The Role of Education in Financial Literacy

[Gozie51]

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 subscribe to this school of thought in a way that if we mean education to mean formal education to have influence in financial literacy and management of funds, I would argue on that because education is education and apart from academic purposes, the best form of education is the informal and by extension semi formal education because that is were the family acculturate all the necessary form of knowledge and wisdom to its member. Intelligence being a part of family inheritance and brilliance is perhaps an academic exercise. However I would agree that there is a relation to education to the learning of financial literacy where it involves cryptocurrency because there are different compartment of cryptocurrency that you actually need to read and write, have a little above basic education to understand it technology, blockchain etc. Most people and youths that are finding it difficult to understand bitcoin and the basic means of usage which is send and receive of coins are mainly people of less education.

[karmamiu]

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 subscribe to this school of thought in a way that if we mean education to mean formal education to have influence in financial literacy and management of funds, I would argue on that because education is education and apart from academic purposes, the best form of education is the informal and by extension semi formal education because that is were the family acculturate all the necessary form of knowledge and wisdom to its member. Intelligence being a part of family inheritance and brilliance is perhaps an academic exercise. However I would agree that there is a relation to education to the learning of financial literacy where it involves cryptocurrency because there are different compartment of cryptocurrency that you actually need to read and write, have a little above basic education to understand it technology, blockchain etc. Most people and youths that are finding it difficult to understand bitcoin and the basic means of usage which is send and receive of coins are mainly people of less education.

The thing is that, most people think that being financially free comes with a cost that they needed to pay for but, they needed to pay to other people, and this is what mostly why they fall for schemes just because others also take advantage of this thought. There have been so many influencers locally and internationally who are offering financial education which in fact that they are also making money to people's lack of financial literacy that can even be learnt by few google searches and also freely. This isn't by manifesting or learning a thing or two, since education is still evolving worldwide and not also everyone is accessible of this said education. Even now we are all constantly evolving and learning.

[terencio]

I agree that financial literacy is very important in the digital age, especially when it comes to cryptocurrency. I think that education and experience can complement each other and provide a well-rounded understanding of the crypto market and its opportunities and challenges.

[serjent05]

I subscribe to this school of thought in a way that if we mean education to mean formal education to have influence in financial literacy and management of funds, I would argue on that because education is education and apart from academic purposes, the best form of education is the informal and by extension semi formal education because that is were the family acculturate all the necessary form of knowledge and wisdom to its member. Intelligence being a part of family inheritance and brilliance is perhaps an academic exercise.

I agree, aside from formal education, there is also called informal education which has a better impact on personal development and enhancement.  Since informal education came from real world experiences.

However I would agree that there is a relation to education to the learning of financial literacy where it involves cryptocurrency because there are different compartment of cryptocurrency that you actually need to read and write, have a little above basic education to understand it technology, blockchain etc. Most people and youths that are finding it difficult to understand bitcoin and the basic means of usage which is send and receive of coins are mainly people of less education.

Financial literacy is more inclined on the economic aspect of things not on the technical aspect.  So when we talk about financial literacy in terms of cryptocurrency, it is focused mainly on the economic aspect of cryptocurrency and how an individual can manage his finances effectively on that area.

[bbigtart]

As far as I monitor my friends who are educated in economics, they only focus on how to make money and prestigious job positions, without really learning how to manage finances, what's even sadder is that they don't really understand money.

What is even more harshly discriminated against is when you have an educational degree but can't make money, that is much more painful in my opinion, because there will be many bad points for the graduate. But the orientation is the same, people will judge on how you can make money, not on the title.

That's right, I agree with you, that we can learn the basics online, without the huge time and expense involved in the educational curriculum under educational institutions, 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.

I majored in economics and liked economics but decided to quit college not because it was the wrong major but because I thought this method was boring. Feeling that we are required to always follow the system, not to create or produce something. It is true that literacy education is important but without practice it is just as useless, especially in the crypto world.

So I decided to study economics directly in the community, print and digital media outside of formal education whenever and wherever I want. I also studied trading, risk management etc. I always apply all of this in business, my trading and in my financial management. because for me the essence of an economics education is to create/produce, help the circulation of money and be useful for the future. It's not just learning theories without putting them into practice let alone just pursuing an educational degree.

