Financial literacy has become an increasingly important topic in recent years, with many experts arguing that it should be a mandatory part of school curricula. This subject has appeared in various forms in IELTS Writing Task 2 questions, reflecting its relevance in today’s society. Based on past exam trends and the growing importance of financial education, it’s highly likely that questions related to this topic will continue to appear in future IELTS tests.
Let’s examine a typical IELTS Writing Task 2 question on this subject:
Some people believe that financial education should be a mandatory component of the school program. To what extent do you agree or disagree with this statement?
Analyzing the Question
This question asks for your opinion on whether financial education should be compulsory in schools. It’s an agree/disagree type question, which means you need to clearly state your position and support it with relevant arguments and examples. The key aspects to consider are:
- The meaning of “financial education”
- The potential benefits and drawbacks of making it mandatory
- The impact on students and society
- Alternative views or approaches
Now, let’s look at sample essays for different band scores, starting with a high-band response.
Sample Essay 1 (Band 8-9)
Financial literacy is an essential life skill that many argue should be taught in schools alongside traditional subjects. I strongly agree that financial education should be a mandatory component of the school curriculum, as it equips students with crucial knowledge and skills for managing their personal finances and making informed economic decisions throughout their lives.
Firstly, introducing financial education as a compulsory subject would help bridge the knowledge gap that exists among young people regarding money management. Many students graduate from high school without understanding basic financial concepts such as budgeting, saving, or investing. By making financial education mandatory, we ensure that all students, regardless of their background, have access to this vital information. This universal approach can help reduce financial inequalities and empower individuals to make sound financial decisions from an early age.
Moreover, mandatory financial education in schools can have far-reaching positive effects on society as a whole. When individuals are financially literate, they are less likely to fall into debt traps or make poor financial choices that can lead to personal and economic instability. This, in turn, can contribute to a more stable economy and reduce the burden on social welfare systems. Additionally, financially educated citizens are better equipped to participate in democratic processes involving economic policies, leading to a more informed and engaged populace.
However, it is crucial to implement financial education effectively. This means developing age-appropriate curricula that evolve as students progress through their education. For younger students, lessons could focus on basic concepts like saving and the value of money, while older students could learn about more complex topics such as investing, taxes, and retirement planning. Furthermore, the curriculum should be regularly updated to reflect the changing financial landscape, including digital currencies and online banking.
Some may argue that adding another mandatory subject to an already crowded curriculum could overburden students. However, the long-term benefits of financial literacy far outweigh this concern. Financial education can be integrated into existing subjects like mathematics or social studies, making it a cross-curricular element rather than a standalone subject.
In conclusion, making financial education a mandatory part of the school program is a necessary step towards creating a more financially savvy and economically stable society. By equipping students with essential financial knowledge and skills, we are investing in their future success and the overall well-being of our communities. It is imperative that educational institutions and policymakers recognize the importance of this subject and take decisive action to incorporate it into the core curriculum.
(Word count: 398)
Essay Analysis
This essay would likely score in the Band 8-9 range due to its:
Clear position: The writer strongly agrees with the statement and maintains this position throughout the essay.
Coherent structure: The essay has a clear introduction, body paragraphs that each discuss a main point, and a conclusion that summarizes the argument.
Well-developed ideas: Each point is thoroughly explained and supported with logical reasoning.
Relevant examples: The essay provides specific examples of how financial education can be implemented and its benefits.
Cohesion and coherence: Ideas flow smoothly from one to the next, with appropriate use of linking words and phrases.
Lexical resource: The essay uses a wide range of vocabulary accurately and appropriately, such as “financial literacy,” “economic stability,” and “cross-curricular element.”
Grammatical range and accuracy: The essay demonstrates a variety of complex sentence structures with minimal errors.
Task response: The essay fully addresses all parts of the task, providing a well-developed response with relevant, extended ideas.
Financial education classroom
Sample Essay 2 (Band 6-7)
In today’s world, many people think that schools should teach students about money and finance as a must-have subject. I agree with this idea because it can help young people understand how to manage their money better in the future.
