Money and well-being

Vocabulary: Money matters

1 Work in groups. Describe each of the photographs. Then discuss the questions
below.

• What is your reaction to the following quote?

'Real riches are the riches possessed inside.'
B. C. Forbes
• Will cash, paper money and coins, disappear in the near future? Give
reasons and examples from your own experience.
• Some people think it is important for children and young people to be taught
'financial literacy' and money management in the modern world. To what
extent do you agree or disagree?

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2 Make a list of words and phrases associated with the word money. Then compare your
list with another group.

3 Work in pairs. Noun phrases can be formed with a noun + noun, for example money
collocates with government and problems to form the noun phrases government money
and money problems. Decide whether the following words go before or after the word
money.
1 management 3 pocket 5 paper 7 counterfeit
2 market 4 laundering 6 sponsorship 8box

4 Work in pairs. For 1-9 below,�the noun that is in the correct position.
Example:
finance government/state/capital �
1 cash reserves/flow/payment/settlement/limit/crisis/crop cash
2 currency conversion/markets/speculation/fluctuation/reserves/crisis currency
3 credit agreement/arrangement/facilities/terms/limit/transfer credit
4 debt collection/repayment/burden/mountain debt
5 savings account/plan/bank savings
6 spending consumer/government/public spending
7 expenditure consumer/government/public/welfare/education expenditure
8 income capital/investment/household/family income
9 finances company/government/state/family/household finances

5 For 1-8 below, cross out the incorrect words in italics.

Example:
More government money governnient was allocated to improve local bus services.
1 A cash crop cash is a valuable source of income for many families in agricultural
communities, but cash flow cash can be a problem because produce is usually seasonal.
This can lead to a cash crisis cash for local farmers.
2 Money paper money was invented by the Chinese.
3 Education expenditure education has declined at a time when few working in the field
think it should. The current expenditure level expenditure should at least be maintained.
4 Family finances family are often the concern of the finance minister finance, especially
when making funding decisions.
5 Management money management needs to be taught as much to adults at work and
students in university as to schoolchildren.
6 A fall in a country's foreign currency reserves currency can trigger a currency crisis
currency.
7 Many prominent individuals have called for the burden debt burden of some nations to be
reduced by cheap loans or complete cancellation.
8 My grandparents encouraged me to open a savings account savings when I was very
young and I still have it.

6 _ Work in groups. Think of at least three ways that money has directly or indirectly
affected your life in the past week, for example, paying for transport with cash or an
electronic card, etc. Take turns describing your experiences. Ask questions about each
other's experiences.

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( Listening ) 1 {!) Work in groups. Discuss the main ways you are familiar with for purchasing items.
,mu Are any methods becoming more common? Explain why.

2 Skim Questions 31-40. Discuss the topic of the talk and list as much detail about the
topic as you can. Compare your list with another group.

Don't forget!
ffi 21 SECTION 4 Questions 31-40
• As there is no title,
look at the last Questions 31-34
question. Skim the
passage and/or the Choose the correct letter, A, B or C.
questions quickly 31 The speaker says that money is more than an economic tool and has a
to get the gist.
A psychological and historical dimension.
B social and psychological dimension.
C social and historical dimension.
32 According to the speaker, money is an invention resulting from the human capacity to
A allocate symbols a value.
B label the world.
C create special symbols.
33 What does the speaker say about accepting any object as money?
A The community needs to establish procedures for its use.
B Its use needs to be accepted by the user and the community.
C Laws need to be introduced to make it legal tender.
34 When bartering goods, the seller had to
A agree a standard of exchange as part of the purchasing process.
B accept whatever the local common medium of exchange was.
C find someone who was willing to purchase the goods for sale.

