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Nowadays young people lack an understanding of how to manage their finances after they finish high school. Explain why they do not know how to manage money and how this can be changed.
Band 8 IELTS Essay Sample
Many young people do not have a basic understanding of financial management when they leave school. This lack of knowledge is primarily due to the upbringing and limited education at school.
One main reason is that the young people are dependent on their parents and they get everything for free until secondary education. Parents always want their children to be happy and successful and in order to achieve that they hide the financial pressure and provide them with sufficient money. The second reason is the curriculum at school. Subjects such as mathematics, science or languages included in the syllabus do not teach real life skills. As a result, both parents and teachers fail to prepare their children for the real world.
This is indeed a cause for concern but fortunately, there are some solutions. Parents should consider giving children a certain amount of money every month and insist that it should last them a whole month. This will encourage the child to monitor their spending habits. As the child grows, they should teach them how household expenses are managed and also involve them in decision making. Apart from these, they can give the child the responsibility of running the household for a day or two.
Secondly, the school authorities ought to include the subject on life management skills in the final year of the curriculum. This will help a student to learn how their finances need to be budgeted and managed.
In conclusion, it is crucial for young people to learn financial management skills apart from the regular course and both parents and teachers play a vital role in achieving this by equipping them with the right knowledge.