Band 7.5 essay about children spending money instead of saving it

The following is an essay submitted by one of our students.

Essay topic

In the past children were taught how to save money, but today they only learn how to spend it. Do you agree?

Sample essay

With the increasing standard of living across the world, many claim that people are more materialistic these days.  These claims are more specifically targeted at the younger generation.  Children are seen as not been taught to save, but only to spend.  There may be some truth in this, but I do not agree with it completely.

First, let us look at the viewpoint of those who think that children these days only know how to spend.  It is true that many children are spoilt since a young age.  With the increasing financial status of young families, parents nowadays rents are busy-working professionals, some of them tend to only provide their children with money, but not teach them to manage it.  This leads to children not understanding the value of money, and overspending it.

However, claiming that children only learn how to spend money, is over-generalising.  Many families these days still do instil the value of money to children since a young age.  Various programmes through schools, media, and the government are available to teach children budgeting and wise spending.  Besides that, students nowadays are encouraged to take up part time jobs.  By earning money, they actually learn the value of money, and are indirectly taught to save.

I do agree that more children these days are able to overspend, but I believe that it is not because they were not taught to save.  The main reason to this is the increasing standard of living, which creates a culture of materialism.  I believe that with the right methods of teaching, children will learn to value money more as they grow up.