IELTS Writing Task 2: Why Financial Education is Crucial for Young People – Sample Essays and Analysis

Financial literacy is becoming an increasingly important topic in IELTS Writing Task 2. This article will provide you with sample essays and in-depth analysis to help you tackle questions related to Why Financial Education Is Crucial For Young People. Let’s explore a recent exam question and learn how to craft high-scoring responses.

Analyzing the Task 2 Question

Some people think that schools should teach children how to manage money. Others believe that this is not a school’s responsibility. Discuss both views and give your own opinion.

This question directly addresses the importance of financial education for young people. It’s a common topic in IELTS exams, as it reflects real-world concerns about financial literacy among youth. Let’s break down the key elements:

1. Topic: Financial education in schools
2. Task: Discuss both views and give your opinion
3. Views to consider:
   • Schools should teach money management
   • It’s not a school’s responsibility

Sample Essay for Band 8-9

Here’s a high-scoring sample essay that effectively addresses the question:

Financial literacy is an essential life skill, and there is ongoing debate about whether schools should take on the responsibility of teaching it to children. While some argue that this is a crucial part of education, others believe it falls outside the scope of a school’s duties. In my opinion, schools should indeed play a role in teaching financial management, but this should be done in partnership with parents and the wider community.

Those who support financial education in schools argue that it prepares students for real-world challenges. In today’s complex economic landscape, understanding concepts like budgeting, saving, and investing is crucial for future financial stability. Schools are well-positioned to provide this knowledge systematically, ensuring that all children have equal access to financial education, regardless of their family background. Moreover, integrating financial literacy into the curriculum can help students see the practical applications of subjects like mathematics, enhancing their overall learning experience.

On the other hand, opponents argue that schools already have a full curriculum and adding financial education would overburden both teachers and students. They contend that money management is primarily a life skill that should be taught at home, where parents can impart their values and experiences. Additionally, some worry that financial education in schools might be influenced by corporate interests, potentially leading to biased information.

In my view, the importance of financial literacy in today’s world necessitates its inclusion in school curricula. However, this should be done thoughtfully and in collaboration with parents and financial experts. Schools can provide the foundational knowledge and skills, while parents reinforce these lessons with practical applications at home. This approach ensures that children receive comprehensive financial education that is both theoretical and practical.

To implement this effectively, schools could introduce age-appropriate financial concepts throughout the educational journey. For younger children, this might involve basic concepts of saving and spending, while older students could learn about more complex topics like investments and taxes. Guest lectures from financial professionals and practical exercises like managing a mock budget could make these lessons more engaging and relevant.

In conclusion, while the responsibility for teaching financial management should not fall solely on schools, they play a crucial role in ensuring all young people have access to this vital knowledge. By working in tandem with parents and the community, schools can help create a generation of financially savvy individuals, better prepared to navigate the economic challenges of adult life.

(Word count: 395)

Analysis of Band 8-9 Essay

This essay demonstrates excellent qualities that contribute to a high band score:

1. Task Response: The essay fully addresses all parts of the task, discussing both views and clearly stating the writer’s opinion.

2. Coherence and Cohesion: The essay is well-organized with clear paragraphing and effective use of cohesive devices.

3. Lexical Resource: A wide range of vocabulary is used accurately and appropriately, including topic-specific terms like “financial literacy” and “economic landscape”.

4. Grammatical Range and Accuracy: The essay showcases a variety of complex sentence structures with minimal errors.

5. Development of Ideas: Each point is well-developed with explanations and examples, demonstrating a sophisticated approach to the topic.

Sample Essay for Band 6-7

Here’s a sample essay that would typically score in the Band 6-7 range:

In today’s world, money management is very important. Some people think schools should teach children about this, but others disagree. This essay will discuss both sides and give my opinion.

There are good reasons why schools should teach financial education. Firstly, it helps prepare students for adult life. Many young people struggle with money when they grow up because they never learned about it in school. If they learn about budgeting and saving early, they can avoid problems later. Also, learning about money can make other subjects like math more interesting because students can see how to use it in real life.

However, some people think schools shouldn’t teach about money. They say schools already have too many subjects to teach and not enough time. They believe that parents should teach their children about money at home. Also, some worry that if schools teach about money, it might be influenced by banks or companies, which could be unfair.

In my opinion, I think schools should teach about money, but they should work together with parents. Schools can teach the basic ideas, and parents can show how to use these ideas at home. This way, children get a complete education about money.

For example, schools could teach young children about saving money in a piggy bank, and as they get older, they could learn about more difficult things like investing. At the same time, parents could help their children practice these skills by giving them pocket money and helping them make decisions about spending and saving.

To conclude, while there are arguments against teaching financial education in schools, I believe it is too important to ignore. By combining efforts from schools and parents, we can help young people become better at managing money, which will help them in their future lives.

(Word count: 309)

Analysis of Band 6-7 Essay

This essay demonstrates qualities typical of a Band 6-7 score:

1. Task Response: The essay addresses all parts of the task, but the discussion and opinion could be more fully developed.

2. Coherence and Cohesion: The essay is organized logically, but the use of cohesive devices is somewhat limited.

3. Lexical Resource: The vocabulary is adequate for the task, but lacks the sophistication seen in higher band scores.

4. Grammatical Range and Accuracy: The essay uses a mix of simple and complex sentences, with some errors that do not impede communication.

5. Development of Ideas: Ideas are presented clearly but could be supported with more specific examples or deeper analysis.

Key Points to Remember When Writing

1. Structure: Always follow a clear structure with an introduction, body paragraphs (discussing both views), and a conclusion stating your opinion.

2. Vocabulary: Use a range of topic-specific vocabulary. For this topic, terms like “financial literacy”, “budgeting”, “investment”, and “economic stability” are valuable.

3. Grammar: Aim to use a mix of simple and complex sentence structures. For higher band scores, incorporate conditional sentences and passive voice where appropriate.

4. Examples: Use specific examples to support your points. For instance, you could mention real-world financial challenges that young adults face due to lack of financial education.

5. Balance: Ensure you give equal weight to both views before presenting your opinion.

Essential Vocabulary for Financial Education Essays

1. Financial literacy (noun) /faɪˈnænʃəl ˈlɪtərəsi/: The ability to understand and effectively use various financial skills.

2. Budgeting (noun) /ˈbʌdʒɪtɪŋ/: The process of creating a plan to spend your money.

3. Investment (noun) /ɪnˈvestmənt/: The action of investing money for profit.

4. Economic stability (noun phrase) /ˌiːkəˈnɒmɪk stəˈbɪləti/: A situation where an economy does not experience extreme fluctuations.

5. Fiscal responsibility (noun phrase) /ˈfɪskəl rɪˌspɒnsəˈbɪləti/: The obligation to handle finances carefully and make decisions that will lead to long-term financial success.

6. Credit score (noun) /ˈkredɪt skɔːr/: A number that represents a person’s creditworthiness.

7. Compound interest (noun) /ˌkɒmpaʊnd ˈɪntrəst/: Interest calculated on the initial principal and the accumulated interest from previous periods.

8. Financial planning (noun) /faɪˈnænʃəl ˈplænɪŋ/: The process of meeting your life goals through proper management of your finances.

Financial Education Classroom

In conclusion, the topic of financial education for young people is likely to remain relevant in IELTS Writing Task 2. By understanding the key arguments and using appropriate vocabulary and structures, you can craft strong essays on this subject. Remember to practice writing essays on related topics, such as the role of parents in financial education or the impact of financial literacy on national economies. Feel free to share your practice essays in the comments section for feedback and further discussion!