Financial planning is a crucial life skill that has been gaining increasing attention in recent years. This topic has become more prevalent in IELTS Writing Task 2 questions, reflecting its growing importance in today’s society. Based on past trends and current relevance, it’s highly likely that questions related to financial planning, especially for young people, will continue to appear in future IELTS exams. Let’s examine a specific question that has appeared in recent IELTS tests and explore how to approach it effectively.
Some people believe that teaching children how to manage money should be the responsibility of parents, while others think schools should include financial planning in their curriculum. Discuss both views and give your opinion.
Analyzing the Question
This question falls under the “discuss both views and give your opinion” category. It requires candidates to:
- Explain why some people think parents should teach financial management
- Discuss the viewpoint that schools should include financial planning in their curriculum
- Provide a personal opinion on the matter
The key challenge here is to present balanced arguments for both sides while clearly stating your own stance.
Sample Essay 1 (Band 8-9)
Financial literacy is an essential skill in today’s complex economic landscape. While there is debate about who should be responsible for imparting this knowledge to children, I believe that both parents and schools have crucial roles to play in this regard.
Those who advocate for parental responsibility in teaching financial management have several valid points. Parents are often the first and most influential teachers in a child’s life. They can provide practical, real-world examples of budgeting, saving, and spending within the family context. Moreover, parents can tailor their teachings to their child’s specific needs and circumstances, offering personalized guidance that schools might not be able to provide. This approach allows for continuous, informal learning that can be integrated into daily life.
On the other hand, proponents of including financial planning in school curricula argue that this ensures all children receive a standardized, comprehensive education on the subject. Schools can offer structured lessons on complex financial concepts such as compound interest, investment strategies, and long-term planning, which some parents may not be equipped to teach. Furthermore, incorporating financial education into schools helps to level the playing field for children whose parents may lack financial literacy themselves or the time to teach these skills effectively.
In my opinion, the most effective approach is a collaborative effort between parents and schools. While parents can provide the foundation and practical application of financial skills at home, schools can complement this with formal instruction and a broader perspective on financial systems and strategies. This dual approach ensures that children receive a well-rounded financial education, combining practical experience with theoretical knowledge.
To implement this successfully, schools could introduce age-appropriate financial literacy programs, starting with basic concepts in primary school and progressing to more complex topics in secondary education. Simultaneously, parents should be encouraged and supported in reinforcing these lessons at home through regular discussions about money management and involving children in household financial decisions where appropriate.
In conclusion, the responsibility for teaching children about financial management should be shared between parents and schools. This collaborative approach will best equip young people with the comprehensive financial knowledge and skills they need to navigate the economic challenges of adulthood successfully.
(Word count: 339)
Sample Essay 2 (Band 6-7)
In today’s world, knowing how to manage money is very important. Some people think parents should teach their children about money, while others believe schools should do this. I think both have good points, but schools might be better for this job.
Parents who want to teach their kids about money have some good reasons. They know their children best and can teach them in ways that suit them. Parents can show their kids how to save money or spend it wisely when they go shopping together. This kind of learning can happen naturally at home.
However, schools teaching financial planning also makes sense. Teachers are trained to explain complex ideas, and they can teach all students the same important information about money. This is good because not all parents know enough about money to teach their children well. Schools can also use special lessons and activities to make learning about money interesting for kids.
I believe schools are probably better for teaching financial planning. They can make sure all children learn the same important things about money, no matter what their parents know. Schools can also bring in experts to talk about money, which most parents can’t do. Also, learning about money with friends in school can be more fun and memorable for kids.
If schools teach financial planning, they should start when children are young and keep teaching more as they grow older. They could have special classes about money or include money lessons in math or social studies classes. This way, all children will learn how to manage money well before they become adults.
In conclusion, while parents can help, I think schools are better suited to teach children about financial planning. This will help make sure all young people know how to handle money when they grow up.
