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

IELTS.WORK Free Online Writing Practice # 1712216255

Topic: "Should schools teach financial literacy?"

Model Answer:
Financial literacy is an essential skill for individuals in today's world, as it helps people make informed decisions about money management, savings, investing, and debt. Some argue that this subject should be taught in schools to ensure the next generation is financially responsible. Others claim that financial literacy education should be left to families or alternative institutions such as banks, credit unions, and non-profit organizations. In this essay, I will discuss both perspectives before presenting my own viewpoint on whether schools should teach financial literacy.

On one hand, teaching financial literacy in schools has several advantages. Firstly, it can help students understand the importance of budgeting, saving, and investing from a young age. By incorporating this knowledge into the school curriculum, students will be better equipped to make informed financial decisions as they progress through life. Secondly, financial education can encourage responsible spending habits and discourage excessive debt accumulation. This is especially important given the rise in consumer credit products and student loans that contribute to financial stress among young adults today.

Conversely, opponents of mandatory financial literacy education argue that schools already have a substantial workload, with limited time and resources for extracurricular subjects. They contend that families, banks, and other institutions are more capable of teaching children about money management since they possess the necessary expertise and can tailor their advice to individual needs.

While there is merit in both viewpoints, I believe that schools should incorporate financial literacy into their curriculum. This is because it equips students with essential life skills that will benefit them in the long run. Although families, banks, and other institutions may provide valuable guidance, they cannot replace the role of formal education in fostering a comprehensive understanding of personal finance. By teaching financial literacy in schools, we can help ensure our youth are financially responsible adults who contribute positively to society.

In conclusion, while it is understandable that some argue against mandatory financial literacy education due to limited resources and the belief that other institutions are better equipped to teach such skills, I maintain that schools should indeed include this subject in their curriculum. Financial literacy plays a critical role in shaping an individual's financial future, and by educating students early on about responsible money management, we can foster a generation of financially savvy adults who make informed choices about their personal finances, ultimately benefiting themselves and the wider society.

In terms of IELTS scoring standards, this answer demonstrates a good understanding of both perspectives, clear organization, coherence, and logical progression of ideas. The use of appropriate vocabulary and grammar structures are also evident throughout the response. Based on these criteria, I would assign a Band Score of 7 or higher for this model answer.

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