The Role of Education in Financial Literacy

[Dickiy]

I am not sure if this is hundred percent true or not. There is friend of mine who is MD Surgeon in orthopaedics. He has done hundreds of major and minor surgeries till now but one thing he never did is, saved. He did not save his money properly, Never thought of investing his money in some sort of investment portfolio. All he do is live an expensive lifestyle, get good cars, enjoy holidays in exotic places. The question is whether he would be fine when it comes to emergencies in the lifetime or maybe things go south in the future or at the age of retirement? He doesn’t care about it even if he is so much educated and talented. Sometimes peeps are not thinking straight. They would just think about the current timeline. However, in today’s world you never know what sort of situation will hit you hard. Better get the lesson from inside out with own sense of managing finances. No one can help oneself with that.

The thing that most often traps people is the comfort zone, right now your friend is in the mindset that there is no tomorrow, he always spends a lot of money in proportion to what he earns, in the long term, of course, his lifestyle is very dangerous, he will definitely borrow money or sell valuables when he is really in trouble for money, financial management education is important and not everyone wants to take the time to learn it, self-reward is important but saving for the future is much more important.

Agreed, the comfort zone is a condition or point where people will feel very comfortable with such conditions, whether it's for those who still don't have a job but are well-off because both parents are rich and also for those who already have a good job but can't manage their finances at all, and instead act as they wish by behaving excessively in allocating money. Well that's a pretty ridiculous assumption and mindset, as if you will be able to earn money to sustain your life tomorrow. I like the statement "better to prevent than to cure" this is very suitable for our discussion this time and can be used as a reference for consideration.

So in conditions like this, for example your finances are good does not mean you have to spend the money for your own satisfaction, but you have to think about "how your life will be the next day", you have to think about it because no one will be able to guarantee that you will continue to live well, the wheels keep turning so therefore you have to think about your future, one of them is by starting to manage money carefully, avoid excessive spending and invest your money from now on. You will not know what will happen later, especially in terms of finance, so you can start this alternative to minimize things that are not wanted in the future.

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[jrrsparkles]

I am not sure if this is hundred percent true or not. There is friend of mine who is MD Surgeon in orthopaedics. He has done hundreds of major and minor surgeries till now but one thing he never did is, saved. He did not save his money properly, Never thought of investing his money in some sort of investment portfolio. All he do is live an expensive lifestyle, get good cars, enjoy holidays in exotic places. The question is whether he would be fine when it comes to emergencies in the lifetime or maybe things go south in the future or at the age of retirement? He doesn’t care about it even if he is so much educated and talented. Sometimes peeps are not thinking straight. They would just think about the current timeline. However, in today’s world you never know what sort of situation will hit you hard. Better get the lesson from inside out with own sense of managing finances. No one can help oneself with that.

The thing that most often traps people is the comfort zone, right now your friend is in the mindset that there is no tomorrow, he always spends a lot of money in proportion to what he earns, in the long term, of course, his lifestyle is very dangerous, he will definitely borrow money or sell valuables when he is really in trouble for money, financial management education is important and not everyone wants to take the time to learn it, self-reward is important but saving for the future is much more important.

It's called lifestyle inflation, we can show the life of many athletes after their retirement went bad as the best example of why everyone has to stay away from that kind of lifestyle. But the medical field has no threat in my opinion so there will be no issue with his revenue from the medical field but if the person has a family then saving is the important thing to do.

Now here comes to the actual topic, financial education lacking in most of people irrespective of their profession and the main reason for it the curriculum itself is not preferred it in the early stages like in schools. That is why even someone who earns a lot can't move their life to the next level and if someone wants to achieve it then they need to manage their finance properly.

[dezoel]

I am not sure if this is hundred percent true or not. There is friend of mine who is MD Surgeon in orthopaedics. He has done hundreds of major and minor surgeries till now but one thing he never did is, saved. He did not save his money properly, Never thought of investing his money in some sort of investment portfolio. All he do is live an expensive lifestyle, get good cars, enjoy holidays in exotic places. The question is whether he would be fine when it comes to emergencies in the lifetime or maybe things go south in the future or at the age of retirement? He doesn’t care about it even if he is so much educated and talented. Sometimes peeps are not thinking straight. They would just think about the current timeline. However, in today’s world you never know what sort of situation will hit you hard. Better get the lesson from inside out with own sense of managing finances. No one can help oneself with that.

Are you 100% sure that he shares everything with you when it comes to his finances? As far as I know, we barely share everything that we do in our lives with each and every friend that we have unless it is someone too close or someone who has been a best friend for a very long time and already knows everything about us, but friends that aren't that close wouldn't know that much about us or what we do on the inside without letting the general public know.

