The Role of Education in Financial Literacy

[vv181]

Do note that finance and economics education is not a prerequisite and not equates to financial literacy.

Both subjects are intersected, but we did not have to deepen the subject of finance and economics to be able to comprehend what is financial literacy all about. Basic things like budgeting, debt management, credit, and saving and investing do not require specialization to put up into practice. As long as people have the right set of foundational skills, they should be good to go to improve their own financial literacy.

[naira]

Doesn't matter how much you study, how many books you read, how much economics you know and how many "expert" opinions you hear and follow. The crypto market doesn't follow the traditional market. You need to trade in order to understand the market. The more you trade, the better you will be. More naturally you will understand how the crypto market works. Yeah, basic finance and economic study might help, but don't think you will become an expert in crypto market if you are good at those.

Yes, you are right, theory and theory alone are not enough to show that someone is really proficient and able to control the situation in the crypto market. We have often heard what the OP said and it's easy to talk about ideally investing in crypto assets. But when it is in the field 99% will make decisions based on pressure and instinct while 1% of theory only remains in the reading book. Don't think that everything is easy, even people who have been in the crypto world for years always feel left behind if they don't pay attention to the fluctuating market.

[Zlantann]

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.

There might be no subject titled financial literacy in some educational systems but some aspect of the concept forms part of the scheme of work in some subjects or courses taught in school. At least everyone was told the importance of savings and the dangers of spending above one's means. In school, we learned about the importance of budgeting and investment. Education offers a vague and broad level of financial literacy, it is now the responsibility of everyone to identify specific areas of interest. There is still a need to keep learning because the world is becoming ever-dynamic and complex. To become financially sound we must keep learning through different sources and gaining experience from practice.

Bitcoin and other cryptocurrency is an emerging area of financial literacy that is becoming a major force in the financial industry. Learning about the crypto space is a must for people that want to invest or be part of the sector. Information about this sector should be sourced from reliable channels because many people are claiming to be experts in the sector meanwhile they aim to defraud and misinform people.

[livingfree]

It should be taught while the kids are still young, like being thrifty. If it's stuck in their minds while they're kids, that shall have be remembered by them until they grow up.

At least, there's the initiative coming from the education sector and it should be part of their syllabus.

It's not just enough that someone earns a lot or has a lot of sources of income but then isn't good with money handling. That's why there's also a big industry on this one through finance managers and experts.

[$crypto$]

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.

For now, actually when we talk about the education sector and financial management which are included in it, it will indeed help, but on the other hand, what I feel for now is that when we are too focused on the material, it is clear that not everything is good either.

In this case, of course, practice must be carried out, and when talking about crypto, I think learning more about this is clearly very good, but once again practice must be carried out in order to get results, which of course is a good experience in this case. although for sure in this case there will be some obstacles but still it would be very good to do considering in this case of course it is experience.
Doing it directly by going into the field without knowledge will also be very bad so both must be balanced with learning while practicing.

[Iadegbola34]

The increasing digitalization of the world has made financial literacy, especially in cryptocurrency, crucial. While some argue that practical experience is the best teacher, others believe education can provide a strong foundation in economics and finance, including critical thinking and risk assessment. Regardless, individuals should seek knowledge from various sources to succeed in the world of cryptocurrency, such as following news and social media, reading books and blogs, and seeking practical experiences.

[loopes]

How to Equip Yourself with Essential Knowledge to Succeed in the World of Cryptocurrency

As the world becomes increasingly digitalized, the importance of financial literacy, especially in cryptocurrency, cannot be overstated. With the rise of Bitcoin and other cryptocurrencies, it is crucial to be knowledgeable about these assets and how to invest and manage them wisely. However, the question remains: what is the role of education in financial literacy?

The role of financial literacy is a guider for the people to manage their money based on theory from the book or other sources.

While some people believe that hands-on experience is the best way to learn, it cannot be denied that education in economics and finance can provide a strong foundation for success. Higher education can teach valuable skills such as critical thinking, data analysis, and risk assessment, all of which are crucial in the world of finance and investments. It can also provide theoretical knowledge that one would not otherwise acquire through everyday experiences.

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.

I do not agree that not all of the financial literacy is always being expensive. You can search to the some website that provide digital literacy of bitcoin and crypto currency in general. You have to try visit website cointelegraph and read what you think it is important to know. For example you can read more from this out https://cointelegraph.com/learn/how-does-blockchain-work-everything-there-is-to-know and find some topic other in here https://cointelegraph.com/learn

[Oluwa-btc]

Actually, when it comes to fundamental financial literacy, it is more or less common sense. Here in my country, however, there is a growing demand that teachers, especially public school teachers, undergo financial literacy. That's basically because they seem to be the primary prey of loan sharks, investment scams, and all kinds of offers. Many of them fall to these schemes and are buried in loans.

I wonder why this is. They are educated people. I bet they must aware of basic money management, credit or loan management, responsible spending, saving, and so on. I guess this isn't about the lack of financial education anymore. It is more of financial self-discipline. It's more of overall awareness, of knowing how to distinguish risk and red flags, and not just in finance.

