Financial education and its role in economic stability is a topic that has gained significant traction in recent IELTS Writing Task 2 exams. Based on an analysis of past exam trends and current global economic discussions, this theme is likely to appear with increasing frequency in future tests. Let’s explore a relevant question that has appeared in recent IELTS exams:

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

This question directly addresses the role of financial education in promoting economic stability, making it an excellent example to analyze and practice with.

Analyzing the Question

The question presents two contrasting views on financial education in schools:

1. Schools should teach children money management
2. Financial education is not the responsibility of schools

To effectively answer this question, you need to:

• Discuss both perspectives
• Provide reasons and examples for each view
• Present your own opinion
• Ensure a balanced argument before concluding

Now, let’s look at two sample essays that address this question, one aiming for a Band 8 score and another for a Band 6 score.

Band 8 Sample Essay

Financial literacy is increasingly recognized as a crucial life skill, sparking debate about whether schools should incorporate money management into their curricula. While some argue that this responsibility lies outside the educational system, I believe that schools play a vital role in equipping students with financial knowledge for future stability.

Proponents of excluding financial education from schools often argue that parents should be responsible for teaching their children about money. They contend that family values and personal experiences with finances are best shared at home, where practical lessons can be tailored to individual circumstances. Additionally, some believe that schools are already overburdened with academic subjects and should focus on traditional disciplines rather than life skills.

However, I strongly support the inclusion of financial education in school curricula. Firstly, not all parents possess the knowledge or skills to effectively teach financial management, potentially perpetuating cycles of poor money habits. Schools can provide a standardized, comprehensive approach to financial literacy, ensuring all students have equal access to this critical knowledge. Moreover, integrating financial concepts into existing subjects like mathematics can enhance real-world application of academic skills, making learning more engaging and relevant.

Furthermore, early exposure to financial education can have long-lasting benefits for both individuals and society. Students who understand budgeting, saving, and investing are better prepared to make informed financial decisions as adults, reducing the likelihood of debt and financial stress. On a broader scale, a financially literate population contributes to economic stability by making sound financial choices, which can help prevent economic crises and promote sustainable growth.

In conclusion, while parents certainly have a role in shaping their children’s financial habits, I believe schools are uniquely positioned to provide comprehensive financial education. By equipping students with essential money management skills, educational institutions can contribute significantly to individual success and overall economic stability.

(Word count: 295)

Students learning about finance in a classroom

Band 6 Sample Essay

The question of whether schools should teach children about money management is a topic of much debate. Some people think it’s a good idea, while others believe it’s not the job of schools. In this essay, I will discuss both views and give my opinion.

On one hand, those who support teaching financial education in schools say it’s an important life skill. They argue that many young people leave school without knowing how to manage their money, which can lead to problems later in life. Schools can provide a structured way to learn about budgeting, saving, and investing, which not all parents might be able to teach at home.

On the other hand, opponents of this idea believe that schools should focus on traditional academic subjects. They say that the curriculum is already full and that adding financial education would take time away from important subjects like math, science, and literature. Some also think that it’s the responsibility of parents to teach their children about money, as it’s a personal matter.

In my opinion, I think schools should include some basic financial education. While parents have a role to play, not all of them have the knowledge or time to teach their children about money properly. Schools can ensure that all students have at least a basic understanding of financial concepts, which can help them make better decisions in the future.

To conclude, although there are arguments against it, I believe teaching financial management in schools is important for preparing students for adult life and could help promote economic stability in the long run.

(Word count: 262)

Explanation of Band Scores

Band 8 Essay Analysis

This essay demonstrates the qualities expected of a Band 8 response:

1. Task Achievement: The essay fully addresses all parts of the task, presenting a well-developed response with relevant, extended ideas.
2. Coherence and Cohesion: Ideas are logically organized with clear progression throughout. Paragraphs are well-linked, and cohesive devices are used effectively.
3. Lexical Resource: A wide range of vocabulary is used accurately and appropriately. Some less common phrases are used effectively (e.g., “perpetuating cycles”, “standardized, comprehensive approach”).
4. Grammatical Range and Accuracy: A wide range of structures is used flexibly and accurately. Complex sentences are frequent and error-free.

Band 6 Essay Analysis

This essay exhibits characteristics typical of a Band 6 response:

1. Task Achievement: The essay addresses all parts of the task, but some aspects are covered more thoroughly than others.
2. Coherence and Cohesion: There is a clear overall progression, but some paragraphs are better linked than others.
3. Lexical Resource: An adequate range of vocabulary is used appropriately, but lacks the sophistication seen in higher band scores.
4. Grammatical Range and Accuracy: A mix of simple and complex sentence forms is used, with generally good control, though a few errors are present.

Key Vocabulary to Remember

1. Financial literacy (n.) /faɪˈnænʃəl ˈlɪtərəsi/ – The ability to understand and effectively use various financial skills
2. Curricula (n.) /kəˈrɪkjələ/ – Plural of curriculum, the subjects comprising a course of study
3. Proponents (n.) /prəˈpəʊnənts/ – People who advocate for or support something
4. Perpetuating (v.) /pəˈpetʃueɪtɪŋ/ – Causing something to continue indefinitely
5. Standardized (adj.) /ˈstændədaɪzd/ – Made to conform to a standard
6. Comprehensive (adj.) /ˌkɒmprɪˈhensɪv/ – Including or dealing with all or nearly all elements or aspects of something
7. Integrating (v.) /ˈɪntɪɡreɪtɪŋ/ – Combining one thing with another so that they become a whole
8. Long-lasting (adj.) /lɒŋ ˈlɑːstɪŋ/ – Enduring or existing for a long time
9. Sustainable (adj.) /səˈsteɪnəbl/ – Able to be maintained at a certain rate or level
10. Uniquely positioned (phrase) /juːˈniːkli pəˈzɪʃənd/ – Having a special advantage or ability in a particular situation

In conclusion, the topic of financial education in schools and its impact on economic stability is likely to remain relevant in IELTS Writing Task 2. Future questions might explore related themes such as the role of technology in financial education, the impact of financial literacy on global economic crises, or the balance between academic and life skills in education.

To further improve your skills, try writing your own essay on this topic or related ones, such as “Should schools include financial education in their curricula?” or “How global events impact economic growth”. Share your essays in the comments section for feedback and discussion with fellow IELTS candidates. This active practice will help you refine your writing skills and prepare effectively for the IELTS Writing Task 2.