Essay 91 – Financial education should be a mandatory component

GT Writing Task 2 / Essay Sample # 91

You should spend about 40 minutes on this task.

Write about the following topic:

Some people say that financial education should be a mandatory component of the school programme.

To what extent do you agree or disagree with this statement?

Give reasons for your answer and include any relevant examples from your own knowledge or experience.

Write at least 250 words.

Model Answer: [Agreement]

We often come across people who argue whether financial education should be a compulsory part of the curriculum in schools. I agree that it should be made compulsory since financial literacy is noteworthy because understanding finances help in every aspect of life.

To commence with, financial literacy provides students with the resources and tools needed to handle their personal finances. To put it another way, students, with financial education, understand the impact of their decision on financial stability. For instance, a financially literate student knows how education can carve out a successful career, which then positively affects the salary they earn, and consequently, quality of life. This inspires them to study and learn more intensely.

Similarly, a student has more control over his personal finances when he comprehends the financial basics and learns to do so in schools. This, in turn, leads to more confidence, as finances impact his life in every way. And, more control translates into less debt as he has a better sense about the impact of debt on his budget, money flow, savings and so forth. This is why introducing financial education in school is quite important.

Likewise, acquiring financial education in school is important as it will encompass just about every sphere of an individual’s life. So even in families, even in marriages, many of the hard times that people will have are going to revolve around the finances. We are in a capitalist society, so it is to students benefit to know as much as they can about being wise about their money so that they give themselves some kind of stability in the future. It is important to understand that our savings, expense and budget habits grow early in life and if we do make financial education mandatory in schools, the benefits would be profound.

To recapitulate, financial education equips students with the knowledge and skills set required to manage money effectively. Therefore, financial literacy ought to be made compulsory for students in schools.