I say that because a person who is well-educated is a medical surgeon and obviously has a lot of knowledge about life and the world, and every experience that we have in our lives, wouldn't lack financial literacy. There must be something that you either don't know or he doesn't share with you because he must at least be saving some money or have invested some of it somewhere because people with both money and education generally do that.

[Joshapat]

In my opinion, education doesn't really play a role in carrying out financial literacy, we only get a too general picture about finances, even though I graduated in 2020, I didn't get any lessons or introductions about cryptocurrencies, I don't know about education in other countries but what happened in my country was that education didn't happen. changes over a long period of time.

[Fara Chan]

In my opinion, education doesn't really play a role in carrying out financial literacy, we only get a too general picture about finances, even though I graduated in 2020, I didn't get any lessons or introductions about cryptocurrencies, I don't know about education in other countries but what happened in my country was that education didn't happen. changes over a long period of time.

There is no need to blame education when you don't get a curriculum about cryptocurrency specifically at your school or lecture. Because in some countries a learning curriculum about cryptocurrency is not implemented, so most people still have to look for it themselves and learn about cryptocurrency in general for themselves. So you don't need to blame anyone and anything when you don't get special learning about cryptocurrency when you have graduated from the education you have taken for several years.

And until now I have not found special education for cryptocurrency that is implemented in schools in a very basic curriculum with fairly mature learning. But I am sure that every school will teach about economics and that is part of the lessons that can be included in financial literacy because generally the economic sector is related to finance. Meanwhile, cryptocurrency is something that is very different from several other curricula, so the state cannot immediately create a curriculum that is very specific to cryptocurrency.

[harapan]

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.

Financial Education is needed in the future and if those children in schools are the future then that should be taught extensively to handle issues related to finance in the future.
Most of all these are not taught so the government can keep on controlling and maintaining power.
Your are right only if these Financial information have been passed on from small these people would have known what to do and they will be aware enough about their financial plans.

[TakeItEasy]

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.

I don't ever think that without knowledge a person can take part in any of the fields, gaining knowledge about every specific field is the important part of the journey. For example, if a person wants to succeed in trading he must have trading knowledge and if a person wants to succeed in some other business he must know that specific business. It is not the same as having knowledge about one business and he is taking part in another business then he will get success, this is not guaranteed. So, there is a very rare total of these persons who are best at every field, I'm not saying that there is no one, but at any point, there must be a weakness of each person.

Here I conclude that we should be mostly getting things through knowledge and if we have a strong side about the knowledge then we can only get to the top not only in that field but we will be able to give other opinions on other businesses too.

[Mr.right85]

In my opinion, education doesn't really play a role in carrying out financial literacy, we only get a too general picture about finances, even though I graduated in 2020, I didn't get any lessons or introductions about cryptocurrencies, I don't know about education in other countries but what happened in my country was that education didn't happen. changes over a long period of time.

I don’t get it when you say, “what happened in your country was that education didn’t happen. Changes over a long period of time”. What do you mean by this? Is that in anyway to mean that, you weren’t taught the situations affecting the economy of your country in class?

That would make your teachers such fortune tellers and not just teachers or lecturers.
Not everything or knowledge are taught in the field of learning or within the walls of an institution. Some learnings are done informally and the education you might have got from within the walls of an institution does play a role in your deductions from what is been fed to you informally and what is been fed to you by societal pressure.

Don’t neglect the process my friend, every bit of it is as vital as it is.

[kingvirtus09]

Do you know that many people do not understand the word financial literacy and do not care about the reality of people's lives? But it can help a lot to anyone or any of us in this world. Well, in fact, there are people who do not know that they have financial knowledge about financial literacy.

Because there are people who were poor before but now their lives are prosperous, they just started with a small business, but eventually they grew their business. Maybe when they started, they were not aware of financial literacy, but they didn't know and noticed that they were already doing it when they were just starting to persevere with their business. There are others who have learned and studied it but can't apply it in their lives; some still have jobs; others have tried to build a business but it didn't grow. You get my point?

[wallet4bitcoin]

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.

It is true that sufficient knowledge is required for one to be successful but amongst places to acquire financial literacy, the four walls of the classroom or educational institution isn't crafted to attend to the class of knowledge required to achieve such feat. Successful entrepreneurs are self-taught because they go for what knowlegdge is required to acquire the finances of the businesses they control. You know entirely, that the amount of information you have is what will take your business to greater heights, hence, you are ever in the quest to know more, but educational syllabus doesn't factor that in, they only make provision for what looks like foundation and then they graduate you.

