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Money management skills should be taught at schools

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IELTS Essay Question:

Some people say that all secondary and higher secondary school students should be taught how to manage money as it is an important life skill.

Do you agree or disagree with this argument?

Answer:

Schools are designed to educate and prepare children for the future, exposing them in subjects like reading, math, science and more. But financial literacy topic is not commonly taught in many institutions. I completely support with this idea and think that money management should be included in higher education curriculum.

At present, the main educational goal is to teach students to become well-paid professionals or as workers with higher levels of skills. This allows businesses to have a large group of potentially qualified applicants to join the workforce. In real world, students deserves extra skills such as financial management subjects to equipped them to escape the rat race. An individual with shortage of practical money management skills has a high tendency to suffer from financial stresses in life. In contrast, an individual or families with better understanding about financial management can effectively manage debt thus secure a future filled with financial success.

Similarly, acquiring financial education early in their cognitive development will help young people to stay in control of their budget and to draw a line towards financial goals in life. Financial literacy will make a person aware of the basic problem, problem with spending too much on wants than needs.  Gaining such literacy in school will help students understand how interest rates work, the difference between stock and bonds and to avoid accumulating bad debt that always leaves individuals at a disadvantage. These knowledge will encourage young people to save money, avoid unnecessary expenses and empower them to be stewards of their own financial futures.

In summary, early education allow students to learn the importance of  earning, investing and developing a healthy relationship with money. As children grow, this will serve as their foundation on how to handle finances which lead to becoming financially responsible adult.

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