Teaching Children the Importance of Money
Some say it is important for parents to teach their children about the importance of money.

Why is this important?
How can this be done?

Synonyms & Paraphrases of Words in the Question
Original Words & Phrases Synonyms & Paraphrases
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Words & Phrases Example
Other Vocabulary
Words & Phrases Example
Words & Phrases Example
Important Notes
Words & Phrases Example


IELTS Students are encouraged to contribute to this vocabulary list by adding a comment below. Suggest words and phrases to be used. Good native-like vocabulary, phrases and collocations related to the topic would be added to the list above.


  1. instil a sense of financial responsibility (in/into) children
    spend money wisely
    encourage financial independence in children
    encourage children to rely/depend less on their parents for their finances
    learn the difference between needs and wants
    appreciate the (value/worth) of money
    cultivate an appreciation of the (value/worth) of money

  2. financial management/ manage their finances
    financial well-being
    financial guidance/ guidance in personal finances
    credit line
    in serious debt

  3. play a pivotal role
    financial education
    handle/manage finances
    spend beyond one’s means
    (incur/be burdened with) huge debts
    cause financial burden on the family
    spend on unnecessary things
    educate children about the differences between needs and wants
    enable children to (distinguish/differentiate) between needs and wants
    spend on impulse
    value of money
    financially savvy person
    instil a sense of financial responsibility in children
    enable children to make good spending decisions
    inculcate a habit of saving money
    help children to develop a habit of saving money

  4. enable children to grasp/understand/realize/recognize the importance of money
    parents ought to provide proper guidance on how to handle/manage money

  5. educate children about the value of money
    enable children to (grasp/realize/recognize/be aware of/appreciate/understand) the value of money
    train children to appreciate the value of money
    prepare children for their future life as an adult
    ensure that children do not waste money
    encourage children to spend wisely
    restrict the amount of allowance given to children
    not do agree to the requests of children always
    make it mandatory for children to save a portion of their allowance
    it will be difficult to purchase one’s dream property without having saved a lot of money
    children tend to spend money buying things they do not need
    squander the money away
    inculcate a habit of (living/spending) within one’s means

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