Write T, F or NG.
Millennials generally spend less on convenience than previous generations.
Many young adults believe convenience helps them remain productive.
Financial planners recommend eliminating all discretionary spending.
Home ownership has become more difficult for younger generations.
Small recurring expenses always prevent people from saving.
The article argues that younger generations are financially irresponsible.
B. Match each heading with the paragraph.
a. The changing definition of necessity
b. A professional's monthly budget
c. Research on generational priorities
d. Financial experts weigh in
e. Buying time instead of possessions
f. The risks of changing priorities
g. A new philosophy of financial planning
C. Summary Completion
Complete the summary with ONE WORD ONLY.
Young professionals increasingly view convenience as a __________ (1) rather than a luxury.
Instead of spending primarily on material possessions, many people invest in services that improve their __________ (2), productivity and mental health.
Although experts recognise these changing priorities, they still recommend following a realistic __________ (3) and maintaining long-term __________ (4).
Ultimately, today's younger generations appear to value time and personal __________ (5) as much as financial wealth.
D. Vocabulary in Context
Find words or expressions in the article that mean...
non-essential spending
money left after paying taxes
quality of life
reducing future savings
spending money without thinking
emotional exhaustion caused by work
7. LANGUAGE FOCUS
Match the expressions with their meanings.
ExpressionMeaningmake ends meet
dip into savings
value for money
live beyond your means
pay off debt
set aside money
save for a rainy day
tighten your belt
break even
cost an arm and a leg
Discuss.
Have luxuries become necessities?
Is convenience a good investment?
Is spending on mental health always worthwhile?
Are experiences more valuable than possessions?
Is saving becoming more difficult than it was thirty years ago?
Is "buy now, pay later" changing consumer behaviour?
Should financial education be compulsory in schools?
Is financial security more important than enjoying the present?
Is home ownership still an achievable goal for young adults?
Which generation has the healthiest relationship with money?
USEFUL VOCABULARY
Verbs
budget
borrow
lend
repay
invest
diversify
accumulate
overspend
prioritise
afford
Nouns
debt
repayment
mortgage
loan
savings
emergency fund
disposable income
purchasing power
wealth
assets
inflation
financial security
Phrasal verbs & Idioms
set aside
put away
pay off
cut back on
dip into
live beyond your means
make ends meet
save for a rainy day
tighten your belt
cost an arm and a leg
be in the red
be in the black
break even
run out of money
value for money
How younger generations are changing the way we think about spending, saving and financial well-being
Discuss the following questions.
Why do some people find it difficult to set aside money regularly?
In times of inflation, what expenses do people usually cut back on first?
Why is having an emergency fund considered good financial advice?
Why do many families struggle to make ends meet?
Should people always try to pay off debt as quickly as possible?
Why do some people live beyond their means?
Why do financial experts encourage people to put away money for retirement?
Why are younger generations becoming more interested in investing?
What habits can prevent people from getting into debt?
Under what circumstances might people need to dip into their savings?
Why are consumers increasingly concerned about getting value for money?
What does financial security mean today?
Vocabulary
Match the words with the definitions.
discretionary spending
disposable income
opportunity cost
financial security
wealth accumulation
lifestyle inflation
emergency fund
purchasing power
delayed gratification
financial resilience
Definitions
A. The ability to recover from financial difficulties.
B. Money available after taxes and essential expenses.
C. Spending on non-essential goods or services.
D. Choosing future rewards over immediate pleasure.
E. Savings reserved for unexpected expenses.
F. The process of building long-term wealth.
G. The ability to maintain a comfortable financial life.
H. What you give up when choosing one option over another.
I. The tendency to spend more as income increases.
J. The amount of goods and services your money can buy.
Complete the summary using ONE WORD ONLY.
In recent years, rising living costs have forced many households to rely on __________ (1) to pay for everyday necessities.
Experts warn that this growing dependence may have serious __________ (2). Missing monthly __________ (3) often creates additional financial pressure and affects people's mental health.
Many families struggle to __________ (4), especially when incomes are unstable. Financial experts recommend creating realistic repayment __________ (5) and building an emergency __________ (6) to prepare for unexpected expenses.
4. PRE-READING
Look at the title.
The New Necessities: How Gen Z and Millennials Are Redefining Survival in an Age of Scarcity
Discuss.
What do you think the article will be about?
What is the difference between a luxury and a necessity?
Can luxuries become necessities?
Which "luxuries" do older generations often criticize?
Do you think younger generations have different financial priorities?