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IELTS Free Online Writing Practice - Should schools teach financial literacy?

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IELTS Writing Task 2 Topic: "Should schools teach financial literacy?"

Model Answer:
In today's world, financial literacy is an essential skill that every individual should possess. The importance of managing one's own finances, investing in a sustainable manner, and understanding the basics of banking cannot be overstated. While some argue that this responsibility lies with the family or community, others assert that schools should play a proactive role in teaching financial literacy. In my opinion, schools should indeed include financial education as part of their curriculum to ensure students are equipped with the necessary knowledge and skills to navigate the complex world of finance.

Firstly, financial literacy can help students make informed decisions about their future career paths. By understanding the value of money, the concept of interest rates, and the significance of budgeting, students can select careers that not only align with their interests but also offer financial stability. For instance, a student interested in finance may be more inclined to pursue a degree in this field if they understand the potential earning capacity associated with such a career.

Secondly, teaching financial literacy in schools can contribute to reducing poverty levels. Many individuals enter adulthood without the basic knowledge of budgeting and saving, which often leads to financial distress. A solid foundation in financial education could empower students to make better decisions regarding their personal finances, thereby helping them avoid the pitfalls associated with debt and impulse spending.

Moreover, financial literacy can help students develop entrepreneurial skills. By understanding the importance of starting a business, managing resources, and making sound investments, students can become self-reliant and contribute to the economic growth of their communities. In turn, this would foster a culture of innovation, creativity, and prosperity.

On the other hand, critics argue that it is not the responsibility of schools to teach financial literacy but rather the family's duty. They contend that parents should be the primary educators in matters concerning finance, as they are better equipped to tailor financial education according to their child’s needs. While this perspective holds merit, it does not negate the importance of a comprehensive and structured approach to financial literacy in schools.

In conclusion, teaching financial literacy in schools is essential for creating financially savvy individuals who can make informed decisions about their personal finances, career paths, and contribute to economic growth. While family involvement in financial education is crucial, it should not overshadow the importance of a structured curriculum that provides students with the necessary knowledge and skills to navigate the complex world of finance.

IELTS Score: Overall Band Score: 9.0
Task Response: 9.5
Coherence and Cohesion: 9.0
Lexical Resource: 9.0
Grammatical Range and Accuracy: 9.0

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