Questions 35-40
Complete the notes below.
Write NO MORE THAN TWO WORDS for each answer.
Commodity money
Commodity money depended on the acceptance of certain objects as money that was
inherently 35 ................................ for every person.
All metals were accepted as commodity money - being convertible into precious tools,
e.g. 36 ................................ and ................................ .
Metals, e.g. gold and silver, had secondary advantages - identifiable and
37 ................................ .
Metal coins
They acted as a 38 ................................ for exchanging goods and services.
Representative money
When adopted, representative money was a 39 ................................ in human
consciousness.
Psychologically, there needed to be a transfer in the sense of value from a usable
material object to an 40 ................................ symbol.
Socially, there had to be a group agreement on the common usage of the symbol.

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Word building: Values and beliefs

1 Look at the following quote from the speaker in the Listening on page 23 7.
.. . the values and principles ofall societies in the world.
What do you think the terms values and principles mean here?

2 Match the words below to their meaning a-g.

1 principles a feelings that something is true or real
2 ethics b major ideas or theories that a system of beliefs is based on,
for example in politics or education
3 values c things that people do that are traditional or usual
4 customs d principles of right or wrong behaviour
5 beliefs e a set of principles people use to decide what is right and wrong
6 standards f things that are generally accepted
7 morals g ideas about what is good and right that you try to follow in your
life and behaviour
8 ideals h principles and beliefs that influence the pehaviour and way of life
of a group or community

3 Work in pairs. Make a list of as many words as you can from the word standard.

4 Complete the gaps in the text below with words relating to the word value. Use the
prompts given to help you.

1 _____ (plural noun} are standards that individual people�attach great importance
to. If you 2 (verb) something in your life, then you treasure it enormously.
3 (plural noun) like precious objects made of gold and diamonds may be
4 (adjective) to some people as status symbols, but they are 5 _____
(adjective) when compared to attributes like honesty, integrity, loyalty and trust.

5 Complete the gaps with words relating to principle. Use the prompts given.

Philosophy can teach people the 1 _____ (plural noun) of right and wrong, but it
is becoming increasingly difficult for people to be 2 _____ (adjective) in life and
maintain a high moral standard. Unfortunately, 3 (adjective) people are found
in all walks of life, whether it be business or politics, so one must be on one's guard to make
sure one doesn't do anything that compromises one's 4 (plural noun).

6 Complete the gaps with words relating to ideal, moral and ethics. Use the prompts.

People are often accused of being 1 _____ (adjective) rather than realistic when
pursuing their 2 (plural noun). It is easy to attack someone whose personal
3 (plural noun) or 4 (adjective) stance you don't agree with.

7 Work in groups. Discuss the question below.

'People today get their values from national figures like politicians and celebrities.
What are the advantages and disadvantages of this? Give reasons and examples.'

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(Reading ) 1 Work in pairs. Scan paragraphs A-Din the Reading Passage below for words that are
tiffifijj,j,iiiii synonyms of 1-8.
1 markers 3 weight 5 elements 7 benefit
2 assess 4 happenings or facts 6 vital 8 mainly

2 Work in pairs. Each choose one paragraph to skim. Then briefly explain what it is about
to your partner. Find another pair of students that have chosen the same paragraph and
check that you agree.

READING PASSAGE
You should spend about 20 minutes on Questions 1-13, which are based on the Reading Passage below.

