Understanding taxes is a crucial aspect of financial planning, and this topic has been increasingly prevalent in IELTS Writing Task 2 questions. Based on recent exam trends and expert predictions, we can expect to see more questions related to taxation and its impact on personal finance in future IELTS tests. Let’s examine a relevant question that has appeared in past exams and create sample essays to help you prepare effectively.

Some people believe that teaching children about managing money and taxes should be the responsibility of parents, while others think schools should include these topics in their curriculum. Discuss both views and give your own opinion.

Analyzing the Question

This question touches on the broader theme of financial education, specifically focusing on teaching children about money management and taxes. It presents two contrasting views: parental responsibility versus school-based education. To answer this effectively, you need to:

1. Discuss arguments for parental responsibility
2. Explore reasons for including these topics in school curricula
3. Present your own opinion with supporting arguments

Now, let’s look at sample essays for different band scores.

Sample Essay 1 (Band 8-9)

Financial literacy, including understanding money management and taxation, is an essential life skill that has sparked debate regarding the most effective way to impart this knowledge to children. While some argue that parents should bear the primary responsibility for teaching these concepts, others contend that schools should incorporate them into their curricula. In my opinion, a collaborative approach involving both parents and educational institutions would yield the best results.

Those who advocate for parental responsibility in teaching financial concepts argue that parents are best positioned to provide personalized guidance based on their family’s unique financial situation. Parents can offer practical, real-world examples and hands-on experiences that are directly relevant to their children’s lives. Moreover, financial discussions at home can help foster open communication about money matters within the family, potentially leading to better financial habits in the long run.

On the other hand, proponents of school-based financial education emphasize the importance of a structured, comprehensive approach to teaching these vital skills. Schools can ensure that all children, regardless of their parents’ financial literacy levels, receive a standardized education in money management and taxation. This approach can help level the playing field and promote equal opportunities for financial success. Additionally, schools can bring in financial experts and utilize diverse teaching methods to make complex concepts more accessible to students.

In my view, the most effective solution lies in combining both approaches. Parents can provide the foundation and context for financial education, while schools can offer a more formal, structured curriculum. This collaborative effort would ensure that children receive a well-rounded financial education, benefiting from both the personalized guidance of their parents and the comprehensive, expert-led instruction in schools.

To conclude, while both parents and schools have valuable roles to play in teaching children about money management and taxes, a synergistic approach that leverages the strengths of both would be most beneficial. By working together, parents and educational institutions can equip the next generation with the financial knowledge and skills necessary to navigate an increasingly complex economic landscape.

Students learning about taxes and financial planning in classroom

Sample Essay 2 (Band 6-7)

In today’s world, understanding money and taxes is very important. Some people think parents should teach these things to their children, while others believe schools should do it. I will discuss both sides and give my opinion.

There are good reasons why parents should teach their children about money and taxes. Firstly, parents know their family’s financial situation best. They can give real examples from daily life that children can easily understand. Also, talking about money at home can help children feel more comfortable with financial topics as they grow up.

However, there are also strong arguments for schools teaching these subjects. Schools can make sure all children learn about money and taxes, even if their parents don’t know much about these topics. Teachers can use special methods to explain difficult ideas in ways that are easy for children to understand. Schools can also invite experts to talk to students about finance.

In my opinion, both parents and schools should work together to teach children about money and taxes. Parents can start teaching basic ideas at home, and schools can give more detailed lessons. This way, children can learn from both their family experiences and from experts at school.

To conclude, I think the best way to teach children about money and taxes is to combine efforts from both parents and schools. This will help children become more financially responsible and prepared for their future.

Parents explaining finances to their children at home

Sample Essay 3 (Band 5-6)

Money and taxes are important things to learn. Some people say parents should teach kids about this, but others think schools should do it. I will talk about both ideas and give my thoughts.

Parents can teach their children about money at home. They can show kids how to save money and explain why we pay taxes. This is good because kids can see how their family uses money. But some parents might not know much about money themselves, so they can’t teach well.

