Financial management during inflationary periods has become an increasingly common topic in IELTS Writing Task 2, appearing in various forms across recent test versions. This theme resonates particularly well with test-takers from developing economies like India, Vietnam, and Indonesia, where inflation management is a practical concern. Let’s examine a recent question that exemplifies this topic.
Managing family finances during high inflation periods
Some people believe that teaching children about managing money should be the responsibility of parents, while others think schools should teach financial education. Discuss both views and give your opinion.
Analysis of the Question
This question requires candidates to:
- Discuss two contrasting views about financial education responsibility
- Present arguments for both parents and schools as educators
- Provide a clear personal stance
- Support ideas with relevant examples
Band 9 Sample Essay
Managing financial literacy in children has become increasingly crucial in today’s economic climate. While some advocate for parental responsibility in teaching money management, others believe this should be incorporated into school curricula. In my opinion, both parties should share this responsibility to ensure comprehensive financial education.
Parents, as primary caregivers, have unique opportunities to impart practical financial knowledge. They can demonstrate real-world money management through daily activities like grocery shopping, budgeting, and saving. For instance, parents can involve children in household financial decisions, teaching them about role of education in preparing for inflationary periods, which provides hands-on experience that textbooks cannot replicate.
Conversely, schools can offer structured financial education with professional expertise. They can systematically teach concepts like compound interest, investment basics, and should credit cards have spending limits through standardized curricula. Moreover, schools can ensure all children receive equal access to financial education, regardless of their parents’ financial literacy levels.
I believe the most effective approach is a collaborative effort between parents and schools. While parents can provide practical application and personal context, schools can reinforce these lessons with theoretical knowledge and systematic learning. This combination ensures children develop both practical skills and academic understanding of financial management.
Students learning about financial management in modern classroom setting
Band 7 Sample Essay
The debate about who should teach children financial management skills has become increasingly important. Some people think parents should handle this responsibility, while others believe it belongs in the school curriculum. I think both parties have important roles to play in this matter.
Parents can teach children about money through everyday experiences. When children watch their parents budget for household expenses or should primary schools teach basic finance, they learn valuable practical lessons. Additionally, parents can give children pocket money to practice basic financial management.
Schools, however, can provide structured financial education. They have trained teachers who can explain complex financial concepts systematically. Furthermore, schools can ensure all students receive the same level of financial education, which is important because not all parents are equally knowledgeable about finance.
In my view, both parents and schools should work together to teach children about money management. This combination would give children both theoretical knowledge and practical experience with finances.
Key Vocabulary
- financial literacy (n) /faɪˈnænʃəl ˈlɪtərəsi/ – understanding of financial concepts
- curricula (n) /kəˈrɪkjələ/ – educational programs
- compound interest (n) /ˈkɒmpaʊnd ˈɪntrəst/ – interest calculated on initial principal and accumulated interest
- systematic (adj) /ˌsɪstəˈmætɪk/ – methodical and organized
- collaborative (adj) /kəˈlæbərətɪv/ – involving working together
Remember to practice writing your own response to this question and share it in the comments for feedback. Future IELTS tests may feature similar topics about financial education in the digital age or economic responsibility in modern society.