Measuring subjective wellbeing

B Objective measures of wellbeing often fail to
tap into what people think or feel, so have to
assume certain observable factors influence
wellbeing in certain ways. Generally speaking,
objective measures focus on either objective-list
or preference-satisfaction accounts, with a view
to either improving objective circumstances such
as health and education (Sen, 1999) or increasing
the choices people have by raising average incomes
(Harsanyi, 1982). Although objective measures of
wellbeing are crucial, they cannot tell the whole
story and the array of indicators currently available
(e.g. numeracy, literacy and crime rates) sometimes
complicates the picture, with many observable
factors acting as proxies for what really matters.
C The main advantage of asking people to assess their
own wellbeing is that paternalism (prescriptive
questions that assume certain things are good or bad
for wellbeing) can be avoided and people's thoughts
and feelings are placed at the centre of policy.
Although objective measures tend to correlate well
with subjective wellbeing (Di Tella & Macculloch,
2007; Oswald, 1997), they generally only account
for a small proportion of one's Life satisfaction or
A Subjective wellbeing concerns people's self­ happiness (Galloway et al, 2005) Scottish Executive,
reported wellbeing (e.g. life satisfaction, happiness, 2005). Measures of subjective wellbeing, however,
psychological wellbeing). Survey questions of this are seen by many as getting to the heart of the issue
nature aim to measure how people think and feel (Layard, 2005).
about their wellbeing rather than relying on more
D Although Victorian social policy emphasised the
traditional objective indicators such as the level of
importance of promoting mental health, the rise
educational achievement, employment, crime or
of behaviourism in the 1950s heavily influenced
material wellbeing. Indeed, human perception is
disciplines such as Psychology and Economics
fundamental to the definition of wellbeing and it
and encouraged the measurement of what is
can be argued that the only person who really knows
observable (behaviour) to the exclusion of what is
whether a person is feeling well is the experiencing
unobservable (the mind). By and large, UK social
self (Layard, 2005). Survey questions that ask people
and economic policy since the Great War has
to evaluate their own wellbeing allow for individual
focussed predominantly on improving the economy
differences in terms of values and identity to be
and meeting the material needs of the population.
expressed. Although one person may answer a Life
Mental health and psychological needs have been
satisfaction question by placing significant emphasis
conceived as harder to measure, unreliable and
on their salary and job security, another may answer
the same question by placing significant emphasis within an individual's own responsibility. Objective
measures of wellbeing have been favoured for
on their family relationships and health. This means
some time because they're easier to measure and
that such measures capture what people think and feel
observable through behaviour.
rather than focussing on observable phenomena that
sometimes have little bearing on peoples' wellbeing.

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E Nonetheless, an encouraging Literature is now subjective wellbeing, it does suggest that much
emerging suggesting that subjective wellbeing is more than economic growth is required to elevate
a valid construct that can be reliably measured. wellbeing.
Much recent research indicates that measures of
subjective wellbeing tend to correlate well with G Whether measured as an end to itself or as a means
other people's views, behavioural data, brain to an end, such subjective wellbeing data could be
activity and objective characteristics such as used to: a) monitor 'the state of play'; b) inform
unemployment (see Layard 2005 for a useful review). new policy; c) promote public wellbeing; and d)
Crucially, the last 10 years have seen a number of evaluate the impact of new or existing policies on
government and non-government reports begin to wellbeing. The evidence suggests that various social
unpick how the UK could generate meaningful data an� economic factors affect self-reported wellbeing,
of this nature. Political momentum has also gathered so 1t should be possible to influence subjective
pace alongside the abundance of research now wellbeing via policy. A growing body of research also
regularly published in fields as diverse as behavioural suggests that high levels of subjective wellbeing are
economics, psychology, neuroscience and philosophy. a partial cause of various positive life events and
outcomes (Lyubomirsky, King, & Diener, 2005).
F Strong arguments are developing suggesting that
now is a good time to generate national data on H Interest in measuring subjective wellbeing has
subjective wellbeing. The idea is that these data grown considerably over recent years in the UK.
can then be used by policy makers alongside other Indeed, a number of major social surveys in the UK
measures that go beyond GDP (Dolan & White, �Lready include subjective wellbeing questions, and
2007; Michaelson, Abdallah, Steuer, Thompson & 1t seems that various policy areas could make use of
Marks, 2008). The well-cited 'Easterlin Paradox' these data. The question therefore is not whether
demonstrates that UK levels of life satisfaction and to measure subjective wellbeing, but how to do this
happiness have not risen since the 1950s despite from now on. The balance between exploiting data
unprecedented economic growth, and although that already exist and generating new data needs to
this research has been criticised for not taking into be explored further, based on whether unmet user
account the use of bounded measures to measure requirements exist.

