Essay 260 – Students should be taught how to manage money

GT Writing Task 2 / Essay Sample # 260

You should spend about 40 minutes on this task.

Write about the following topic:

Some people think that students in primary schools and secondary schools should be taught how to manage money because it is an important life skill.

Discuss both views and give your own opinion.

Give reasons for your answer and include any relevant examples from your own knowledge or experience.

Write at least 250 words.


Model Answer:

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 instil 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.

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.

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