transaction, governments can effectively monitor money flows, which significantly enhances transparency and assists in curbing illicit activities such as tax evasion and money laundering.

shadow economy

Economic activity that is unrecorded and untaxed

For instance, in nations like Sweden, the widespread adoption of mobile payment platforms has drastically reduced the opportunities for shadow economy operations, as almost all financial exchanges leave a clear, traceable electronic footprint.

paralyse

To cause a total stoppage of normal activity

Relying exclusively on electronic systems creates a dangerous dependency on technology; a single network outage or cyberattack could paralyse an entire nation’s economic activity.

precarious

Not securely held in position or dangerously unstable

For example, when major banking software failures occur, individuals without access to traditional cash are often left unable to purchase basic necessities like food or medicine, highlighting the precarious nature of a purely digital ecosystem.

inclusivity

The practice of providing equal access to opportunities

A balanced approach, where digital convenience is supported by robust safeguards for those unable to access technology, is essential to ensure that progress does not come at the cost of societal inclusivity.

unparalleled

having no equal or better in quality or extent

migration

the movement of people or activities from one place

The rapid migration of retail activity from physical shops to digital platforms has fundamentally transformed the commercial landscape.

exhaustive

including all possibilities or covering everything very thoroughly

This shift eliminates the need for travel and allows individuals to browse an exhaustive range of items, often at lower prices due to the absence of overhead costs associated with maintaining a physical storefront.

viable

capable of working successfully or being sustained over time

Conversely, local businesses struggle significantly to remain viable in this digital era.

erosion

the gradual destruction or reduction of something important

Furthermore, the decline in foot traffic on high streets leads to the erosion of local community hubs.

multinational

operating in or involving several different countries at once

Small retailers often lack the capital to invest in sophisticated logistics or digital marketing strategies, making them appear invisible compared to multinational online giants.

coexist

to exist at the same time or same place

Maintaining a balance between these two modes of retail is essential to ensure that both consumer convenience and community-based commerce can coexist.

contribution

money given to help pay for something

Some people regard this as a fair contribution towards the costs of tourism, while others believe it drives visitors away and damages businesses.

wear and tear

damage caused by normal use over time

Streets need cleaning more often, public toilets and transport must cope with extra users, and historic buildings and parks suffer wear and tear.

taxpayers

people who pay tax to the government

These costs are usually paid by local taxpayers, many of whom gain little from tourism and may even suffer from crowded streets and rising rents.

peak seasons

the busiest times of year for travel

In the busiest destinations, it may also slightly reduce overcrowding during peak seasons.

backpackers

people who travel cheaply carrying their belongings in a bag on their back

Families on a budget, students and backpackers may decide to visit a neighbouring city that does not charge a tax, and every lost visitor means less money for hotels, restaurants and shops.

time-consuming

taking a lot of time

Small guesthouses, in particular, may find the paperwork involved in collecting the tax time-consuming.

restoration

the work of repairing an old building so it looks as it did originally

In my view, a tourist tax is fair as long as it is kept low and the money is clearly spent on things that visitors and residents can see, such as cleaner streets, better transport and the restoration of historic sites.

structural unemployment

Joblessness caused by fundamental shifts in the economy.

As machines increasingly perform routine tasks, structural unemployment becomes inevitable, potentially leading to widespread poverty.

stipend

A fixed regular sum paid as a salary.

Financing a universal stipend requires significant tax increases or substantial cuts to existing public services, which could destabilise national budgets.

destabilise

To cause something to become unsteady or insecure.

Financing a universal stipend requires significant tax increases or substantial cuts to existing public services, which could destabilise national budgets.

disincentivising

Reducing the desire or motivation to do something.

insurmountable

Too great to be overcome or conquered.

In summary, although UBI offers a compassionate approach to the disruptions caused by automation, the long-term financial viability and the risk to the labour market present insurmountable challenges.

vocational training

Education focused on specific skills for employment.

The potential for economic stagnation outweighs the immediate relief provided to the unemployed, necessitating alternative strategies such as subsidised vocational training.

stagnation

A state of not flowing or moving forward.