Rich Dad Poor Dad solves this... But I honestly think it should begin from them houses, I mean parents. Most teachers are not well informed or aware of what it means to be a financial literate. Though, it has nothing to do with having all of the money in the world.
Knowing how to manage money doesn't make one a financial literate.

There's a lot to be unlocked from that book by Robert Kiyosaki's book. Educational Systems all work with the government, in order not to eat enough people updated they've slacked when it comes to updating schemes and adding classes that deals with Financial Literacy.

[Darker45]

Actually, when it comes to fundamental financial literacy, it is more or less common sense. Here in my country, however, there is a growing demand that teachers, especially public school teachers, undergo financial literacy. That's basically because they seem to be the primary prey of loan sharks, investment scams, and all kinds of offers. Many of them fall to these schemes and are buried in loans.

I wonder why this is. They are educated people. I bet they must aware of basic money management, credit or loan management, responsible spending, saving, and so on. I guess this isn't about the lack of financial education anymore. It is more of financial self-discipline. It's more of overall awareness, of knowing how to distinguish risk and red flags, and not just in finance.

Rich Dad Poor Dad solves this... But I honestly think it should begin from them houses, I mean parents. Most teachers are not well informed or aware of what it means to be a financial literate. Though, it has nothing to do with having all of the money in the world.
Knowing how to manage money doesn't make one a financial literate.

What does financial literacy mean to you? I don't think teachers don't know what it is to be financially literate. They don't have to be a financial advisor or an investment manager of a huge company or a billionaire, anyway. They just have to properly manage their own personal finances. I'm referring to the most basic of things. It's merely literacy, after all. You don't have to be very sophisticated.

Many of them failed on as basic as spending less than they earn. Don't they know that? They failed on as basic as setting priorities. They have a couple of expensive phones, one is the latest iPhone, and yet they're borrowing money because their take home pay is not enough for them. They travel to expensive tourist spots on a loan. Every time somebody sells or demonstrates whatever to them-- a vacuum, speakers, supplements, Tupperware, even floor wax-- for as long as it's months to pay, they'd buy. These things are basic in financial literacy.

[Kakmakr]

You can quickly determine someones financial literacy, when you ask them what gives value to fiat currencies. So, the person will first ask you what Fiat currencies are..... then they will say that Fiat currencies are backed by Gold.

A lot of them does not even know what inflation is and how it is calculated. So, the basics of financial literacy is lacking, because the governments are not providing their citizens with the knowledge (educational system) to teach them.

Why? Well, if they know that a signature, printed on a piece of paper or a simply a promise from a government are backing Fiat currencies, then they will consider looking for something else.

[irhact]

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.

All this are very important but if you don't have your own personal experience in the market then all this other knowledge would not make much difference. When you compare a trader that has all the education anybody can get on trading without an actual trading experience to a pro trader that has been trading for years, you'll identify the difference after they're done trading.

Education is very important but not as much as experience is and you shouldn't think getting other people experience can replace your personal experiences. It might get you through some things but you'll need your own experience to proper in this cryptocurrency industry.

[DevilSlayer]

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.

All this are very important but if you don't have your own personal experience in the market then all this other knowledge would not make much difference. When you compare a trader that has all the education anybody can get on trading without an actual trading experience to a pro trader that has been trading for years, you'll identify the difference after they're done trading.

Education is very important but not as much as experience is and you shouldn't think getting other people experience can replace your personal experiences. It might get you through some things but you'll need your own experience to proper in this cryptocurrency industry.

Education is something that we treasure and we should not ignore it like majority of the people doing, the misconception is that education will finish after you graduated at college. The truth is the real education will start once you graduated and gain experience in the real world, people who already graduated stop seeking education and that is the main reason why they are financial illiterate. Lack of information is the problem why many people lose money in crypto industry, they think that they can easily make money once they make investment without considering investing in their education first because it can serve as foundation that they can use in order to make huge gains.

Look at the most successful traders and investors currently, they are on different level because they keep investing in their education. Even now, they are still learning and gaining a lot of knowledge that can help their performance to improve. The thing is, we should focus on our education especially if we want to become a profitable trader and investors.

[Iadegbola34]

The world of finance is evolving rapidly with the rise of cryptocurrencies, and financial literacy has become more crucial than ever. The text provides valid arguments for both sides of the debate regarding the role of education in financial literacy. While education in economics and finance can provide a strong foundation for success, practical experience is equally important. However, it is essential to note that financial literacy is not just about investing and managing assets but also about understanding the risks involved.

Therefore, individuals should seek out knowledge from a variety of sources, including both theoretical knowledge and practical experience. Education in economics and finance can help develop skills such as critical thinking and data analysis, but practical experience can provide valuable lessons that are not taught in classrooms. It is also essential to stay up-to-date with the latest news and trends in the world of finance and investments.

In conclusion, financial literacy is a continuous learning process, and individuals should seek knowledge from a variety of sources to best equip themselves to succeed in the world of cryptocurrency.

