Credit and financial management has become an increasingly common topic in IELTS Writing Task 2, appearing in roughly 15% of tests between 2020-2023. Understanding importance of credit monitoring for loan approvals is crucial for test-takers, as questions often explore personal finance themes.
Recent IELTS Question Example
Some people believe that monitoring personal credit scores and financial health should be taught in schools. To what extent do you agree or disagree with this statement?
Question Analysis
- Topic: Financial education in schools
- Task: Agree/Disagree
- Key points to address:
- Importance of credit monitoring
- Role of schools in financial education
- Benefits/drawbacks of early financial education
- Current financial literacy levels
Sample Essay 1 (Band 8)
Financial literacy has become increasingly vital in today’s complex economic landscape, and I strongly agree that schools should incorporate credit monitoring and financial health education into their curriculum. This integration would provide students with essential life skills that many currently lack.
Firstly, understanding credit scores and financial health is crucial for making informed decisions in adulthood. When students learn these concepts early, they develop better money management habits and avoid common pitfalls that could damage their credit. Much like why financial planning is important for families, early education in credit monitoring helps create a foundation for long-term financial stability.
Moreover, school-based financial education can bridge the knowledge gap that exists in many households. Not all parents possess the expertise to teach their children about credit monitoring and financial management. By incorporating these topics into formal education, schools ensure that all students have equal access to this vital knowledge, regardless of their background.
However, implementation must be thoughtful and age-appropriate. Complex financial concepts should be introduced gradually, starting with basic budgeting in primary school and progressing to credit monitoring and investment strategies in secondary education. This systematic approach would help students build a comprehensive understanding of financial health.
In conclusion, teaching credit monitoring and financial health in schools is essential for preparing students for their financial futures. This knowledge empowers them to make informed decisions and maintain healthy credit scores, ultimately contributing to their overall financial well-being.
Students engaged in financial literacy education
Sample Essay 2 (Band 6.5)
I agree that schools should teach about credit scores and financial health because it is important for students’ future. There are several reasons why this education is necessary.
First, many young people don’t know about managing money and credit scores. When they finish school, they make mistakes with money because they never learned about it. This causes problems when they want to buy houses or cars later.
Also, learning about financial health in school is good because teachers can explain it properly. Some parents don’t know enough about finance to teach their children. Schools can make sure everyone learns the same important information.
However, some people think schools already have too many subjects to teach. They say parents should teach children about money at home. But I think financial education is too important to leave out of schools.
In conclusion, I believe teaching credit monitoring in schools would help students be more successful in life. It would give them knowledge they need for their future. Schools should definitely include this in their teaching.
Essay Analysis
Band 8 Essay Features:
- Sophisticated vocabulary: “complex economic landscape”, “informed decisions”
- Clear structure with well-developed arguments
- Cohesive devices used effectively
- Balanced perspective with implementation considerations
- Complex sentence structures
Band 6.5 Essay Features:
- Basic but clear arguments
- Simple but accurate vocabulary
- Less sophisticated structure
- Some repetition
- Limited use of complex sentences
Key Vocabulary
-
Financial literacy (n) /faɪˈnænʃəl ˈlɪtərəsi/
- Definition: The ability to understand and effectively use financial skills
-
Credit monitoring (n) /ˈkredɪt ˈmɒnɪtərɪŋ/
- Definition: The process of reviewing and tracking one’s credit information
-
Curriculum (n) /kəˈrɪkjʊləm/
- Definition: The subjects comprising a course of study
-
Financial health (n) /faɪˈnænʃəl helθ/
- Definition: The state of one’s personal financial situation
-
Implementation (n) /ˌɪmplɪmenˈteɪʃən/
- Definition: The process of putting a plan into action
Practice Suggestions
Consider writing essays on these related topics:
- Should financial education be mandatory in universities?
- How can digital technology improve personal financial management?
- What role should governments play in promoting financial literacy?
Share your practice essays in the comments section for feedback and discussion with fellow learners.