[Davian144]

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 .

Everything needs balance, including financial literacy. Because everyone who has learned a lot through their education must be able to adapt it in real practice, which can also give birth to experiences for themselves. In addition, everyone can also learn from other people's experiences because each experience is a very good teacher for everyone, including even the most bitter experiences. Because when someone starts to fall for a certain job, other people and we can see that as a lesson even though we don't have to experience it in our own life to be able to feel it.

[flyingcarpet]

As far as I monitor my friends who are educated in economics, they only focus on how to make money and prestigious job positions, without really learning how to manage finances, what's even sadder is that they don't really understand money.

What is even more harshly discriminated against is when you have an educational degree but can't make money, that is much more painful in my opinion, because there will be many bad points for the graduate. But the orientation is the same, people will judge on how you can make money, not on the title.

That's right, I agree with you, that we can learn the basics online, without the huge time and expense involved in the educational curriculum under educational institutions, 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.

I majored in economics and liked economics but decided to quit college not because it was the wrong major but because I thought this method was boring. Feeling that we are required to always follow the system, not to create or produce something. It is true that literacy education is important but without practice it is just as useless, especially in the crypto world.

So I decided to study economics directly in the community, print and digital media outside of formal education whenever and wherever I want. I also studied trading, risk management etc. I always apply all of this in business, my trading and in my financial management. because for me the essence of an economics education is to create/produce, help the circulation of money and be useful for the future. It's not just learning theories without putting them into practice let alone just pursuing an educational degree.

Some universities make up for the lack of practice here through clubs. These clubs, which are opened under the name of student clubs, provide their participants with practical training rather than theory. Not every school is the same, so financial literacy is directly proportional to one's desire to improve oneself.

[Zilon]

Both hands-on-experience and financial literacy goes hand in hand to equip one for the volatility and equity of the crypto and any other assets that can be traded or invested on. It takes understanding of the experience gathered in the cause of gathering engaging in the crypto space to make much difference. It is not enough to have experience having good understanding which is gotten through financial literacy helps to boast the confidence and ROI of the investor/ trader.

[Litzki1990]

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 is no substitute for knowledge about crypto currency to achieve success in crypto currency. The more a person knows about a subject the more experience he gains. There is no alternative to know about crypto related topics such as trading ideas, investment ideas, market reviews, to be successful in crypto currency. In addition to knowing about this, you should try to get practical experience.

As I learned something about trading then I should turn that knowledge into practical experience. trading with some amount of money. If we can do everything like this then we can definitely achieve success in cryptocurrency.

[og kush420]

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 is no substitute for knowledge about crypto currency to achieve success in crypto currency. The more a person knows about a subject the more experience he gains. There is no alternative to know about crypto related topics such as trading ideas, investment ideas, market reviews, to be successful in crypto currency. In addition to knowing about this, you should try to get practical experience.

As I learned something about trading then I should turn that knowledge into practical experience. trading with some amount of money. If we can do everything like this then we can definitely achieve success in cryptocurrency.

i have only seen Jews making their children learn the art of business and do the real work
they have better education plans for kids. In Fact I have heard that they want women to do maths during pregnancy so that se learn the problem solving skills and so does the child.

[Lorence.xD]

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 is no substitute for knowledge about crypto currency to achieve success in crypto currency. The more a person knows about a subject the more experience he gains. There is no alternative to know about crypto related topics such as trading ideas, investment ideas, market reviews, to be successful in crypto currency. In addition to knowing about this, you should try to get practical experience.

As I learned something about trading then I should turn that knowledge into practical experience. trading with some amount of money. If we can do everything like this then we can definitely achieve success in cryptocurrency.

i have only seen Jews making their children learn the art of business and do the real work
they have better education plans for kids. In Fact I have heard that they want women to do maths during pregnancy so that se learn the problem solving skills and so does the child.

That would apply to everyone since we have different talents and methods for us to earn some money. Nowadays we could earn via using technology like being an influencer or digital arts by that you could actually have income but how could you manage those without the knowledge when it comes to financials. You could actually hire someone but as an average person you should educate yourself about managing your financial so you won't face a problem in the future. This could be apply in crypto or even in an actual job

[odunybiz]

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.