[Cryptock]

The world of finance is evolving rapidly with the rise of cryptocurrencies, and financial literacy has become more crucial than ever. The text provides valid arguments for both sides of the debate regarding the role of education in financial literacy. While education in economics and finance can provide a strong foundation for success, practical experience is equally important. However, it is essential to note that financial literacy is not just about investing and managing assets but also about understanding the risks involved.

Therefore, individuals should seek out knowledge from a variety of sources, including both theoretical knowledge and practical experience. Education in economics and finance can help develop skills such as critical thinking and data analysis, but practical experience can provide valuable lessons that are not taught in classrooms. It is also essential to stay up-to-date with the latest news and trends in the world of finance and investments.

In conclusion, financial literacy is a continuous learning process, and individuals should seek knowledge from a variety of sources to best equip themselves to succeed in the world of cryptocurrency.

it is a good thing to learn but these days we have so much distraction that we waste so much time on social media
I wish to follow most of the suggestion in the forum but I am not a good learner though

[Vaskiy]

Not on the bitcoin, but there is a need of financial literacy commonly. All around the world it is possible to financial experts, but when we take the basic understanding the common people have around we'll see a big percentage. Mostly people are got used to their professional career, beyond that they don't think as well as calculate much. Even before the existence of technology atleast people make some calculation while paying and during the time of transactions. Now the digital payments have stopped it, as we just tend to type the amount and send it.

[Amphenomenon]

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.

Those who support this notion should first check the meaning of education (being self-taught is still education), education in finance is necessary for everyone, if it was not why every business or individual manage their finances and also education is not something one get from school only, as you see we all can learn from this forum and its free.
Financial literacy is important in every person's life

[BitcoinPanther]

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.

I agree that practical experience is the best teacher but it will take eons for a person to experiment and study feasibility if they don't have any foundation on how to do it.  They maybe self-thought but the methods are not self-discovered because they just copy it from the successful person.

Proper education is still needed to not waste time for trial and error.  With proper education, a person can also save resources since they will be informed of different knowledge about financial literacy.  And mostly proper education is thought in schools.

Combination of theory and application is the safest and fastest way to do things especially when involves finances.

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.

Education is no doubt the most important in financial literacy, whether a person needs a formal or informal education, depends on the person's financial capability and belief.

[wajik-tempe]

It's crucial to learn from experienced investors. You may gain insightful market knowledge by joining online groups and following seasoned cryptocurrency investors on social media. You may make better investing selections by gaining knowledge from the experiences, triumphs, and mistakes of others. Also important is actual experience: Although education is key, real-world experience is essential to fully comprehend the intricacies of bitcoin investing. You may gain practical experience in risk management, market analysis, and decision-making by starting with a small investment and monitoring its performance.

[YinShuiSiYuan]

It's crucial to learn from experienced investors. You may gain insightful market knowledge by joining online groups and following seasoned cryptocurrency investors on social media. You may make better investing selections by gaining knowledge from the experiences, triumphs, and mistakes of others. Also important is actual experience: Although education is key, real-world experience is essential to fully comprehend the intricacies of bitcoin investing. You may gain practical experience in risk management, market analysis, and decision-making by starting with a small investment and monitoring its performance.

Now as the world has developed alot in financial terms and now things are not just about money you have plenty of new coins in market who are worth millions of dollars so yes financial literacy is extremely important to educate kids and students about the diversity of financial world .
 So that If they want to enter in this crypto world in future they know what to do and where to go.

[iv4n]

OP, do you use AI? Your posts are checked for the fact that the text is written by AI.

Nice catch! "Tell us if we guess it right" is the funny part, I wonder if OP will respond.

The problem is that governments are not interested in the population knowing about finance, they prefer them to be illiterate in this sense, otherwise much more content would be included in the curricula.

If people become aware of the swindle that is the monetary system or of the theft that inflation entails, it could lead too many people to be unhappy with the system, and that is not what those who benefit from it want.

On a personal level, today there are more resources than ever to acquire information with the internet, but you have to be willing to do so, and not everyone is. Part of it has to do with the conception that we have been inculcated since we were children to see money as evil, to think that all rich people are evil and things like that. If someone thinks that, it's better not to get informed, lest they get rich and become evil too, lol. At least that's the subconscious thinking in many cases.

If only people become aware of the system... but most people don't wish to bother with learning more, they simply think they know everything they need. And now a lot of things are available for free, people just need to have some wish and will to get deeper into something.

I asked a lot of people (from 15 to 65 years old) do they know how money is created, what affects the value of money, what is a centralized/decentralized system and other similar questions... many of them had no idea about anything, nor did they have any desire to learn more. And of course, governments suit that ignorance... While they spread hate and stupidity in public they are making huge financial manipulation in secret. For an ignorant person, it's easier to say "Foreign agents and spies are to blame for everything" than to learn more about how our own government is fucking us actually. And it's the 21st century... maybe things will get better in the next one.