Students Should be Taught How to Manage Money

Students Should be Taught How to Manage Money

Students Should be Taught How to Manage Money IELTS Essay

Some people think that students should be taught how to manage money in primary schools and secondary schools because it is an important life skill. Discuss both the views and give your opinion.

Give reasons for your answer and include any relevant examples from your own knowledge or experience. You should write at least 250 words.

Real IELTS Exam Question, Reported On:

India 10th November 2022

Students Should be Taught How to Manage Money IELTS Essay

Teaching young people about financial management proves to be one of the major challenges that parents face nowadays. That is why many academicians demand the introduction of financial literacy into the primary and secondary school curriculum. I completely agree with the statement and opine that personal finance is a crucial life skill that has to be taught in school.

One strong reason is that not all families manage to successfully inculcate a healthy financial habit in their children; after all, it is tough for parents to instill skills in their children they do not possess. A case in point is the 2019 T. Rowe Price Survey. It sheds light on the fact that more than 70% of parents admit they are reluctant about broaching the subject of finance with their offspring. Therefore, when children are not obtaining financial prowess at home, it goes without saying that it will adversely impact our future generations. This is why money management lessons in schools are of profound importance since parents are unequally equipped to inculcate a sound financial habit in their children. ieltsxpress

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Moreover, the best time to commence teaching the basics of financial literacy to children is during their childhood. At this age, children’s brains are like little sponges, learning and soaking in information from the stimuli surrounding them. In fact, they are impressionable and can learn promptly, and adopt good and bad habits that will last a lifetime. Take a study from the University of Cambridge for an example. It revealed that children who are equipped with financial education when they are young will be able to manage their finances as adults. Thus, from children all the way to adulthood, financial literacy drives to financial success.

To reiterate, the essay believes that children should be taught financial literacy from elementary school upwards because many parents cannot offer children sound financial sense, and childhood is the best time for learning it for future success. IELTSX press

IELTS Essay on Topic Money

Learning to spend money wisely is important for every adult. Some people suggest that money management lessons should be made compulsory for high school students. In my view, It is necessary to do so.

Like time management, financial management is also a core skill for success. Like time, money is a limited resource which people should learn to use more efficiently. Having the right attitude towards money can increase young people’s opportunities for success. For example, saving money for investment, education and charity purposes can make a difference to young adults and others in society. If students can learn to spend money on the right things and save it for the future, then they can make the most of it when they start earning.

Money management is necessary not only for success in life but also for avoiding potential problems in future. Some students spend all of their money on leisure and fun and do not understand the concept of saving and budgeting. ielts xpress

If they keep spending their money, they will possibly face a personal financial crisis when they grow up. Once entering into adulthood, they have to confront realities such as bills for phone, internet, rent and electricity. If they have no idea of budgeting for necessary life expenditures, they are likely to be in debt. In the worst scenarios, some young adults become thieves and robbers as they run out of money, and their parents cannot give them financial support anymore.

In conclusion, it is necessary for high school students to learn about money management and get ready for adult life. As a proverb goes, the fool and his money are soon parted.

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