Money management should be taught to all high school students

Question: Some people say that all secondary school and higher school students should be taught how to manage money as it’s an important life skill.Do you agree or disagree? [This was the IELTS General writing task 2 question on 30th May 2015]

Financial literacy, a mandatory life skill for everyone in this money-lead economy, apparently contributes to uplift the social and economic health of an individual. Thus, the writer firmly believes that money management should be a compulsory component in high school curriculum. This essay will discuss how this knowledge enormously attributes to personal economy and ultimately to the national development.

Financial awareness is of great importance for an adult in understanding day-to-day monetary transactions like banking and taxation. High school students will sooner step into the society as adults with fresh occupations and then they will in need of this skill to manage their income. Most importantly, if they are not financially literate, they will then vulnerable for fraudulent investments and scams.

Many young adults are mostly criticized for not having future savings plans and this would not be the case anymore. When young people are well aware of the value of money, they will implicitly tend to initiate savings schemes and pension plans. Consequently, domestic credit of a country would be raised and, thereby, it will boost up the national economy.

When high school students start to earn money through their careers, they could easily seek for prospective investments and start lucrative businesses with the advance knowledge that they have. For instance, this skill set is particularly useful for an individual in analyzing the current state of the stock market and purchasing top rated shares. In this way, people's standard of living would be improved due to higher income levels that they earn.

In view of these facts, it is quite evident that education practitioners should take up all necessary actions to foster financial literacy among high school students.