I do not playdown, in any way, the investment in education but financial literacy isn't a product of the educational system alone but one's desperation to succeed drives him to know more and keep searching as long as he's in business.

[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.

It is true that sufficient knowledge is required for one to be successful but amongst places to acquire financial literacy, the four walls of the classroom or educational institution isn't crafted to attend to the class of knowledge required to achieve such feat. Successful entrepreneurs are self-taught because they go for what knowlegdge is required to acquire the finances of the businesses they control. You know entirely, that the amount of information you have is what will take your business to greater heights, hence, you are ever in the quest to know more, but educational syllabus doesn't factor that in, they only make provision for what looks like foundation and then they graduate you.

I do not playdown, in any way, the investment in education but financial literacy isn't a product of the educational system alone but one's desperation to succeed drives him to know more and keep searching as long as he's in business.

This is what I observed as a student back then, at school they teach the basics and some knowledge about financial literacy. They are focused on passing instead of learning, cause if they did not passed that degree, they would retake it for another year which is time consuming. That's why some of the school let entrepreneurs itself to teach the youngster on their own way since they are the one more experienced in the field unlike from the textbooks. Cause here in my country, having degree is like the most important thing to achieve. but we know that mostly of the successful entrepreneurs did not even went to schools since they considered it as a waste of time, it would literally depends on the person on what he/she would take of path for achieving their goal in business.

[pinggoki]

OP, you forgot the part that I think is highly underrated when it comes to the benefit of education when it comes to helping people to become financially literate and that is the benefit of getting education is that it elevates the reading comprehension of the people, I mean look at your nearest book that is all about financial literacy, I am sure that there's a lot of technical stuff written in there and if you have a really low reading comprehension, the words and the sentences would just go right through your head and you end up not learning anything. There's a reason why a lot of dictators and totalitarian regimes throughout history have oppressed education in some way or form, and that is to prevent their people from ever becoming critical thinkers and becoming an active member of the society that they're in.

[bayu7adi]

There's a reason why a lot of dictators and totalitarian regimes throughout history have oppressed education in some way or form, and that is to prevent their people from ever becoming critical thinkers and becoming an active member of the society that they're in.

Why oppressed education? The government always wields official authority to enact measures upon its citizens without interference from others. The government possesses laws and unrestricted access to media outlets, along with the applicable permits within the nation. Anyone daring to defy the government may face a punishment that appears lawful, yet it remains shrouded in secrecy.

No matter how one looks at it, education is of paramount importance to all citizens. Even the government would not risk turning its populace into ignorant individuals. The repercussions are substantial for a nation's progress, and the poverty rate would serve as a gauge of a country's success.

A critical thinker can be silenced by the government. The use of governmental authority offers a convenient means to control its citizens.

[boty]

There's a reason why a lot of dictators and totalitarian regimes throughout history have oppressed education in some way or form, and that is to prevent their people from ever becoming critical thinkers and becoming an active member of the society that they're in.

Why oppressed education? The government always wields official authority to enact measures upon its citizens without interference from others. The government possesses laws and unrestricted access to media outlets, along with the applicable permits within the nation. Anyone daring to defy the government may face a punishment that appears lawful, yet it remains shrouded in secrecy.

No matter how one looks at it, education is of paramount importance to all citizens. Even the government would not risk turning its populace into ignorant individuals. The repercussions are substantial for a nation's progress, and the poverty rate would serve as a gauge of a country's success.

A critical thinker can be silenced by the government. The use of governmental authority offers a convenient means to control its citizens.

Carrying out actions that are contrary to the government is certainly an act that violates the law even if the government makes mistakes in leading its society. Every citizen must get a good education because without education, of course people will not know how to earn money and how to survive. If the people of an area do not get a good education, of course it will be very difficult for them to be able to produce something that they can produce and will making them experience economic difficulties.

If the government silences those who criticize the government and society cannot do anything about the government then society will live in misery because the government only thinks about itself and this will be a time bomb for them and when society's patience runs out of course they will fight it in ways that may not be possible. good for the government.

[Rockstarguy]

In my opinion, education doesn't really play a role in carrying out financial literacy, we only get a too general picture about finances, even though I graduated in 2020, I didn't get any lessons or introductions about cryptocurrencies, I don't know about education in other countries but what happened in my country was that education didn't happen. changes over a long period of time.

