IELTS Essay Correction: Good to Teach Children About the Value of Money.

Many parents think that it is good to teach the children about the value of money. Why do you think it is important to teach them the value of money? What are the ways to teach children the same?

40 minutes, 250 words at least.


Many parents believe that their children should learn the importance of money at a young age. I agree with them since learning the value of money would stop children from overspending. In my opinion, the best way to teach this is to allow children to work on part-time jobs and allow permit (avoid word repetition – allow) them to manage the household budget. (A clear and concise introduction. Well done. Good use of cohesive devices.)

It is essential to teach children the value of money to stop them from overspending. When they This helps them understand how much hard work their parents do to given pay their fees, and to buy them things they need. This would certainly change their attitude towards spending money needlessly on items such as expensive toys and video games, and they would start thinking of saving it. A recent survey from the Times, for instance, states that children belonging to middle-class families relatively spend relatively less money on computers and smartphones than children from rich families since they know (are aware of) their family‘s poor financial situation. (The paragraph is well written. There are few mistakes. However, the scope for improvement is ample.)

There are many ways to educate children about the importance of money. Firstly, parents should allow them to join part-time work so that they can understand that earning money is not easy but it requires a great amount of effort. For instance, a study suggests that students who start working at an early age better know the value to money and, therefore, spend it wisely. Secondly, parents should ask their children to manage the household budget, so that they (pronoun mistake: the first THEY refers to parents while the second THEY refers to children) can learn how to manage money effectively. (The second idea is not explained. If children are given the power to allocate household budget to various items such as food, electricity, books, newspapers, and water, they will certainly have a better idea about the need to use money efficiently.)

To conclude, it is essential for young people to know the importance of money so that they do not waste it on unnecessary thing but save it for future. The best ways to do this are to allow students to participate in part-time jobs and to ask them to manage family expenses. (The conclusion based on paraphrasing is good. I’m just offering an alternative below. Use it only if you feel completely comfortable in its use.)

Alternate FUTURE based conclusion: In conclusion, if children are aware of the value of money and understand how to use it wisely, they will become responsible adult citizens in the future. This will not only make the economy of a country stronger but also make citizens debt free and more happy.

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