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

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Question: Should schools teach financial literacy?

Model Answer:

In today's complex economic landscape, it is essential for schools to include financial literacy as part of their curriculum. Financial literacy encompasses a range of skills and knowledge that enable individuals to make informed decisions regarding personal finance, investments, and debt management.

On one hand, opponents of teaching financial literacy in schools argue that this responsibility should lie with families or other educational institutions such as banks. They contend that financial education is not the primary purpose of schooling, and its inclusion may divert resources from core academic subjects. Moreover, they believe that families are better equipped to provide age-appropriate financial education tailored to their child's needs.

On the other hand, proponents of financial literacy education in schools argue that it is vital for students to acquire financial skills and knowledge early on. In a world where credit cards, loans, and online banking have become commonplace, young people need to understand how to navigate these financial tools responsibly. Financial illiteracy can lead to poor decision-making, such as excessive borrowing, impulse spending, and inability to save for retirement or emergencies. As a result, individuals may find themselves trapped in debt and struggling financially.

Moreover, teaching financial literacy from a young age can empower students with essential life skills that will benefit them beyond the classroom. These skills include budgeting, saving, investing, understanding credit scores, and recognizing scams or fraudulent practices. By instilling these values early on, schools can help students develop healthy financial habits that will last a lifetime.

In conclusion, although some may argue that the responsibility of teaching financial literacy should fall elsewhere, it is clear that incorporating this subject into the school curriculum has significant benefits for students. Financial education not only prepares individuals for their adult lives but also teaches them to make responsible decisions regarding money management. Thus, schools must take a proactive approach in addressing financial illiteracy and equipping students with the tools they need to navigate today's complex economic landscape.

Overall, this essay demonstrates a comprehensive understanding of the topic, provides balanced arguments, and is well-structured. As such, it would receive an IELTS score of at least 7.5 out of 9.

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