The Role of Education in Financial Literacy

[jokers10]

You don't actually need to go into university to study finance and economics, in 21th century you can learn all of that by reading books yourself at home and by searching things online. Universities, especially top ones help you to get into network of rich, successful and hard-working people, the only benefit you can get from university is networking if you have good social skills, but if you don't have it and walk alone, you are wasting time.

You can all of that but the problem with it are employment since you cannot get a decent job if you don't have a diploma. If  your lucky to get one you still have slim chance to get promoted since educational attainment is so important to get this privilege since to many discrimination rotates in society since majority of people think that college graduate is always ahead with those people who don't.

That's why its good to have education especially on financial literacy since all of our conclusions regarding on this topic will be answer and we can experience good and bad things by applying what we learn in life also in school.

If you work for yourself like trading cryptocurrencies getting a diploma is not so important, much more important if you have enough knowledge and skills. And while getting education you have a specific course, but when you try to self educate you need to find all needed sources by yourself. It is usually much harder, takes much more time and you don't have a mentor to check your mistakes. So you can, but it will cost you more time and likely more money and bring you more mistakes.

[molsewid]

If you work for yourself like trading cryptocurrencies getting a diploma is not so important, much more important if you have enough knowledge and skills. And while getting education you have a specific course, but when you try to self educate you need to find all needed sources by yourself. It is usually much harder, takes much more time and you don't have a mentor to check your mistakes. So you can, but it will cost you more time and likely more money and bring you more mistakes.

Having a degree is still better, we can't erase the fact that people can still learn many things in school and also here in our country you can get more stable jobs if you are having a degree, financial literacy is for everyone. Whether you are a graduate of something or not still it can be learn and everyone can apply this to themselves. Some people learn this through some programs, some people learn this by experience.

[Theones]

Education is the gateway in each and everything. When it comes to finance, it turns to be the must. Even the educated people doesn't have much of financial literacy. This is common all around. In particular we can see this lacking with the third world countries. Financial literacy can be increased only through the school curriculum. In most of the countries the school curriculum doesn't have anything relative to finance, what they all learn is just the math.

Math is necessary, when the same is being taught with the real time market and the associated factors automatically we'll get to know better about it. Apart it is ones own self learning that makes him master it, because education gives the base and the real understanding relies on the experiment, experience and analysis.

AI is taking the lead and making things easier for the people

[Theones]

You don't actually need to go into university to study finance and economics, in 21th century you can learn all of that by reading books yourself at home and by searching things online. Universities, especially top ones help you to get into network of rich, successful and hard-working people, the only benefit you can get from university is networking if you have good social skills, but if you don't have it and walk alone, you are wasting time.

You can all of that but the problem with it are employment since you cannot get a decent job if you don't have a diploma. If  your lucky to get one you still have slim chance to get promoted since educational attainment is so important to get this privilege since to many discrimination rotates in society since majority of people think that college graduate is always ahead with those people who don't.

That's why its good to have education especially on financial literacy since all of our conclusions regarding on this topic will be answer and we can experience good and bad things by applying what we learn in life also in school.

If you work for yourself like trading cryptocurrencies getting a diploma is not so important, much more important if you have enough knowledge and skills. And while getting education you have a specific course, but when you try to self educate you need to find all needed sources by yourself. It is usually much harder, takes much more time and you don't have a mentor to check your mistakes. So you can, but it will cost you more time and likely more money and bring you more mistakes.

agreed to the point you have mentioned

[og kush420]

snip

Despite the differing opinions on the role of education in financial literacy, it is clear that individuals should seek out knowledge from a variety of sources to best equip themselves to succeed in the world of cryptocurrency. This can include following cryptocurrency news and social media, reading books and blogs on finance and investments, and seeking out practical experiences through investing and trading activities.

One of the things that in a way have always been a mystery to me is that despite people working for so many hours every day and doing so for so many decades they put forward so little effort to try to gain any kind of financial literacy, learning how to use your money in a way which is more effective will literally save you years of hard work, and if you also learn how to invest at a very early age you could retire at an age that is unimaginable for most people, something that is critical as we are seeing governments trying to raise the age at which you could retire at several countries right now.

that is very right
we are not taught the practical things in school. Like how to earn money - money management and how to deal with the stressful situation

[Webetcoins]

You can all of that but the problem with it are employment since you cannot get a decent job if you don't have a diploma. If  your lucky to get one you still have slim chance to get promoted since educational attainment is so important to get this privilege since to many discrimination rotates in society since majority of people think that college graduate is always ahead with those people who don't.

That's why its good to have education especially on financial literacy since all of our conclusions regarding on this topic will be answer and we can experience good and bad things by applying what we learn in life also in school.

That's true, our society doesn't respect someone who has great skills but doesn't have a degree as much as they respect someone with almost no knowledge and skills but a degree in any field of education, that's how it has been working for decades and it is still the same, even if we know it's possible to learn everything by your own, you are still obliged to get an educational degree to prove it.

A lot of big people from all industries say that it isn't necessary to complete your studies only to get success but the reality is different, not everyone in the world can be as successful as Bill Gates or Mark Zuckerberg, normal humans need to get a job so that they can earn a livelihood.

