Mastering IELTS Writing Task 2: Sample Essays and Analysis on Choosing the Right Savings Account Interest

Choosing The Right Savings Account Interest is a topic that occasionally appears in IELTS Writing Task 2 exams. While not as common as some other subjects, it falls under the broader category of personal finance and economic decision-making, which are recurring themes in IELTS essays. Based on past exam trends and the increasing focus on financial literacy, we can expect this topic to maintain its relevance in future tests. Let’s examine a sample question that aligns closely with this theme:

Some people believe that young adults should be taught how to manage their money and choose the right savings accounts with good interest rates. Others think schools should focus on academic subjects only. Discuss both views and give your opinion.

Analyzing the Question

This question requires candidates to:

1. Discuss the view that young adults should be taught financial management skills, including choosing savings accounts with good interest rates.
2. Present the opposing view that schools should focus solely on academic subjects.
3. Provide their personal opinion on the matter.

The essay should be balanced, addressing both perspectives before concluding with a well-reasoned personal stance.

Sample Essay 1 (Band 8-9)

Financial literacy, including the ability to manage money and select appropriate savings accounts, is increasingly recognized as a crucial life skill. While some argue that these practical skills should be taught to young adults, others maintain that schools should concentrate exclusively on traditional academic subjects. In my opinion, a balanced approach that incorporates both financial education and core academic learning is essential for preparing students for their future.

Proponents of financial education in schools argue that it equips young people with vital real-world skills. In an era of complex financial products and services, understanding how to manage personal finances, including choosing savings accounts with favorable interest rates, can significantly impact an individual’s long-term financial well-being. For instance, a young adult who understands compound interest and can compare different savings options is more likely to make informed decisions that lead to greater financial security in the future. Moreover, early financial education can help prevent common pitfalls such as excessive debt or inadequate retirement savings.

On the other hand, those who advocate for a focus on purely academic subjects contend that schools have limited time and resources. They argue that the primary role of education is to develop core competencies in areas such as mathematics, sciences, and languages, which form the foundation for further learning and career development. From this perspective, financial skills are seen as specialized knowledge that can be acquired later in life or through other channels, such as family guidance or self-study.

In my view, the ideal approach is to integrate financial education into the existing curriculum without compromising on core academic subjects. This could be achieved by incorporating practical financial examples into mathematics lessons, discussing economic principles in social studies, or offering elective courses on personal finance. By doing so, schools can ensure that students graduate with both a strong academic foundation and the practical skills needed to navigate their financial futures. This balanced approach would better prepare young adults for the complexities of modern life, where financial decisions often have far-reaching consequences.

In conclusion, while the debate between financial education and traditional academics presents valid points on both sides, I believe that a combined approach offers the best outcome. By equipping students with both academic knowledge and practical financial skills, including the ability to choose appropriate savings accounts, we can ensure that they are well-prepared for the challenges and opportunities that await them in adulthood.

Young adults learning about savings accounts

Explanation of Band 8-9 Score

This essay would likely receive a Band 8-9 score for the following reasons:

1. Task Response: The essay fully addresses all parts of the task, discussing both views and clearly presenting a personal opinion. It provides well-developed ideas and relevant examples.

2. Coherence and Cohesion: The essay is logically organized with clear progression throughout. It uses a range of cohesive devices effectively, such as “For instance,” “Moreover,” and “On the other hand.”

3. Lexical Resource: The essay demonstrates a wide range of vocabulary used with full flexibility and precision. Examples include “financial literacy,” “compound interest,” and “excessive debt.”

4. Grammatical Range and Accuracy: The essay uses a wide range of structures with full flexibility and accuracy. It includes complex sentences and shows consistent control of grammar and punctuation.

Sample Essay 2 (Band 6-7)

In today’s world, many people think it’s important to teach young adults about managing money and choosing good savings accounts. However, others believe schools should only focus on regular subjects. This essay will discuss both views and give my opinion.

Those who support teaching financial skills say it’s very useful for young people’s future. When students learn how to manage money and pick savings accounts with good interest rates, they can make better decisions about their finances later in life. This knowledge can help them save more money and avoid problems like too much debt. Also, understanding interest rates can help them make smarter choices about where to keep their money.

On the other hand, some people think schools should stick to traditional subjects like math, science, and languages. They believe these subjects are more important for students’ education and future careers. They might say that financial skills can be learned from parents or through experience, and that school time is limited and should be used for academic learning only.

In my opinion, I think schools should teach both academic subjects and practical financial skills. While it’s important to learn the basics like math and science, knowing how to manage money is also crucial for life. Schools could include lessons about savings and interest rates in math classes or have special classes about personal finance. This way, students can learn both types of important knowledge.

To conclude, although there are different views on this topic, I believe a mix of academic and financial education is best for young adults. By learning both, students will be better prepared for their future and can make smarter decisions about their money, including choosing the right savings accounts.

Students analyzing savings account options

Explanation of Band 6-7 Score

This essay would likely receive a Band 6-7 score for the following reasons:

1. Task Response: The essay addresses all parts of the task, presenting both views and offering a personal opinion. However, the ideas could be more fully developed with more specific examples.

2. Coherence and Cohesion: The essay is generally well-organized with clear paragraphing. It uses some cohesive devices, but they are not always used with full control.

3. Lexical Resource: The vocabulary is adequate for the task, with some attempts at more sophisticated words. However, the range is not as wide as in the Band 8-9 essay, and there is less precision in word choice.

4. Grammatical Range and Accuracy: The essay uses a mix of simple and complex sentence structures. There are some errors, but they do not impede communication. The range of structures is more limited compared to the Band 8-9 essay.

Key Vocabulary to Remember

1. Financial literacy (noun) – /faɪˈnænʃəl ˈlɪtərəsi/ – The ability to understand and effectively use various financial skills
2. Compound interest (noun) – /ˈkɒmpaʊnd ˈɪntrəst/ – Interest calculated on the initial principal and the accumulated interest from previous periods
3. Long-term financial well-being (noun phrase) – /lɒŋ tɜːm faɪˈnænʃəl wel-ˈbiːɪŋ/ – The state of being financially secure over an extended period
4. Excessive debt (noun phrase) – /ɪkˈsesɪv det/ – An amount of debt that is more than what can be reasonably managed
5. Core competencies (noun phrase) – /kɔː kəmˈpiːtənsiz/ – The fundamental knowledge or expertise in a specific area
6. Elective courses (noun phrase) – /ɪˈlektɪv kɔːsɪz/ – Optional classes that students can choose to take
7. Far-reaching consequences (adjective + noun) – /fɑː riːtʃɪŋ ˈkɒnsɪkwənsɪz/ – Effects or results that have a significant and wide-ranging impact
8. Financial products (noun phrase) – /faɪˈnænʃəl ˈprɒdʌkts/ – Services offered by banks and other financial institutions, such as savings accounts, loans, and investments

In conclusion, the topic of choosing the right savings account interest, within the broader context of financial education, is a relevant and potentially recurring theme in IELTS Writing Task 2. Future exam takers should be prepared to discuss various aspects of financial literacy, including the importance of understanding interest rates, the role of schools in teaching practical financial skills, and the balance between academic and real-world education.

To practice further, consider writing your own essay on this topic or related themes such as:

1. The role of technology in personal finance management
2. The importance of financial education for different age groups
3. The impact of interest rates on national and personal economies

We encourage you to share your practice essays in the comments section below. This active engagement will help you improve your writing skills and prepare effectively for the IELTS Writing Task 2.