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Variety of ways in which parents can prepare their children for future life - teaching finances [2]
Hi! Here is my essay for TOEFL IBT independent writing. Please help me check it!children should learn to manage their own money at a young age
In this Toefl writing task 2, I will have 30 minutes to plan and write my answers ( through typing in computers)
The instructions also say that typically, an effective response should contain a minimum of 300 words.
Do you agree or disagree with the following statement?
In order to become financially responsible adults, children should learn to manage their own money at a young age.
Use specific reasons and examples to support your answer.There are a variety of ways in which parents can prepare their children for future life. Nevertheless, whether kids should be taught about finance from an early age to become financially accountable adults remains controversial. In my opinion, it is better for kids to learn money management at a tender age. I feel this way for two reasons, which I will explore in the following paragraphs.
First of all, this allows them to make wiser choices on how to spend money. If children discover that they simply could not obtain all the things they desire at the same time, they will learn to set priorities. Take my little brother as an example, at the start of each month, he receives an amount of money from his father and uses it for the rest of the month. At first, he was extremely excited and spend all of his money on toys, so his room was filled up with all kinds of toys. However, he soon emptied his wallet and failed to purchase his favorite comic book when the new episode came out. He was regretful and gradually understood that in order to collect enough money for the book, he needs to stop wasting on unnecessary toys. That is how learning from mistakes can help kids financially in the long run.
Second, financial lessons from childhood enable children to realize the value and importance of money. In order to achieve financial independence, it is crucial for one to spend less than he earns and start saving. Otherwise, he may encounter difficulty controlling his money. For instance, if a child is born into a wealthy family and immediately obtains what he asks for, he will take money for granted and make no effort in saving it. As he matures, he is likely to use up all his earnings and runs into debt. Therefore, parents should increase their offsprings' awareness of money when they were small.
In conclusion, I believe that children should be equipped with money management skills since childhood. This not only helps them reach the right decision on how to spend but also teach them the significance of money, which may benefit them in the future.
Thank you for reading!