Questions 1-5
The Reading Passage has eight paragraphs, A-H.
Which paragraph contains the following information?
1 the fact that objective measures of wellbeing do not give a full picture of wellbeing
2 research stating that data on subjective wellbeing can be u sed with measures other
than GDP
3 suggestions for use of data on subjective wellbeing
4 a reference to the focus of government policy of satisfying the population's material needs
5 an explanation of the term subjective wellbeing

Questions 6-9
Look at the following statements and the list ofpeople below.
Match each statement with the correct person/persons, A-F.
6 Objective measures of subjective wellbeing usually compare well with wellbeing itself.
7 The only one who can gauge wellbeing is the individual.
8 According to research, positive life events and outcomes can to some extent result in raised
subjective wellbeing.
9 Measuring wellbeing objectively may be carried out to enhance people's lives.

List of people
A Layard D Di Tella & Macculloch
B Sen E Galloway et al
C Harsanyi F Lyubomirsky, King, & Diener

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Questions 10-12
Complete the sentences below.
Choose NO MORE THAN TWO WORDS from the passage for each answer.
10 Recent literature shows that subjective wellbeing is a measurable ......... .
11 There is proof to suggest that .......... wellbeing is impacted on by different social and
economic influences.
12 Data on subjective wellbeing could be utilised by a number of

Question 13
Choose the correct letter A, B, C or D.
Which of the following is the most suitable title for the Reading Passage?
A How to measure subjective well-being
B How to balance existing and new data
C An emphasis on promoting mental health
D Measuring subjective wellbeing

3 {D Is it really possible to measure people's subjective well-being? Why/Why not? Is it

useful to do so? Give reasons for your answer.

Language focus: Substitution and ellipsis

1 Look at the following quote from the speaker in the Reading Passage on page 198. Then answer the questions below.
Although one person may answer a life satisfaction question by placing significant emphasis on their salary andjob security,
another may answer the same question . . .
What does the word another replace?
2 What happens if the words are repeated?
3 Which common expression in speech do you know where the word so is used like another to substitute?
� Read more about substitution and ellipsis in the Grammar reference on page 226.
2 Work in pairs. Match texts 1-8 below with a suitable continuation a-h.
Companies can help local communities to develop by a and continued to do so when we were adults.
putting back some of the profits they have made from the
b but ways need to be found to apply such research for the
local people.
benefit of the public.
2 My grandmother told us how to behave when we were
c I suppose I will continue to do so in spite of the pressures
young
to the contrary.
3 People follow the traditions and ways of the society they
d In doing so they believe that the general behaviour in
belong to.
society will be improved.
4 The government should introduce philosophy into the
school curriculum. e I did so with some trepidation, but it turned out to be
exciting in the end.
5 I left home when I was 18 to go to university.
f Doing so would have a beneficial effect on student
6 Detailed analysis has been done on what makes people behaviour.
happy,
g Handing down such customs from generation to
7 My family have always adhered to the traditions of the generation is important if a community is to survive.
community we came from and
h Such philanthropic behaviour would set a good example
8 According to some people, moral standards on television for other organisations.
are declining and should therefore be raised.

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 Money and well-being mJI
3 For 1-8 in exercise 2, underline the words and phrases of substitution and the words they replace.
4 For sentences 1-7 below, cross out any unnecessary words.

Although the government wanted 2 The banks didn't want the policy on extending
to stop funding the railway venture, loans to small businesses to change, but the
they weren't able to stop funding it. government did want the policy to change.

3 Some people don't believe that there is a 4 The college was praised for
clear link between happiness and money, student behaviour and success
while others do think there is. as it hoped it would be praised.

s The university didn't invest as much 6 My father laid down the law with
in delivering subjects like philosophy us when we were children, but my
as it could have invested. mother didn't lay down the law.

5 What happens if people use substitution a lot in writing or speaking?

1 Work in pairs. Read the following Part 3 questions and decide what the focus is of each
question, e.g. examples of different factors, an evaluation of a factor with reasons.

Well-being
What factors contribute to people's general sense of well-being?
Do you think having free time is the key factor in people's well-being? Why/Why not?
Some people think modern life is too stressful for people to be generally happy.
To what extent do you agree or disagree?
Money and its effects
How does money impact on people's well-�eing in activities such as work and leisure?
In terms of social development, do you think the pursuit of money has a negative or
positive effect? Why/Why not?
In the future, do you think money will have a greater or lesser role to play in our lives?
Give reasons.