[bayudndy]

(...)

Yes, no matter how important financial literacy education is, self-education and learning from a variety of sources is essential for effective investment and wealth management. In today's fast-changing and risky cryptocurrency world, keeping up with the latest information and knowledge is also a key factor in achieving success. The use of financial management tools and software can also help ensure effective asset management. In short, the combination of education, self-study and practical experience will help individuals to successfully and sustainably approach and manage cryptocurrencies.

[Findingnemo]

Snip~
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 but yes, people in the 20th century trusted more in people with educational degrees. who are oriented where they can work in large companies with large salaries, and most companies have standard graduates or degrees to get a decent position in the company. Just to correlate what you said, people without degrees can hire those with degrees.

Well, since 2020 many big companies including Google, Facebook, Tesla and lot others started to hire employees based on their skills not with their degree and I am not sure how many people with no graduate entered into companies but I remember few of the individuals who entered into Google by learning everything online and never went to college to get that knowledge which proves that the certificates become obsolete and companies looking for skills.

If you have the experience and skills of course, but if you are just a fresh graduate and a kid who doesn't have much experience in the work field for sure the your education background would help you to get hired from companies. And that's true if you don't want degree you could still earn certificates online where they teach people for free, you could even learn from youtube but still it would be better to attend seminars so you could add it in on your resume.

Let's talk about the future, do you really think a company will hire someone because they might studied about the technology or who can actually do some contribution with the technology with no certificate behind the names. I know NASA hired a failed school kid or build a palm sized satellite and that is what I am talking about but still we are in the transition period of skill over degree but I don't think those days are not too long from 2023.

[Smartvirus]

That's true, our society doesn't respect someone who has great skills but doesn't have a degree as much as they respect someone with almost no knowledge and skills but a degree in any field of education, that's how it has been working for decades and it is still the same, even if we know it's possible to learn everything by your own, you are still obliged to get an educational degree to prove it.

You know, the role of education to every successful enterprise is underestimated. You can't have and run a million or multi million dollar business without having educated individuals within your company ranks. It's a must have as these persons can establish parameters that could be used in tracking how the business is been doing and also why certain things occur in business. All these could be archived just by looking at some numbers or charts on a paper or on some screen. It takes some one that has attained some level of sound education go do that. Even make projections into the future.

[MarjorieZimmermanGinger]

Despite the differing opinions on the role of education in financial literacy, it is clear that individuals should seek out knowledge from a variety of sources to best equip themselves to succeed in the world of cryptocurrency. This can include following cryptocurrency news and social media, reading books and blogs on finance and investments, and seeking out practical experiences through investing and trading activities.

We have actually learned financial literacy and advice long before in formal and non-formal education, but often we are not faced with real practices in managing finances, so these difficulties are difficult for us to achieve when faced directly. Theory and practice are very different in implementation because they are not always the same, especially when it comes to finance because it is not related to the systematic number of 1+1=2.

But if you want to succeed in crypto you have to recognize it, for example when you intend to invest in bitcoin then the steps you have to learn are how to invest properly, now it's not difficult to find information because the internet is widely available, but you have to be selective in choosing sources reading as a starting hand for investing because a lot of information sometimes doesn't fit the pattern that we can apply.

[Quidat]

Despite the differing opinions on the role of education in financial literacy, it is clear that individuals should seek out knowledge from a variety of sources to best equip themselves to succeed in the world of cryptocurrency. This can include following cryptocurrency news and social media, reading books and blogs on finance and investments, and seeking out practical experiences through investing and trading activities.

We have actually learned financial literacy and advice long before in formal and non-formal education, but often we are not faced with real practices in managing finances, so these difficulties are difficult for us to achieve when faced directly. Theory and practice are very different in implementation because they are not always the same, especially when it comes to finance because it is not related to the systematic number of 1+1=2.

But if you want to succeed in crypto you have to recognize it, for example when you intend to invest in bitcoin then the steps you have to learn are how to invest properly, now it's not difficult to find information because the internet is widely available, but you have to be selective in choosing sources reading as a starting hand for investing because a lot of information sometimes doesn't fit the pattern that we can apply.

I agree into the word that theory is really indeed different when it comes or in compared with active dealings on which it would really be just that on the time that you would be stepping your foot into the field then those theories that you had learned cant really be that 100% applicable on the the situation you are in. This is why its never been something that good to make yourself that confident just because you do learn up something. Its always been that a good behavior if you do make out some direct adjustments if ever you do see that you are lacking into something. Be versatile and be sensible
on what are the actions you should really be making. Its true that education on financial literacy is something that you would be needing to make out adjustments or simply be that specific because
if we do speak about the scope of education then it would really be playing out on different key areas which we know that we should really be making some adjustments
on whatever its needed for you to deal on the current thing that you wants to deal on with.

[Hispo]

I would say that the relation between education and financial literacy is weak but existent.
For example, someone how has some education is more likely to know about the basics of mathematics and that would definitely help to avoid certain scams or how to calculate yield and losses.

