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Band 8

A lot of young people do not know how to manage their money when graduating from high school. What do you think are the reasons? What can be done to teach them this important skill?

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Every year many young adults leave schools without adequate
knowledge
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 of personal finances as they do not know how to financially navigate the real world.
This
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 financial illiteracy is primarily due to inadequate
education
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 as well as the lack of
first
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-hand
knowledge
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.
However
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, satisfactory
education
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 related to managing finances and proper parenting can solve it. The reasons why many young adults are incompetent to manage their own money are the lack of both theoretical and practical
knowledge
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. Personal finance is not yet a part of the school curriculum. In consequence, they are deprived of acquiring theoretical
knowledge
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.
Likewise
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, many
parents
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 do not share financial responsibilities with their children.
As a result
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, youngsters do not get hands-on experience. Take my cousin for an example; my uncle has never given any financial accountability to him and in consequence, my cousin does not know how to manage budget and plan for savings even though he is 19.
However
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, financial
education
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 comprises lessons that enable an individual to make informed and effective decisions with all of his financial resources. If the schools incorporate financial
education
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 into its curriculum,
then
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 pupils can learn how to budget, how to use a credit card, how to save, how to avoid debt and so forth.
Similarly
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,
parents
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 can teach their children a good lesson by providing real-life experiences.
That is
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 to say that
parents
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 can share some financial responsibilities with their children.
For example
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, my
parents
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 give me some pocket money and
also
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 give me the freedom to make my budget on my own. Consequent, I learned two great lessons – we should spend what we can afford and how to avoid the pitfall of unplanned expenditure. To conclude, in the present dire situation, financial
education
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 is essential than ever before. Schools should integrate financial
education
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 into the curriculum while
parents
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 ought to share some financial liabilities with adolescents so that they can gain both practical and theoretical
knowledge
Use synonyms
 of money management.

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Topic Vocabulary:
  • financial literacy
  • real-world applications
  • consumer culture
  • credit facilities
  • financial independence
  • practical financial literacy
  • manage finances
  • financial responsibility
  • money management
  • financial planning
  • tailored
  • accessible
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