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Reading 1/2:
Read the following passage, and choose the letter of your answer from the choices given.
Youth Spend Tomorrow's Money on Today's Frivolity
(A) Dang Quy put down his pride and began texting friends to see if he could borrow money. When he eventually got a nod from a close friend of his, he was so touched that he burst into
tears. A vocational training school graduate. Quy is working for a monthly salary of VND15 million, higher than the average income in Vietnam, which stood at VND7 million after Q1 2023.
according to the General Statistics Office of Vietnam. Still, he has no savings. "I get my salary transferred to my bank account at the beginning of every month," he says. "I always end up
having spent all of it before the middle of the month hits."
(B) He is not an outlier in Vietnamese society. Ngo Thanh Huan, chief operating officer of the personal financial advisory service FIDT, claims that financial and educational reasons are
causing current generations to spend more generously than the older generation. Around 10% of the respondents who participated in a survey by an online newspaper answered "Yes" to
the question. "Have you ever had to deposit your properties to ask for a loan or borrow money from your relatives and friends as a result of having no savings?"
(C) This lack of financial management often leads to panic in cases of unexpected events. 67% of the Vietnamese participants in Backbase's 2021 "State of Banking and Financial Wellness"
reported that they had suffered from financial pressure. In addition to that, the proportion of people in Vietnam admitting not being able to manage their own financial resources was also the
highest among the report's 10 surveyed countries.
(D)"I think we should teach students what to do with money and how they should prepare for the long-term financial picture." Huan says. "Instead of threatening them that their lives will be
dark and gloomy if they spend too much money." He also suggests that educational institutions should teach their students about sustainable investing so that they avoid falling into the traps
of get-rich-quick schemes.
(E) When asked what he spends his money on, Quy says he collects shoes as a hobby. "When I look around and see all of my friends and acquaintances are buying. I can't help feeling like I
want to shop as well," he explains. "So I'm always in the mood to look for shoes to buy." He also admits that there are shoes, some of which cost him around 6.8 million VND a pair, that he
has only worn once or twice since buying them. He also owns several pairs of the same design. Still, he cannot control his urge to purchase even more, which he attributes to the fact that he
did not have them when he was a child, so now he does not want to miss the chance to possess them again.
(F) This attitude towards money may have several consequences, according to Huan. Firstly, young people may exchange their chances to save and invest for their future for things they do
not need. Many start investing later in their lives as a consequence of the overspending of their youth and thus have less time to earn profits. Secondly. Huan warns about the potential
burnout cycle that many people may suffer when they spend too much money: they have to work harder to check out things in their shopping carts, which leads to mental struggles, which in
turn motivates them to shop more, and so on.
1) According to the article, what is the first consequence of overspending?
A. losing opportunities to earn money
B. being burned out easily at work
C. losing time to spend with family and friends
D. being able to afford emergency expenditures
2) Why does Dang Quy often experience a shortage of money?
A. He is earning below the average income in Vietnam.
B. He is supporting his sickly grandmother.
3
.FUO
sh the exam.
