Money management skills among young people have become an increasingly important topic in IELTS Writing Task 2. Based on analysis of past papers, questions about financial literacy and youth typically appear 2-3 times per year, making it a high-frequency subject. Let’s examine a recent IELTS question that highlights this critical issue.
Analyzing the Task Question
Many young people today lack basic money management skills. What are the reasons for this problem and how can it be solved?
This question follows a classic problem-solution format, requiring candidates to:
- Explain why young people struggle with financial management
- Propose practical solutions to address this issue
- Support arguments with relevant examples
Sample Essay 1 (Band 8.5)
Young people’s inability to manage their finances effectively has become a growing concern in modern society. This essay will analyze the root causes of this problem and suggest viable solutions.
The primary reasons why many youngsters struggle with money management are related to educational and societal factors. Firstly, most school curricula worldwide do not include comprehensive financial education. Students graduate with strong academic knowledge but lack practical skills in budgeting, investing, and understanding financial products. Secondly, the prevalence of digital payment systems and easy credit has created an environment where young people can spend money without physically handling it, making it harder to grasp the real value of money.
Students learning about personal finance in modern classroom
To address these challenges, several measures can be implemented. The most crucial solution is to integrate financial literacy programs into formal education from an early age. Schools should teach practical money management skills through real-world simulations and exercises. Additionally, parents should take an active role in teaching their children about money by involving them in household budgeting decisions and encouraging saving habits. Financial institutions could also contribute by offering youth-focused educational programs and user-friendly tools for managing money.
These solutions, if implemented systematically, would significantly improve young people’s financial capabilities and prepare them for a more secure financial future.
Sample Essay 2 (Band 6.5)
Nowadays, many young people don’t know how to manage their money well. This essay will discuss the causes and solutions for this problem.
The main reason is that schools don’t teach about money management. Students learn many subjects but they don’t learn how to save money or make budgets. Also, many parents don’t talk about money with their children because they think it’s not important or they feel uncomfortable.
I think there are some ways to solve this problem. First, schools should add money lessons to their teaching. They can teach students how to save money and use credit cards safely. Second, parents should show their children how to manage money at home. They can give children pocket money and teach them to save some of it.
To conclude, young people need better education about money both at school and at home. This will help them become more responsible with money in the future.
Analysis of Band Scores
Band 8.5 Essay Analysis
- Sophisticated vocabulary and complex structures
- Clear organization with well-developed ideas
- Strong cohesion throughout
- Relevant examples and explanations
- Natural academic style
Band 6.5 Essay Analysis
- Basic but clear vocabulary
- Simple sentence structures
- Some development of ideas
- Basic cohesion and organization
- Limited range of expressions
Key Vocabulary to Remember
- Financial literacy (n) /faɪˈnænʃəl ˈlɪtərəsi/ – ability to understand and manage money
- Curriculum (n) /kəˈrɪkjələm/ – course of study
- Budgeting (n) /ˈbʌdʒɪtɪŋ/ – planning how to spend money
- Digital payment systems (n) /ˈdɪdʒɪtl ˈpeɪmənt ˈsɪstəmz/ – electronic methods of paying
- Financial security (n) /faɪˈnænʃəl sɪˈkjʊərəti/ – stable financial situation
- Monetary value (n) /ˈmʌnɪtri ˈvæljuː/ – worth in terms of money
- Fiscal responsibility (n) /ˈfɪskəl rɪˌspɒnsəˈbɪləti/ – duty to manage money well
For practice, try writing your own essay on this topic and share it in the comments. Consider these alternative questions:
- How can technology help young people manage money better?
- Should financial education be mandatory in schools?
- What role should parents play in teaching children about money?