This can't be avoided in a country were teachers are less paid. I'm once a teacher Ina private sector, then I did a lot of things including gambling, ponzi, loan to sustain financial freedom. Most of this things doesn't help, it even always add to my financial problem then. I think teachers salary scale should be restructured in any affected countries.

[Theones]

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.

correct education is the key to success, in first line where you said the education bring learning and more opportunity in life - i think skill does.

[Kelvinid]

IMHO, Education is just a preparation to become a potential candidate to have a day job but not for financial literacy. We can just learn Financial literacy if we already have some job experience and most of all, if we can talk or engage with businessmen. Because what it teaches in school is to become competitive and make good grades so we can easily get a job but not be encouraged to become an entrepreneur. But of course, a proper education can't lead you to success and so it was still important in our life.

[minersday]

Education is very crucial to increasing financial literacy, particularly in the context of bitcoin.  These are some of the reasons why I feel education is essential.

Understanding the Technology: Cryptocurrencies are based on sophisticated technologies such as blockchain. Individuals may gain a better understanding of the underlying principles, the operation of decentralized networks, and the possible advantages and concerns related to this technology through education.

Risk Awareness: Cryptocurrency investments come with unique risks, such as market volatility, regulatory uncertainty, and security threats. Individuals are educated to detect and analyze risks, allowing them to make informed decisions and take necessary safeguards.

Education gives knowledge of numerous investing methods, risk management measures, and portfolio diversification. It enables users to establish smart investing strategies by assisting them in understanding the variables impacting cryptocurrency values, market trends, and technical analysis.

Understanding bitcoin wallets, private keys, and security best practices is critical for safeguarding one's digital assets from theft or hacking. Individuals are empowered by education to preserve their cash and handle the complexities of bitcoin storage and custody.

[serjent05]

IMHO, Education is just a preparation to become a potential candidate to have a day job but not for financial literacy. We can just learn Financial literacy if we already have some job experience and most of all, if we can talk or engage with businessmen. Because what it teaches in school is to become competitive and make good grades so we can easily get a job but not be encouraged to become an entrepreneur. But of course, a proper education can't lead you to success and so it was still important in our life.

Education as stated is not limited four walls of schools.  Though formal education is what you called it, another form of learning comes from informal education where the one being learned and trained is a personal capability and mostly relies on experience.   All the examples you have stated are an example of informal education.

All in all, whether it is formal or informal education, they both help us in learning and understanding what financial literacy is.

[n0ne]

IMHO, Education is just a preparation to become a potential candidate to have a day job but not for financial literacy. We can just learn Financial literacy if we already have some job experience and most of all, if we can talk or engage with businessmen. Because what it teaches in school is to become competitive and make good grades so we can easily get a job but not be encouraged to become an entrepreneur. But of course, a proper education can't lead you to success and so it was still important in our life.

Education as stated is not limited four walls of schools.  Though formal education is what you called it, another form of learning comes from informal education where the one being learned and trained is a personal capability and mostly relies on experience.   All the examples you have stated are an example of informal education.

All in all, whether it is formal or informal education, they both help us in learning and understanding what financial literacy is.

This is how what we learnt becomes effective. We'll understand the real concepts only when the theoretical learning meets with the real time application. This means the formal education lets a kid to know the need and the experience lets him choose the right decision to handle the situation.

With financial literacy things were made easier to understand through the technology advancement. In the past to know about specific calculation is a hard thing. There are people who are successful by their experience, and that doesn't mean education isn't necessary. Because there is difference in view over a problem by a educated person and an experienced person.

[Theones]

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.

not always education helps in setting up your life.
Most of the time it is luck that helps you reach to your goal. life is struggle and there is no denying that one can achieve the goal without education

[Cryptock]

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.

no duobt about it - but the time we are living in - most of our elders are not much educated and yet they value relation and people
but these days - people are educated and yet they dont value people and relation ships.

[og kush420]

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.

It surly does.
Education is not the medel that it will bring in good behaviour among the - there are very educated people fooling the other educated people