Schools can also teach about money and taxes. Teachers can give lessons to all students, so everyone learns the same things. Schools can make the lessons interesting and use computers to help explain. But sometimes schools have too many other subjects to teach and might not have time for money lessons.

I think both parents and schools should teach kids about money and taxes. Parents can start at home, and schools can teach more. This way, children can learn from different people and understand better.

In conclusion, teaching about money and taxes is important for children. It’s best if parents and schools work together to help kids learn these important things.

Explanation of Band Scores

Band 8-9 Essay:

• Fully addresses all parts of the task with well-developed ideas
• Presents a clear position throughout the response
• Uses a wide range of vocabulary with very natural and sophisticated control
• Uses a wide range of structures with full flexibility and accuracy
• Demonstrates cohesion and coherence throughout

Band 6-7 Essay:

• Addresses all parts of the task, though some parts may be more fully covered than others
• Presents a relevant position, though the conclusions may become unclear or repetitive
• Uses an adequate range of vocabulary for the task, with some errors in word choice
• Uses a mix of simple and complex sentence forms
• Has adequate paragraph organization, but may lack overall coherence

Band 5-6 Essay:

• Addresses the task only partially, with limited idea development
• Expresses a position but the development is not always clear
• Uses limited range of vocabulary, with noticeable errors that may cause some difficulty for the reader
• Uses only a limited range of structures, with some errors that may impede communication
• Presents information with some organization but there may be a lack of overall progression

Key Vocabulary to Remember

1. Financial literacy (noun) – /faɪˈnænʃəl ˈlɪtərəsi/ – The ability to understand and effectively use various financial skills
2. Curriculum (noun) – /kəˈrɪkjələm/ – The subjects comprising a course of study in a school or college
3. Collaborative approach (noun phrase) – /kəˈlæbərətɪv əˈprəʊtʃ/ – A method of working together to achieve a common goal
4. Synergistic (adjective) – /ˌsɪnəˈdʒɪstɪk/ – Interacting or cooperating to produce a combined effect greater than the sum of their separate effects
5. Personalized guidance (noun phrase) – /ˈpɜːrsənəlaɪzd ˈɡaɪdəns/ – Advice or direction tailored to an individual’s specific needs or situation
6. Comprehensive (adjective) – /ˌkɒmprɪˈhensɪv/ – Including or dealing with all or nearly all elements or aspects of something
7. Standardized education (noun phrase) – /ˈstændədaɪzd ˌedʒuˈkeɪʃn/ – A system of instruction that follows a set curriculum and teaching methods
8. Financial experts (noun phrase) – /faɪˈnænʃəl ˈekspɜːts/ – Professionals with specialized knowledge in financial matters
9. Well-rounded (adjective) – /ˌwel ˈraʊndɪd/ – Having a personality that is fully developed in all aspects
10. Economic landscape (noun phrase) – /ˌiːkəˈnɒmɪk ˈlændskeɪp/ – The overall economic environment or situation

In conclusion, understanding taxes and their role in financial planning is a crucial skill that is likely to be tested in future IELTS Writing Task 2 exams. To prepare effectively, practice writing essays on related topics such as:

• The impact of taxation on small businesses
• The role of tax education in promoting civic responsibility
• The benefits and drawbacks of different taxation systems

Remember to structure your essays clearly, use a range of vocabulary and grammatical structures, and support your arguments with relevant examples. Feel free to practice writing an essay on the given topic and share it in the comments section for feedback and discussion. This active practice will help you improve your writing skills and prepare you for success in the IELTS exam.

Why financial education is crucial for young people emphasizes the importance of early financial literacy, which aligns closely with the topic discussed in this essay. Understanding taxes is a key component of financial education that can significantly impact one’s future financial well-being.

Additionally, why financial planning is important for families highlights how proper financial management, including tax planning, can contribute to a family’s overall financial stability and success. This relates to the argument in our essay about parents playing a crucial role in teaching children about money management and taxes.

Financial advisor explaining tax concepts to a client

Lastly, the role of financial advisors in investment decisions underscores the importance of expert guidance in financial matters, which can include tax planning and its impact on investments. This supports the idea presented in our essay about the value of having financial experts contribute to financial education in schools.