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GENERAL ENGLISH · VOCABULARY DEVELOPMENT · UPPER-INTERMEDIATE (B2-C1)

MONEY

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1 Warm up
Use the photos to discuss the following questions.

1. Are physical banks still necessary in the digital age?

2. How do we know the true worth of money when it is no longer secured against a physical asset
such as gold?
3. Do you always carry cash? Do you think ATMs will exist in the future?
4. What are the dangers involved with using a credit card?

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MONEY

2 Vocabulary
Match the words and phrases with the correct definitions.

Group 1:

1. sluggishly (adv.)

2. worrywart (n)

3. tangible (adj.)

4. fret (v)

5. lurking (v)

a. a person who is excessively and unnecessarily apprehensive

b. moving or operating in a slow, lazy, or lethargic manner

c. existing or moving in a hidden or shadowy way, typically for a harmful or threatening purpose

d. worry constantly or visibly

e. perceptible by touch; capable of being touched or felt

Group 2:

1. realm (n)

2. pinpoint (v)

3. exorbitant (adj.)

4. branch (n)

5. algorithm (n)

a. unreasonably high; excessive

b. a field or domain of activity or experience

c. a set of mathematical instructions that, especially if given to a computer, will help calculate an
answer to a problem

d. identify or locate precisely; specify

e. a local office or a division of a company or organisation

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3 Listening for comprehension

You will hear four people talk about a different aspect of modern finance. Answer the following
questions.

Amir Jake Mike Mrs Thompson

1. Which of the speakers misses connecting with people face-to-face?

2. Who is worried about what might happen to their life savings?

3. Which person only sees benefits to contactless transactions?

4. Who suggests other people might be suffering in the same way they are?

5. Which speaker airs their frustration about the older generation?

6. Which person is saddened by a societal change?

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MONEY

4 Collocations with ‘money’

Part A: Complete the following collocations using the words provided below. All of the phrases
featured in the listening exercise.

borrow donate invest owe save transfer

1. money: use funds to purchase financial instruments or assets with the expectation
of generating a return or profit

2. money: set aside a portion of income or earnings for future use, typically in a
savings account or other financial instrument

3. money: take a loan or receive a sum of money with the agreement to repay it,
usually with interest, over a specified period

4. money: be in debt or have a financial obligation to repay a sum of money to a

lender or creditor

5. money: give money or financial support voluntarily to a cause, organisation, or

individual without expecting anything in return

6. money: move funds from one account, person, or financial institution to another,
often through electronic transactions or wire transfers

Part B: Now, complete the following sentences with words from part A.

borrow donate invest owe save transfer

1. Sarah decided to money in the stock market, hoping for substantial returns.

2. Every month, James makes it a point to money from his salary to build a financial
cushion.

3. In times of unexpected expenses, many people find themselves needing to money

to cover the costs.

4. After a series of unfortunate events, Mark found himself in a situation where he began to
money to multiple lenders.

5. Inspired by a recent charity event, Lisa felt compelled to money to support a cause
she deeply cared about.

6. Jane decided to money to her friend’s account for their shared expenses.

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5 Scanning for vocabulary

Skim-read the text below about the history and consequences of using paper money. Identify the
following words.

Group 1:

1. (v, para. 1) started using a plan or system

2. (n, para. 2) the quality of being serious and dignified, often with a formal or
ceremonious air
3. (n. para. 2) symbols or marks used for authenticity or authority, often
impressed on documents with an official design
4. (v, para. 2) producing a fake or fraudulent copy, especially with the intent to
deceive
5. (v, para. 4) encourages or promotes, typically referring to the activation or
enhancement of a process or activity
6. (adj., para. 4) existing as a natural and essential part of something; intrinsic

Group 2:

1. (v, para. 5) manages or controls, often with skill or dexterity

2. (n phrase, para. 5) stocks of gold held by a country or financial institution as

a form of backing for its currency or financial stability
3. (n phrase, para. 6) a situation where a large number of people withdraw their
money from banks simultaneously
4. (n, para. 6) the quality of being delicate, vulnerable, or easily breakable

5. (adj., para. 6) unwavering, firm, and resolute in commitment or belief

6. (v, para. 6) making something less harmful, unpleasant, or bad; reducing the
severity or impact of a situation

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Transactions over time

What money is really worth

1. When the Venetian merchant, Marco Polo arrived in China in the thirteenth century, he saw many wonders,
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including gunpowder, glasses, and coal. One of the things that him most, however, was a
new invention, implemented by Kublai Khan, a grandson of the great conqueror Genghis. It was paper money,
introduced in 1260. Polo could hardly believe his eyes when he saw what the Khan was doing. His diary reports:

2. "He makes his money from the bark of the mulberry tree. When the sheets have been prepared, they are cut up
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into pieces of different sizes. All these pieces of paper are with as much solemnity and authority
as if they were of pure gold or silver; and on every piece, a variety of officials have to write their names and put
their seals. The money is then authentic. Anyone forging it would be punished with death."

3. Marco Polo was right to be amazed. The instruments of trade and finance are inventions - products of the
human imagination. Paper money, backed by the authority of the state, was an incredible innovation, one that
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the world. We grow used to the ways we pay our bills and are paid for our work, to the dance
of numbers in our bank balances and credit-card statements.

4. One of the most significant effects of paper money is the way it stimulates borrowing and lending. John Law, an
18th-century economist from Scotland, thought that the important thing about money wasn’t its inherent worth;
he didn’t believe it had any. "Money is not the value for which goods are exchanged, but the value by which they
are exchanged," he wrote. The important thing, Law thought, was to get money moving around the economy, and
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to use it to bring about and business. This philosophy laid the foundation for modern banks,
in which the money in circulation far outweighs its reserves.

5. Today, we live in a version of John Law’s system. Every state in the developed world has a central bank that issues
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paper money and manipulates the supply of in the interest of commerce. A system in which
banks don’t hold gold reserves equivalent to their outstanding loans works fine unless enough people turn up at
the bank wanting their paper money turned into its metal equivalent.

6. Bank runs have been taking place since the idea was first put in place, including in the 1710s in France – in a
framework installed by John Law. The speed with which these systems can fail highlights the fragility of a system,
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where the demand for physical can quickly exceed its availability. The challenge for contemporary
financial institutions is to continually navigate this delicate balance, ensuring that the trust in paper money remains
steadfast and mitigating the risks associated with sudden changes in public opinion or economic conditions.

Sources: newyorker.com, discovermagazine.com, creditkarma.com

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6 The history of paper money

Read the text again in more detail and decide which answer (A, B, C, or D) best fits each gap.

1. A. fooled B. favoured C. astonished D. spoke

2. A. handed B. passed C. agreed D. issued

3. A. reshaped B. rewritten C. revised D. reviewed

4. A. trade B. corporation C. commercial D. skills

5. A. monetary B. economics C. credit D. financial

6. A. exchange B. currency C. circulation D. conversion

7 Discussion

Discuss the following questions.

1. Is it ethical for banks not to hold their customers’ money in physical form?
2. Why do you think we continue to use the current banking system despite its potential to fail?
3. How might financial systems change in the future? What systems might we adopt instead?

8 Optional extension

To what extent do you agree with the following statement?

"In the financial system we have today, with less risk concentrated in banks, the probability of
financial disasters may be lower than in traditional bank-centred systems." – Timothy Geithner,
Former United States Secretary of the Treasury

You should:

• write at least 250 words

• check your grammar, spelling and punctuation

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