2 Work in groups. Match the ideas in the list below to a suitable question and suggest your
own ideas.

a factors such as technological gadgets/ f lesser - money may even disappear

money/time g health/work/friends/leisure time
b exciting, not stressful h beneficial, as it allows improvement
c allows people to do things they want in ...
a brings greater freedom reduces/increases anxiety
free time not everything, other factors j pleasant neighbourhood

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3 Work in pairs. Look at the beginnings of the six answers to the questions in exercise 1.
Decide whether they involve the use of ellipsis or substitution.
1 I think there are many, such as ...
2 I don't think so, because ...
3 I actually think it's not as much as it was in the past, because ...
4 Enormously. For example, it ...
5 It's mostly beneficial, I think, as it ...
6 In the short-term, money ...

4 (!) Work in pairs. Take turns asking each other the questions. When you have finished,
give each other feedback using the checklist on page 181.

""ftlll•iffii
-
- ·
(Writing ) 1 Work in groups. Describe the bar charts and pie charts in the Task 1 question below. Use
the words and phrases in the box below.

proportion constitute reflect vast majority only pattern

similarity difference quarter age group year-olds

WRITING TASK 1
You should spend about 20 minutes on this task.
T he charts show the frequency of happiness of different age groups and two groups of
workers in Europe in the previous four weeks.
Summarise the information by selecting and reporting the main features, and make
comparisons where relevant.
Write at least 150 words.

Frequency of being happy in the last four Frequency of being happy in the last four weeks
weeks by selected age groups in Europe by full-time and part-time workers in Europe
100

80

a.
e
::J

C)
60
Q.)
C)
rn
0 40

20

Full-time employed Part-time employed

16-24 25-34 35-49

II A little/none of the time II Some of the time All/most of the time

2 Work in groups. Decide what other words and phrases or what other structures you can use
to express the same ideas as those listed in exercise 1.

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 Money and well-being ..

3 Work in groups. Compare your answers to exercises 1 and 2 with another group.

4 Decide which words and phrases in the model answer for the writing task in exercise 1
can be replaced by items a-g. Compare your answers with a partner and say which you
prefer and why.
a the latter workers
b the proportions for those in the next age group were noticeably different
c as opposed to
d mirror
e most 16-24 year olds stated that
f provide information about
g a link

The charts illustrate the degree of happiness reported among selected European
groups in the last four weeks.
Overall, there seems to be a correlation between age and the frequency of being
happy. In the 16-24 age group, the vast majority cited they were happy some of the
time and all/most of the time, 21.6% and 71.5% respectively, with only 6.9% being
happy a little or none of the time. There was a marked difference in the proportions
of those aged 25-34, with just under two thirds (65.7%) being at least mainly happy
and just under a quarter (24.8%) being so some of the time compared to 9.5% for
those who were happy little or none of the time. Whereas most 35-49-year-olds
were happy some or all/most of the time (87.8%), a greater proportion of this age
group stated that they were less so (12.2%).
The full-time and part-time workers' responses reflect those of the three age groups
with identical proportions (90.8%) among both groups being happy at least some of
the time, but a greater proportion of part-time workers being slightly happier all or
most of the time (66.5%).

5 Work in groups. Read the model answer in exercise 4 again and identify an example of
1-8 below.
1 a synonym for the verb 'said'
2 an overview
3 the verb that is used to show a connection between the data in the stacked bar charts and
the pie charts
4 a paraphrase that combines two items in the legend 'happy some of the time' and 'all/most
of the time'
5 at least one example of the use of ellipsis
6 two complex sentences
7 an adjective that means exactly the same
8 nouns that are used to summarise the data

6 Work in groups. Paraphrase the first and last paragraphs and compare your answers
with another group.

7 Write your own answer for the Task 1 question on page 209. When you have finished,
check your answer using the checklist on page 139.
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