The potential for economic stagnation outweighs the immediate relief provided to the unemployed, necessitating alternative strategies such as subsidised vocational training.

entrepreneurs

people who start their own businesses

This essay will explain why this is the case and examine the difficulties that young entrepreneurs are likely to face.

premises

a building or office used by a business

A young person can sell handmade products, offer design services or run an online shop using little more than a laptop and social media, without renting premises.

guarantees

makes certain that something will happen

In addition, many no longer believe that working for a company guarantees security, since they have seen relatives lose jobs they had held for years.

reluctant

not willing to do something

Banks are often reluctant to lend to people with no business record, so many start with very limited funds and struggle if sales are slow.

irregular

not happening at fixed or even times

Without a regular salary, income may be irregular, which makes it difficult to pay rent or plan for the future.

steep learning curve

a situation where a lot must be learned quickly

Nevertheless, they must be prepared for financial uncertainty, a steep learning curve and considerable pressure.

financial uncertainty

not knowing how much money you will have

Nevertheless, they must be prepared for financial uncertainty, a steep learning curve and considerable pressure.

essential

something that is completely necessary and very important

I find it essential for keeping my daily essentials organised, especially since I commute to work and need to carry my laptop and a few personal items throughout the day.

sturdy

strongly and solidly built and not easily broken

It really depends on the occasion, but I mostly rely on a sturdy leather rucksack for my everyday commute.

minimalist

simple, plain and using only the most basic elements

For more formal events or social gatherings, I prefer a slim, minimalist messenger bag as it looks professional and holds just enough for me to get by.

the usual suspects

the people or things you expect to find there

My bag is typically filled with the usual suspects: my laptop, a portable charger, and a reusable water bottle.

compartmentalised

divided into separate sections for better organisation

I look for durable materials that can withstand daily wear and tear, and I also check if the interior is well-compartmentalised so that my belongings do not end up in a chaotic mess at the bottom.

meticulous

showing great attention to detail and being very careful

I am quite meticulous about keeping it in my sight at all times, especially in crowded public transport hubs where it is easy to leave something behind.

boutiques

Small shops that sell fashionable clothes and expensive items.

I tend to frequent independent boutiques in the city centre rather than large department stores.

high-street chains

Large, popular retail shops found in most city centres.

I prefer supporting local designers because their pieces are often more unique and better crafted than the mass-produced items you find in major high-street chains.

staples

Basic and essential items that are used very frequently.

Instead of chasing fast fashion trends, I prefer investing in high-quality staples that will last for several seasons, which reduces both my spending and my environmental impact.

versatility

The ability to be used for many different purposes.

My primary consideration is always the versatility of the garment.

understated aesthetic

A style that is simple, subtle and not showy.

My tastes have definitely shifted towards a more timeless and understated aesthetic lately.

silhouettes

The outline or shape of a piece of clothing.

When I was younger, I experimented with bold patterns and bright colours, but now I gravitate towards neutral tones and classic silhouettes that feel more professional and put-together.

extravagant

spending much more money than is really necessary

Honestly, I tend to avoid extravagant purchases because I prefer saving for travel experiences.

splurge

spending a lot of money on something special

That said, I occasionally splurge on high-quality leather goods, such as a sturdy briefcase, because they offer superior durability and timeless style compared to cheaper alternatives.

status symbols

possessions that show a person's high social rank

Designer watches and premium handbags seem to be the most sought-after status symbols here.

social validation

gaining approval or acceptance from one's social circle

For most, it is fundamentally about social validation and the desire to project a particular image.

shorthand

a quick or simplified way of representing something

Owning prestigious brands acts as a shorthand for wealth, allowing individuals to signal their social standing or career achievements to their peers effortlessly.

craftsmanship

the quality of design and work shown in objects

I have always been fascinated by automotive engineering, and driving a classic model would be an incredibly rewarding way to appreciate craftsmanship and design history.

contactless

a payment method using technology to tap and pay

I almost exclusively use my contactless card because it is far more convenient than carrying around physical notes.

disciplined

showing a controlled form of behaviour or working hard

Yes, I am quite a disciplined saver when I have a specific goal in mind.

financial compensation

the money someone receives as payment for their work

If a position offered significant opportunities for professional development or allowed me to contribute to a meaningful cause, I would certainly consider it, even if the financial compensation were modest.

safety net

money kept to protect against potential future financial problems

Having a substantial safety net would allow me to pursue creative projects without the constant pressure of making ends meet, though I like to think my core values would remain unchanged.

frugal

being careful and economical with money or food

I try to be quite frugal, especially when it comes to non-essential items.

pastime

an activity that someone does regularly for enjoyment

It is certainly a major pastime here.

therapeutic

having a healing or relaxing effect on the mind

I actually find it quite therapeutic, especially after a taxing week at work.

high-street

the main street where major retail shops are located

I really value the unique atmosphere and the chance to discover one-of-a-kind treasures that you simply would not find in mainstream high-street chains.

hard-earned

money that you have worked very hard to gain

It is a sensible habit because it prevents me from overspending and ensures I am getting the best possible value for my hard-earned money.

indecisive

not having the ability to make decisions quickly

To be honest, I can be quite indecisive when faced with too many options.

gravitate towards

to be attracted to or move towards something

Young people here seem to gravitate towards trendy streetwear brands and fast-fashion outlets.