One reason why financial education should be mandatory is that it gives students important skills for their adult life. Many people struggle with money problems because they never learned how to budget or save when they were younger. If schools teach these skills, students will be better prepared for the real world when they graduate. For example, they can learn how to create a budget, understand different types of bank accounts, and know the dangers of getting into too much debt.
Another benefit of making financial education compulsory is that it can help reduce poverty in society. When people know how to manage their money well, they are less likely to fall into financial troubles. This means fewer people might need help from the government, which is good for the whole country. Also, if more people understand finance, they might be able to make better choices when voting on economic issues.
However, some people might say that there’s not enough time in the school day to add another subject. They might think that other subjects like math and science are more important. But I believe that financial education can be mixed with other subjects. For instance, students could learn about percentages in math class by calculating interest rates on loans or savings accounts.
In conclusion, I strongly believe that financial education should be a must-have subject in schools. It gives students valuable life skills and can help create a better society with less poverty. While it might be challenging to add to the curriculum, the long-term benefits for individuals and society make it worth the effort.
(Word count: 309)
Essay Analysis
This essay would likely score in the Band 6-7 range due to its:
Clear position: The writer agrees with the statement and maintains this position throughout the essay.
Logical structure: The essay has an introduction, body paragraphs discussing main points, and a conclusion.
Relevant ideas: The essay presents relevant arguments supporting the inclusion of financial education in schools.
Examples: Some examples are provided, although they could be more specific or developed.
Cohesion: Ideas generally flow from one to the next, with some use of linking words.
Vocabulary: The essay uses some topic-specific vocabulary, although the range is more limited compared to the Band 8-9 essay.
Grammar: The essay uses a mix of simple and complex sentences, with some errors that do not impede understanding.
Task response: The essay addresses the main parts of the task, although some ideas could be further developed.
Key Vocabulary for Financial Education Essays
Financial literacy (noun) – /faɪˈnænʃəl ˈlɪtərəsi/ – The possession of skills and knowledge that allows an individual to make informed and effective decisions with their financial resources.
Mandatory (adjective) – /ˈmændətɔːri/ – Required by law or rules; compulsory.
Curriculum (noun) – /kəˈrɪkjələm/ – The subjects comprising a course of study in a school or college.
Budgeting (noun) – /ˈbʌdʒɪtɪŋ/ – The process of creating a plan to spend your money.
Investing (verb) – /ɪnˈvestɪŋ/ – Putting money into financial schemes, shares, property, or a commercial venture with the expectation of achieving a profit.
Economic stability (noun phrase) – /ˌiːkəˈnɒmɪk stəˈbɪləti/ – A state in which an economy experiences minimal fluctuations in output growth and maintains low, stable inflation.
Cross-curricular (adjective) – /krɒs kəˈrɪkjələ(r)/ – Involving or relating to two or more academic subjects studied in combination.
Financial inequalities (noun phrase) – /faɪˈnænʃəl ˌɪnɪˈkwɒlətiz/ – Differences in economic wellbeing or opportunities between individuals or groups in society.
Debt trap (noun) – /det træp/ – A situation where an individual or entity is unable to repay debts and continues borrowing, often at high interest rates.
Retirement planning (noun phrase) – /rɪˈtaɪəmənt ˈplænɪŋ/ – The process of determining retirement income goals and the actions and decisions necessary to achieve those goals.
Conclusion
Financial education is a crucial topic that is likely to appear in various forms in IELTS Writing Task 2 questions. By understanding the key arguments for and against mandatory financial education in schools, you’ll be well-prepared to tackle such questions. Remember to clearly state your position, provide well-developed reasons and examples, and use a range of vocabulary and grammatical structures appropriate to your target band score.
To further improve your skills, try writing your own essay on this topic or related ones, such as:
- The role of parents vs. schools in teaching financial literacy
- The impact of financial education on national economic growth
- Challenges in implementing financial education programs in schools
Feel free to share your practice essays in the comments section below. This active practice will help you refine your writing skills and prepare effectively for the IELTS Writing Task 2.