6 July 2023, IELTS Exam, Writing Task 2, INDIA

6 July 2023, IELTS Exam, Writing Task 2, INDIA

Q. Students leave high school without learning the way how to manage their money. What are the reasons and solutions of this issue?

Many young people do not have basic knowledge of financial management when they leave school. This lack of knowledge is primarily due to upbringing and limited education at school.

One of the main reasons is that young people are dependent on their parents and get everything for free until they complete secondary education. Parents always want their children to be happy and successful, and in order to do this, they hide financial pressure and provide them with enough money. Another reason is the school curriculum. Subjects included in the curriculum, such as science, mathematics, or languages, do not teach real life skills. Consequently, high school students are used to answering theoretical questions, but they find it strange to balance their income and expenses. As a result, both parents and teachers fail to prepare their children for the real world.

This is indeed a cause for concern, but fortunately, there are some solutions. Parents should consider giving their children a certain amount of money each month and insisting that they have enough for a whole month, which will encourage the child to monitor their spending habits. As the child grows, they should teach them how to manage household expenses and also involve him in the decision-making process, or they may make the child responsible for the household for a day or two. Secondly, the school administration should include a life management skills course in the final year. This will help students learn how their finances should be planned and managed.

To conclude, it is essential that young people learn financial management skills beyond the regular course, and both parents and teachers play a vital role in achieving this by equipping them with the necessary knowledge.

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