best word to complete the following collocations.
listen to an economics report from the USA, read the following true or false
1. Credit unions are usually
2. You get more interest in a bank
savings account than with certificates of deposit.
3. A money market fund won’t earn you as
much interest as a savings account.
4. People saved more in the past than
they do now.
5. There are 13 industrial countries in
the O.E.C.D. (The Organization for Economic Cooperation and
6. In the O.E.C.D., only Australians,
Danes and New Zealanders save less than North Americans.
7. The Japanese are saving more money
this year than they did in 1990.
Now listen and decide if the statements are true or false.
Listen again and write the missing words in the gaps. Use the pause button
on your media player to give you time to write. Follow the example.
Saving money is a first step
. Putting money away for the future also supports the banking
system. Banks need a supply of savings to provide money for
In the United States, people who want to start a savings account have many
. Banks, savings-and-loans and
credit unions are traditional places to open an account.
Credit unions are cooperatives for people who are
in some way. For example, the
members may work for a university or a government
. Most credit unions are non-profit
Savings are protected up to a if a
federally guaranteed bank, savings association or credit union ever
. Savers have their money
guaranteed up to .
Banks and other financial organizations pay interest on savings accounts.
But the interest rates are .
Certificates of deposit are another way to save. They pay higher interest
With a certificate of deposit, a person agrees not to withdraw an amount
of money for a period of time. The term could be three months, or it could
be years. Longer terms, and
larger amounts, pay higher interest. People can withdraw their money early
but at a .
Another way to save is through a money market fund. This is
mutual fund. Mutual funds invest money from many people. Money market
funds pay higher interest than savings accounts. The money is usually
in short-term government
securities. Money market funds, however, may not be federally guaranteed
like other kinds of savings.
a number of countries, including the United States, people have been
saving less and less. The Organization for Economic Cooperation and
Development is a of thirty
industrial countries. A report from the O.E.C.D. shows that in nineteen
ninety Americans had a household savings rate of
This year, it is expected to be one-half of one percent. That is below the
other members except Australia, Denmark and New Zealand. Next year,
though, Americans are expected to save more than one percent of
In Japan, the second largest economy, the savings rate in nineteen ninety
The estimate for this year and next is five percent.