(Word count: 295)
Sample Essay 3 (Band 5-6)
Money is important in life, and people need to know how to use it well. Some think parents should teach kids about money, but others say schools should do it. I will talk about both ideas and give my opinion.
Parents teaching about money is good because they know their children well. They can show kids how to save money and spend it carefully. For example, parents can let children help with shopping and explain prices. This helps kids learn about money in real life.
But schools teaching about money is also good. Teachers know how to explain things well, and they can teach all students the same things about money. This is helpful because some parents might not know much about money themselves. Schools can also make special lessons about money that are fun for kids.
I think both parents and schools should teach children about money. Parents can show kids how to use money at home, and schools can teach more difficult things about money. This way, children can learn a lot about managing money.
If schools teach about money, they should start when kids are young. They can teach easy things first, like saving pocket money. Then, as children get older, they can learn harder things like how banks work. This will help them be ready to use money well when they grow up.
In the end, I believe parents and schools should work together to teach children about money. This will give kids the best chance to be good with money in the future.
(Word count: 249)
Explanation of Band Scores
Band 8-9 Essay:
- Task Achievement: 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 used accurately and appropriately.
Band 6-7 Essay:
- Task Achievement: 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 Achievement: Addresses the task, but the format may be inappropriate in places.
- Coherence and Cohesion: Information and ideas are arranged coherently, but there may be a lack of overall progression.
- Lexical Resource: Adequate vocabulary for the task, but limited range and some errors in word choice.
- Grammatical Range and Accuracy: Limited range of structures with some attempt at complex sentences, but errors occur.
Key Vocabulary to Remember
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Financial literacy (noun) /faɪˈnænʃəl ˈlɪtərəsi/ – The ability to understand and effectively use various financial skills.
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Curriculum (noun) /kəˈrɪkjələm/ – The subjects comprising a course of study in a school or college.
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Collaborative effort (noun phrase) /kəˈlæbərətɪv ˈefərt/ – Work done by two or more parties towards a common goal.
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Compound interest (noun) /ˈkɒmpaʊnd ˈɪntrəst/ – Interest calculated on the initial principal and accumulated interest of previous periods.
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Age-appropriate (adjective) /eɪdʒ əˈprəʊpriət/ – Suitable for a particular age or age group.
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Financial systems (noun phrase) /faɪˈnænʃəl ˈsɪstəmz/ – The set of institutions, instruments, and procedures used to facilitate financial transactions.
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Economic challenges (noun phrase) /ˌiːkəˈnɒmɪk ˈtʃælɪndʒɪz/ – Difficulties or problems related to the economy or financial matters.
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Budgeting (noun) /ˈbʌdʒɪtɪŋ/ – The process of creating a plan to spend your money.
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Investment strategies (noun phrase) /ɪnˈvestmənt ˈstrætədʒiz/ – Plans or methods for investing money to achieve financial goals.
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Financial decision-making (noun phrase) /faɪˈnænʃəl dɪˈsɪʒən ˌmeɪkɪŋ/ – The process of making choices about money management and investments.
The importance of financial literacy for young adults cannot be overstated in today’s complex economic environment. As we’ve explored in this article, developing strong financial planning skills early in life is crucial for long-term financial success and stability.
In conclusion, the topic of financial planning education for young people is likely to remain relevant in IELTS Writing Task 2. Candidates should be prepared to discuss various aspects of this issue, including the roles of parents, schools, and society in promoting financial literacy. To practice, try writing your own essay on this topic or related ones, such as:
- The impact of early financial education on future economic success
- The role of technology in teaching financial management to young people
- The importance of financial planning skills in an increasingly globalized economy
Remember to structure your essay clearly, use a range of vocabulary and grammatical structures, and support your arguments with relevant examples. Feel free to share your practice essays in the comments section for feedback and discussion with other learners.
Should students be taught how to manage personal finances is a question that continues to spark debate among educators and policymakers. As you prepare for your IELTS exam, consider how you would approach this topic and others related to financial education. Good luck with your studies and remember that consistent practice is key to improving your writing skills!