IELTS essay: Parents should teach children about money

Essay prompt

Parents should teach children about the importance of money. Do you agree or disagree. Give your own reasons and include examples from your knowledge and experience.

Sample response

There is no denying the fact that money plays a crucial role in our lives. Children are too young to fully understand the value of money or its significance in our lives. However, it still makes sense for parents to make them money wise from an early age.

Habits learned during childhood will stay with them for the rest of their lives. So, if parents can teach children how important it is for them to use their money wisely, they will become responsible spenders as they grow up.

Money may or may not be the root cause of all evil, but the truth is that we can’t live without money. Little children ask for just about everything they see. They don’t understand the financial difficulties involved in obtaining the objects of their fancy. They don’t understand the hard work their parents put in to earn the money necessary to provide them a comfortable living. By teaching children about the importance of money, parents can foster a sense of appreciation in them.

Parents can teach the importance of money in several ways. They can take the children along when they go shopping. This simple act teaches them that if they need something, they have to pay for it. Parents can cultivate saving habits in their children by gifting them a piggy bank where they can deposit their pocket money. Giving children monetary rewards for doing simple tasks around the house is another way of making them money wise. For example, if the children help dad in the garage or mom in the garden, parents can reward their time and effort by giving them a few pennies. This helps children learn many valuable lessons. They learn that to earn they have to work hard. This also helps them appreciate the value of labor.

I wasn’t raised by rich parents, but they were responsible people who knew how to live within their means. When we were kids, we didn’t have many luxuries. My parents, nonetheless, worked hard and made sure that we led a comfortable life and received the best education. It was the wise spending habits that I learned from my parents during my childhood that stood by me when I started living on my own.

To conclude, parents should teach children about money. This helps them acquire many life skills which will stand them in good stead when they start living on their own. Children who are involved in the financial matters of the family from an early age learn to appreciate their parents’ hard work. They also recognize the importance of spending money wisely.

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