In recent years, the topic of financial literacy for children has gained significant traction in IELTS Writing Task 2 questions. This trend reflects the growing recognition of the importance of early financial education in our increasingly complex economic landscape. As an IELTS instructor, I’ve noticed a surge in questions related to this theme, and I predict it will continue to be a popular topic in future exams. Let’s explore a relevant question that has appeared in recent IELTS tests:

Some people believe that schools should teach children how to manage money. Others think that this is not the responsibility of schools. Discuss both views and give your own opinion.

Analyzing the Question

This question addresses the debate over whether financial literacy should be part of the school curriculum. It requires candidates to:

1. Discuss arguments for teaching financial management in schools
2. Present reasons why some believe it’s not a school’s responsibility
3. Provide a personal opinion on the matter

Let’s dive into a sample essay that would score in the Band 8-9 range, followed by an analysis of its structure and language use.

Band 8-9 Essay Sample

Financial literacy is increasingly recognized as a crucial life skill, yet there’s debate about whether it should be taught in schools. While some argue that financial education should be a core part of the curriculum, others believe it falls outside the realm of a school’s responsibilities. In my opinion, schools play a vital role in equipping students with financial knowledge, but this should be complemented by parental guidance.

Those in favor of teaching financial management in schools argue that it prepares students for real-world challenges. In today’s complex economic environment, understanding concepts like budgeting, saving, and investing is essential for future financial well-being. Schools, with their structured learning environments and qualified teachers, are well-positioned to provide this knowledge systematically. Moreover, integrating financial literacy into subjects like mathematics can make abstract concepts more practical and engaging for students.

On the other hand, opponents contend that financial education should primarily be the responsibility of parents. They argue that money management is a personal matter, influenced by family values and individual circumstances. Schools, they say, should focus on core academic subjects and leave practical life skills to be taught at home. Additionally, some worry that adding financial literacy to an already crowded curriculum might overburden students and teachers alike.

In my view, a collaborative approach between schools and parents is ideal. Schools can provide a foundation of financial knowledge, teaching universal principles and skills. This could include basic economics, understanding interest rates, and the fundamentals of personal budgeting. Parents, meanwhile, can contextualize this knowledge within the family’s specific financial situation, teaching children about real-world application through allowances or savings accounts.

In conclusion, while the debate continues, I believe that financial literacy is too important to be left to chance. Schools should take the lead in providing structured financial education, but this should be reinforced and personalized through parental guidance. This dual approach ensures that children receive comprehensive financial knowledge, preparing them for the economic realities of adult life.

(Word count: 309)

Financial literacy classroom

Analysis of the Band 8-9 Essay

Structure and Coherence

• The essay follows a clear four-paragraph structure: introduction, two body paragraphs discussing opposing views, and a conclusion with the writer’s opinion.
• Each paragraph is well-developed with a clear main idea and supporting points.
• Coherence is maintained through the use of linking words and phrases like “Moreover,” “On the other hand,” and “Additionally.”

Task Response

• The essay fully addresses all parts of the question, discussing both viewpoints and providing a personal opinion.
• The writer’s position is clear and consistent throughout the essay.

Lexical Resource

• A wide range of vocabulary is used accurately and appropriately, including topic-specific terms like “financial literacy,” “budgeting,” and “curriculum.”
• Collocations are used effectively, such as “complex economic environment” and “future financial well-being.”

Grammatical Range and Accuracy

• The essay demonstrates a variety of complex sentence structures.
• There is a good mix of simple, compound, and complex sentences.
• Grammar is used accurately throughout, with no noticeable errors.

Key Vocabulary for Financial Literacy Essays

1. Financial literacy (noun) /faɪˈnænʃəl ˈlɪtərəsi/: The ability to understand and effectively use various financial skills.

2. Budgeting (noun) /ˈbʌdʒɪtɪŋ/: The process of creating a plan to spend your money.

3. Curriculum (noun) /kəˈrɪkjələm/: The subjects comprising a course of study in a school or college.

4. Economic environment (noun phrase) /ˌiːkəˈnɒmɪk ɪnˈvaɪrənmənt/: The overall economic conditions in which businesses and individuals operate.

5. Personal finance (noun) /ˈpɜːsənl faɪˈnæns/: The management of an individual’s or family’s financial situation.

6. Financial well-being (noun phrase) /faɪˈnænʃəl wel-ˈbiːɪŋ/: A state of financial health and minimal stress related to money matters.

7. Investing (verb) /ɪnˈvestɪŋ/: Putting money into financial schemes, shares, property, or commercial ventures with the expectation of achieving a profit.

8. Allowance (noun) /əˈlaʊəns/: A sum of money paid regularly to a person, often by their parents.

9. Savings account (noun) /ˈseɪvɪŋz əˈkaʊnt/: A bank account that earns interest on the money held within it.

10. Financial management (noun) /faɪˈnænʃəl ˈmænɪdʒmənt/: The efficient and effective management of money in such a manner as to accomplish the objectives of the organization or individual.

Tips for Writing About Financial Literacy in IELTS

1. Use Specific Examples: When discussing the benefits of financial literacy, provide concrete examples such as understanding credit scores or managing student loans.

2. Balance Your Arguments: Ensure you give equal weight to both sides of the argument before presenting your opinion.

3. Use Financial Terminology: Incorporate relevant financial terms to demonstrate your understanding of the topic.

4. Link to Broader Societal Issues: Connect financial literacy to wider themes like economic stability or social equality to show depth of thought.

5. Consider Different Perspectives: Discuss how financial literacy might impact various groups differently (e.g., children from different socioeconomic backgrounds).

Conclusion

The Importance Of Financial Literacy For Children is a topic that resonates with many aspects of modern life, making it a recurring theme in IELTS Writing Task 2. To prepare for potential questions on this subject, practice writing essays on related topics such as:

• The role of technology in promoting financial literacy among youth
• The impact of early financial education on future economic success
• The balance between academic subjects and life skills in school curricula

Remember, the key to success in IELTS Writing is practice. Try writing your own essay on the question provided in this article and share it in the comments section. This active practice will help you refine your skills and prepare effectively for the IELTS exam.

For more insights on related topics, check out our articles on the importance of financial literacy in today’s society and how to promote financial literacy among teenagers.