Band 8 IELTS Essay Sample | Young People Lack The Ability To Manage Their Finances
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Nowadays, 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 are leaving high school without the vital and basic understanding of how personal finances ought to be managed in the real world. This is because they lack experience in handling money. Also, they don’t receive adequate financial education. On the bright side, this problem can be solved in two ways.
One of the main reasons why so many young students are unable to manage their own finances is that they are living with their parents. Owing to this, they are not needed to earn a salary or save money to pay bills and rent. Another reason why students fail to handle money is due to the fact that the school curriculum does not include the subject on financial management. Most of the focus is given on teaching fundamental subjects like maths, science, history and languages and the important practical skills like money management are ignored. Thus, both teachers and parents are failing to prepare young people for the real life challenges.
This issue of young people’ inability to deal with money can be tackled in two ways. Firstly, parents should teach their children how money is earned, the monthly budget is prepared and expenses are planned to save a significant amount each month. One simple step in this direction would be giving pocket money to their children and asking them to keep a record of how they spend this money. Secondly, schools should incorporate important life skills in their curriculum for final year students. This will enable young people to learn how to manage their finances and avoid debt problems in future.
In conclusion, young people lack money management skills because of the negligence of parents and teachers. However, this can be tackled if both of them take the responsibility to train youngsters with the right skills.