Financial literacy is not something that is acquired from school,  it is something people can acquire by themselves from the books they read .  School can never teach you how you can make money , school will only educate in a particular career which you yourself you have to think yourself how you can generate money from the knowledge attained. It is rare to get a school where they teach people how to make money,  financial education is mostly acquired by self development. It is very important in the every day life in how to generate money and how money is to be spent.

[angrybirdy]

In my opinion, education doesn't really play a role in carrying out financial literacy, we only get a too general picture about finances, even though I graduated in 2020, I didn't get any lessons or introductions about cryptocurrencies, I don't know about education in other countries but what happened in my country was that education didn't happen. changes over a long period of time.

Financial literacy is not something that is acquired from school,  it is something people can acquire by themselves from the books they read .  School can never teach you how you can make money , school will only educate in a particular career which you yourself you have to think yourself how you can generate money from the knowledge attained. It is rare to get a school where they teach people how to make money,  financial education is mostly acquired by self development. It is very important in the every day life in how to generate money and how money is to be spent.

As a Banking and finance graduate, One of our professor taught us just a little bit background about bitcoin and cryptocurrency because we were focused on the other financial topics. That's right, having an education will helps and educates us in many ways just like having an ability to make a better financial decisions and effective management of money. if you're lack of financial literacy skills, it can be lead to poor spending choices, generational wealth gap and increase debt,. Financial literacy improves financial wellbeing.

[Fara Chan]

Do you know that many people do not understand the word financial literacy and do not care about the reality of people's lives? But it can help a lot to anyone or any of us in this world. Well, in fact, there are people who do not know that they have financial knowledge about financial literacy.

Maybe this only exists among today's young people who have not yet fully learned and practiced financial literacy in their own lives. But for those who are adults and already have family responsibilities, they will always learn something to put into practice in their lives. In order to continue to support themselves and their families better without having financial difficulties, they will feel the need to learn everything including financial literacy.

Because there are people who were poor before but now their lives are prosperous, they just started with a small business, but eventually they grew their business. Maybe when they started, they were not aware of financial literacy, but they didn't know and noticed that they were already doing it when they were just starting to persevere with their business. There are others who have learned and studied it but can't apply it in their lives; some still have jobs; others have tried to build a business but it didn't grow. You get my point?

I quite understand what you mean because everyone has probably seen some of the realities of other people like what you said. Some people who have learned about financial literacy but have not been able to apply it in their lives, perhaps they still have other obstacles that cannot be resolved properly. For example, they don't have the capital to start a business or don't know what business to start with, so that kind of difficulty still needs to be resolved by some people who have studied financial literacy. Meanwhile, those who have started small businesses directly even though they have not yet learned about financial literacy, are people who prefer direct action even though they do not know about financial literacy.

[Fortify]

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?

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.

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 key and a particular focus on learning about finances can put you ahead of 99% of people out there. If you learn so many of the basics before you are 21 then you have a way greater chance of long term financial success and building up a solid foundation for your future. Some people can go their whole lives without understanding how they are getting screwed by obscene interest rates charged by things like credit cards, and how not paying off your full balance each month costs you a lot of money over time. Others might never understand the difference between fixed and tracker rate mortgages, which again can leave you paying tens of thousands more over the lifetime of a mortgage.

[summonerrk]

~~~

Education is a consequence of our intelligence and education. And I think that if an investor does not have an economic education, but understands the principles of economic relations at the level of native understanding, then this is good. And such a person does not need education, since it will only streamline his thoughts, but it will not help globally. And there are reverse examples when people have an economic education, but do not understand the principles of money at all. But in any case, I believe that everyone should understand the principles of finance that Kiyosaki described in his book Rich Dad Poor Dad.

[hafiztalha]

~~~

Education is a consequence of our intelligence and education. And I think that if an investor does not have an economic education, but understands the principles of economic relations at the level of native understanding, then this is good. And such a person does not need education, since it will only streamline his thoughts, but it will not help globally. And there are reverse examples when people have an economic education, but do not understand the principles of money at all. But in any case, I believe that everyone should understand the principles of finance that Kiyosaki described in his book Rich Dad Poor Dad.

Yes ,you are right. Financial knowledge is very important to grow in life. Knowledge kick any person for work and struggle for success. No one became successful without knowledge of finance. Because I saw many athletes who are bankrupted after retirement. They earn money and had no knowledge of investment and they wasted their money in useless things and they bankrupted at the end. They did know how to invest in investments ,they lack knowledge of finance. Financial knowledge is also very important in our daily life to manage our expenses. Financial knowledge gave a path to grow in future and it gives a lot of opportunities .