[IELTS] Teaching their children about money

IELTS Writing Task 2

(Question)

Some people think that it is a good idea for parents to teach their children about money. Why is it important to teach children about money? What is the best way for parents to teach children about money?

Planning

Why is it important?

1. Money is essential for our lives. Capitalism. Everything can progress depend on money.
2. Investment is the key for increasing one’s wealth. Interest rate is severely low, not only saving money but also investing to promising companies.

The best way to teach

I don’t know. They can learn it naturally.

It is said that it is parents’ responsibility to teach their children about money. There are several reasons for supporting the importance of educating the concept of money and the most effective method of teaching young people about money is making them understand the difference between the needs and wants.

To begin with, on the basis of some reasons, learning about money is crucial for young people. First and foremost, it is primarily because money is essential for all people’s lives. Since capitalism is a source for sustaining our societies, the education of financial knowledge is inevitable to live in the world. In addition, it is better to learn about money at an early age in order to rapidly realize the reality that money matters. Although investment plays a key role in multiplying one’s wealth, if the young are not aware of the significance of capital, they will continue being ignorant of financial matters.

As regard to the ideal way of teaching them about money, parents have the obligation to educate their children about priorities. For instance, when parents go shopping with their children, they have to remind their children about spending only to valuable goods. They buy things like foods, clothing, and other necessities, and avoiding to buy something that is considered luxuries. Aside from that, parents dine out with their children only in special occasions to avoid excessive spending, as dining out is not a priority. In this way, children can how to be wise spenders.

In conclusion, it is a must for every child to learn about money in order to have a prosperous future and parents should educate their children about prioritizing the needs.