Financial independence for young adults is a crucial topic that frequently appears in IELTS Writing Task 2 examinations. Based on analysis of past exam trends and current economic discussions, this theme is likely to remain prevalent in future tests. Let’s explore a real IELTS question on this subject and examine sample essays for different band scores.

Some people believe that teaching children the value of money and how to manage finances should be the responsibility of parents, while others think schools should include this in their curriculum. Discuss both views and give your opinion.

Analysis of the Question

This question addresses the debate on financial education for young people, specifically asking who should be responsible for teaching children about money management – parents or schools. It requires discussing both perspectives and providing a personal opinion.

Financial literacy education for young adults is indeed a critical skill that can significantly impact one’s future financial independence. Let’s examine three sample essays that approach this topic with varying levels of sophistication.

Sample Essay 1 (Band 8-9)

Financial literacy is undoubtedly a cornerstone of personal and professional success in today’s complex economic landscape. While some argue that parents should bear the primary responsibility for instilling financial acumen in their children, others contend that schools are better equipped to provide comprehensive financial education. In my opinion, a collaborative approach involving both parents and educational institutions would be most effective in ensuring young adults develop strong financial management skills.

Parents, as the primary influencers in a child’s life, play a crucial role in shaping attitudes towards money. They can provide practical, real-world experiences such as budgeting for family expenses, saving for goals, and making informed purchasing decisions. These lived experiences create a foundation for understanding the value of money and its responsible management. Moreover, parents can tailor financial lessons to their family’s specific circumstances, making the learning process more relevant and impactful.

However, schools offer a structured environment where financial literacy can be taught systematically and comprehensively. They can introduce complex financial concepts, economic theories, and practical skills like tax preparation and investment strategies that parents may not be equipped to teach. Furthermore, schools can ensure a standardized level of financial education for all students, regardless of their parents’ financial knowledge or background. This approach helps to level the playing field and provides equal opportunities for all young adults to develop financial independence.

A synergistic approach combining parental guidance and formal education would be ideal. Schools could provide the theoretical framework and standardized knowledge, while parents reinforce these lessons through practical application in daily life. This collaborative method ensures that young adults receive a well-rounded financial education, preparing them for the economic challenges and opportunities they will face in adulthood.

In conclusion, while both parents and schools have unique strengths in teaching financial literacy, a combined effort would be most beneficial. By leveraging the personal influence of parents and the structured curriculum of schools, we can create a generation of financially savvy young adults, well-prepared for economic independence and success.

(Word count: 309)

Young adults managing finances

Sample Essay 2 (Band 6-7)

The question of who should teach children about money management is important. Some people think parents should do it, while others believe schools should include it in their lessons. I think both parents and schools have a role to play in teaching children about money.

Parents are the first teachers in a child’s life. They can show their children how to use money in everyday situations, like shopping or saving for something special. Parents can also teach values about money based on their family’s beliefs. This personal approach can make learning about money more meaningful for children.

On the other hand, schools have trained teachers and can teach financial topics in a more organized way. They can cover things like how banks work, what taxes are, and basic investment ideas. Schools can make sure all students learn about money, even if their parents don’t know much about finance.

I believe the best way is for both parents and schools to teach children about money. Schools can teach the basics and theory, while parents can show how to use this knowledge in real life. This way, children get a complete understanding of how to manage money.

In conclusion, teaching children about money is very important for their future. By combining lessons from both parents and schools, children can learn to be responsible with money and become financially independent adults.

(Word count: 234)

Sample Essay 3 (Band 5-6)

Money is important for everyone, and children need to learn about it. Some people say parents should teach children about money, but others think schools should do it. I think both are important for teaching children about money.

Parents can teach children about money at home. They can show how to save money and spend it wisely. For example, parents can give children pocket money and help them plan how to use it. This is good because children can see how money works in real life.

Schools are also good for teaching about money. Teachers can explain things like bank accounts and how to make a budget. Schools can make sure all children learn the same things about money, which is fair for everyone.

I think it’s best if parents and schools both teach children about money. Schools can teach the basics, and parents can show how to use money in daily life. This way, children learn a lot about money from different places.

In conclusion, learning about money is very important for children. When parents and schools work together to teach about money, children can learn well and be ready to use money wisely when they grow up.

(Word count: 192)

Explanation of Band Scores

Band 8-9 Essay:

• Task Response: Fully addresses all parts of the task with a well-developed response.
• Coherence and Cohesion: Ideas are logically organized with clear progression throughout.
• Lexical Resource: Wide range of vocabulary used with flexibility and precision.
• Grammatical Range and Accuracy: Wide range of structures with full flexibility and accuracy.

Band 6-7 Essay:

• Task Response: Addresses all parts of the task, though some aspects are more fully covered than others.
• Coherence and Cohesion: Information and ideas are generally well organized with clear overall progression.
• Lexical Resource: Sufficient range of vocabulary for the task, with some attempts at less common words.
• Grammatical Range and Accuracy: Mix of simple and complex sentence forms with good control and few errors.

Band 5-6 Essay:

• Task Response: Addresses the task only partially, with limited development of ideas.
• Coherence and Cohesion: Information and ideas are organized coherently, but overall progression may not always be clear.
• Lexical Resource: Limited range of vocabulary, adequate for basic communication.
• Grammatical Range and Accuracy: Limited range of structures with some attempts at complex sentences, though errors occur.

Importance of financial education for financial independence is clearly demonstrated in these essays, with higher band scores showing more sophisticated analysis and language use.

Key Vocabulary to Remember

1. Financial literacy (noun) /faɪˈnænʃəl ˈlɪtərəsi/ – The ability to understand and effectively use various financial skills
2. Budgeting (verb) /ˈbʌdʒɪtɪŋ/ – The process of creating a plan to spend your money
3. Economic landscape (noun phrase) /ˌiːkəˈnɒmɪk ˈlændskeɪp/ – The overall economic environment or situation
4. Financial acumen (noun phrase) /faɪˈnænʃəl əˈkjuːmən/ – The ability to make good judgments and quick decisions in finance
5. Synergistic approach (noun phrase) /ˌsɪnəˈdʒɪstɪk əˈprəʊtʃ/ – A method where different elements work together to produce a better overall effect
6. Investment strategies (noun phrase) /ɪnˈvestmənt ˈstrætədʒiz/ – Plans for allocating investment capital to maximize returns
7. Economic challenges (noun phrase) /ˌiːkəˈnɒmɪk ˈtʃælɪndʒɪz/ – Difficult economic conditions or problems that need to be overcome
8. Financially savvy (adjective phrase) /faɪˈnænʃəli ˈsævi/ – Having practical knowledge and understanding of finance

Students learning about finance in classroom

Conclusion

The Importance Of Financial Independence For Young Adults is a topic that resonates across cultures and is likely to remain relevant in IELTS Writing Task 2. As demonstrated in the sample essays, this subject can be approached from various angles, discussing the roles of parents, schools, and society in fostering financial literacy.

For further practice, consider writing essays on related topics such as:

1. The impact of early financial education on career choices
2. The role of technology in promoting financial literacy among young adults
3. Should students learn practical life skills in school, including financial management?
4. The long-term economic benefits of financial education for society

Teenage employment in summer could also be an interesting angle to explore, as it relates to practical financial experience for young adults.

To improve your IELTS Writing skills, try crafting your own essay on this topic and share it in the comments section. This active practice will help you internalize the structures and vocabulary needed for a high-scoring IELTS essay.