Nevertheless, there has been so many cases of people with high education who fall victims of fraud, it comes to mind the Case of Bernie Madoff and how he scammed people with decades of experience in Wall Street, Banks and Charities.

It is better to be self-taught than assume one already knows just because one want some to college.

[Davidvictorson]

On the other hand, some argue that education in finance and economics does not necessarily equate to financial literacy. They point out that many successful investors are self-taught, and that practical experience is the best teacher. Moreover, they contend that education in finance can often be expensive and not accessible to everyone.

If I could return to university I'll choose to study economics but because I can't I am doing a free course on economics online. I stand with the fact that if you have done a course in economics your financial literacy knowledge would be boosted. The way you handle your personal finance and business will drastically improve for the better.

[Fara Chan]

that is very right
we are not taught the practical things in school. Like how to earn money - money management and how to deal with the stressful situation

If what you mean is a school with a very low level, maybe the teachers at that school don't teach their students about practical things like how to earn money, manage money and how to deal with stressful situations. But for lectures or schools with middle and upper levels, I think that such things have been taught by the lecturers or teachers even though sometimes there are no subjects that specifically discuss about it.

After all, not all things also have to be taught and obtained at school because the task of a student or learner is to find and practice what he already knows through his learning at school. That's why school is never enough for some people because they still need to study again when they are outside of school so they can adapt to the existing environment and new things that they don't find at school.

[jokers10]

On the other hand, some argue that education in finance and economics does not necessarily equate to financial literacy. They point out that many successful investors are self-taught, and that practical experience is the best teacher. Moreover, they contend that education in finance can often be expensive and not accessible to everyone.

If I could return to university I'll choose to study economics but because I can't I am doing a free course on economics online. I stand with the fact that if you have done a course in economics your financial literacy knowledge would be boosted. The way you handle your personal finance and business will drastically improve for the better.

Main problem is to choose a course wisely. There are so many online courses which give less than nothing that to find a good one it is needed to be a professional in searching for courses. But if to find a good one then I'd say that there is no excess education, everything I learned in my life was useful one or another way. Something was much more useful, something less, but it was hardly predictable what was what in advance.

[MarjorieZimmermanGinger]

I agree into the word that theory is really indeed different when it comes or in compared with active dealings on which it would really be just that on the time that you would be stepping your foot into the field then those theories that you had learned cant really be that 100% applicable on the the situation you are in. This is why its never been something that good to make yourself that confident just because you do learn up something. Its always been that a good behavior if you do make out some direct adjustments if ever you do see that you are lacking into something. Be versatile and be sensible
on what are the actions you should really be making. Its true that education on financial literacy is something that you would be needing to make out adjustments or simply be that specific because
if we do speak about the scope of education then it would really be playing out on different key areas which we know that we should really be making some adjustments
on whatever its needed for you to deal on the current thing that you wants to deal on with.

Literacy and education according to theory only apply in its time and sometimes when the theory is written down it will be much different in the next part, the mistake is not in the theory but in the implementation which is no longer in accordance with the era. In general, the theory is only used as a guide/direction, but an appropriate study is needed, so that the method of implementation will follow the flow process in actual practice. Theory is also important, but we will find direct experience when implementing it. For example, when we trade in crypto or do business, when we follow the studies and analysis of experts it is not necessarily appropriate, but how can we adjust correctly when carrying out actual practice in trading and building a business.

The scope of education is indeed limited to theoretical learning, but they rarely lead to actual practice and instead we try to do real practice after studying the theory. From here we are in a place of mental readiness, strategies and ways to get out of every problem and when we go through all of that, then we will easily run the investment or business properly.

[Vishnu.Reang]

Actually financial education should thought from home, whatever children learn their empty mind it will be for life long. Financial education from early age help them to understand finances effectively also provide them right knowledge about finance and it will increase skills to save for future. School education is theoretical it helps us in sudden level but life will teach practically that's why practical knowledge is always best. Having degree from reputed universities doesn't determine success but right knowledge towards financial education can. After all education should be for life and not for living.

[Patrol69]

Education is the key to success. The more education you get in life, the better you can organize your life. But learning has no end or age. A person's life is fulfilled if practical experience can be gained in addition to education. It is possible to rise to the extreme level of success in life by using the knowledge and practical experience gained through education. But without education it is not possible to be so successful in life by using only practical experience because an educated person can easily gain any work experience if he wants but an experienced person cannot get the same education as an educated person. So we should give highest priority to education and life is full if practical experience can be gained along with education.

[Iadegbola34]

Education plays a crucial role in financial literacy, especially in the realm of cryptocurrency. While hands-on experience is valuable, formal education provides a strong foundation in economics and finance, teaching critical skills and theoretical knowledge. However, practical experience is also important, as many successful cryptocurrency investors are self-taught. Accessible knowledge from various sources, such as news, books, and online communities, is essential for navigating this ever-changing field effectively.

[mm2543363580]

Education has 50% role in financial literacy rest is your experience and the things you see around.  Live by example is the best expression for this as you learn alot fron your experiences than from formal education so same is the case here financial literacy is best taught in fiance departments you learn how to handle lows and risks and how to take your firm out of that .