Nowadays Young People Lack An Understanding Of How To Manage Their Finances After They Finish High School | Band 8 IELTS Essay Sample

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.

Here is a band 8 IELTS essay on this topic written by one of our students. Need help with IELTS writing? Get your IELTS essays, letters and reports corrected by me.

Band 8 IELRS essay sample

Nowadays everything revolves around money as it has become an important aspect of life. It is being said that our youth is unable to manage their financial aspects after completing high school. This is mainly due to the lack of financial education at home and in school along with government apathy but there are solutions for this.

The first and foremost reason is that the academic curriculum does not include finance/ money management. The school curriculum focuses on subjects like mathematics, science, literature and history. While commerce is also taught at high school, its focus is not on financial literacy. Secondly, the home is another place to acquire fiscal wisdom but most parents fail to impart this. Many parents do not encourage the participation of children in preparing the family budget. There are also some indulgent parents who will even borrow money to fulfil the needs and wants of their children. Actually, most parents do not want their children to learn about their financial difficulties. Unfortunately, this kind of parenting raises young adults who are clueless about the value of money or how to make best use of it.

There are three solutions to counter this problem. To begin with, financial planning should be a part of the curriculum and students should also be given practical training in it. In addition, parents should make children a part of family budgeting and planning. to this, proper budgeting and planning can be there at the household level. It is also important for them to give their children an accurate understanding of the financial situation of the family.

In conclusion, while it is true that most young people lack monetary wisdom, with the right initiatives and guidance, this issue can be resolved easily in a gradual way.

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Manjusha Nambiar

Hi, I'm Manjusha. This is my blog where I give IELTS preparation tips.