The Role of Education in Financial Literacy - page 10.

Synchronice

hero member

Activity: 882

Merit: 792

Watch Bitcoin Documentary - https://t.ly/v0Nim

Quote from: Dalib on May 03, 2023, 06:55:19 PM

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.

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.

But that doesn't mean that you shouldn't spend time to learn financial literacy and just go out in wild with money with hope to learn how it works, no, you should be able to read one, analyze, look at real world, see how things work, see what matches from real life to literacy and use both of them for improving and inspiring yourself.

romero121

legendary

Activity: 3234

Merit: 1214

Vave.com - Crypto Casino

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.

Theones

full member

Activity: 1204

Merit: 110

Quote from: iv4n on May 08, 2023, 10:22:32 AM

Quote from: lovesmayfamilis on May 04, 2023, 09:15:02 AM

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.

Quote from: Poker Player on May 04, 2023, 01:38:06 AM

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.

that is so right many people do not go into the detail how the process of money creation is done.
You would find a very few people with good mind set for absorbing the healthy mind set.

disconnectme

hero member

Activity: 1876

Merit: 512

Education does help in some areas but I just feel it has more to do with self-discipline, you don't need to go to school to learn about money, we have seen a lot of MBA guys that help destroyed big companies and banks. Self-discipline and Greed management are two things that one needs to look into, if you are very discipline you are likely to make it and after making it, the taste for more can destroy what you already have because you won't be able to satisfy it, it is just like sand in the desert you are pouring water into it and since man's want are insatiable you keep wanting more and taking the risk that will eventually destroy all you have built

hannahB4

member

Activity: 532

Merit: 13

In anything we do knowledge is power, it doesn't matter what it might be because you won't be easily erroneously swayed away. Education increases our reasoning and understanding to an extent generally; because what you know basis about the application will differ from the ones you don't know.

Baoo

full member

Activity: 868

Merit: 116

I absolutely agree with what you said OP. In addition to that, it is regrettable how too many people don’t give a value about the education especially when it comes to sources of funds or income like crypto investment, they end up making hasty and terrible decisions , taking unplanned risks and losing their capital as a result in a short period. In fact, it is certain that Bitcoin is able to give you a short cut way to reach financial freedom However , without educating yourself and learning investing basics, you won’t achieve it. Moreover, there is a plenty of benefits of financial literacy, it could help you to attain life aims in an easy way

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

Quote from: Findingnemo on May 14, 2023, 11:14:11 AM

Quote from: khiholangkang on May 13, 2023, 02:17:25 PM

Snip~
.
.
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.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: khiholangkang on May 13, 2023, 02:17:25 PM

Snip~
.
.
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.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Quote from: Dalib on May 03, 2023, 06:55:19 PM

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.

I'm in this group. I believe lessons from experience are of more use than whatever knowledge that's derived from books. Book knowledge is overrated and that's why many have erroneously labelled formal education as a scam. If it weren't so, those who went to school to acquire financial literacy are supposed to be among the wealthy but that's not so. The top richest men in my country aren't that financially literate. They learnt that on the job and not from any four walls of a tertiary institution.

Taskford

hero member

Activity: 2520

Merit: 783

Quote from: gaston castano on May 14, 2023, 06:10:48 AM

Quote from: Darker45 on May 03, 2023, 08:16:27 PM

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.

You make a good point that financial literacy alone may not be enough to prevent people from falling prey to scams and high-interest loans. Financial self-discipline and awareness are also critical factors in making sound financial decisions.
While basic financial literacy is important, it is also important to recognize that people's financial behaviors are influenced by a wide range of factors, including cultural norms, social pressures, and emotional responses to money. In some cases, people may be aware of sound financial principles but still struggle to implement them in practice due to these other factors.

Even if how high your educational attainment but if you get eaten by your greed and will not believe on other people says that this is scam still your education attainment is useless. Financial literacy is needed but it also need a accurate presentation so that people would realize the big risk about the actions they do especially when they are been greedy to seek for more profit or want to earn huge by doing nothing.

Also maybe its good to update those warning since people now dealing each other online so I guess good for those politician to write up new guidelines about scam and teach people to have critical thinking on each investment they wanna take.

gaston castano

sr. member

Activity: 1526

Merit: 251

Quote from: Darker45 on May 03, 2023, 08:16:27 PM

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.

You make a good point that financial literacy alone may not be enough to prevent people from falling prey to scams and high-interest loans. Financial self-discipline and awareness are also critical factors in making sound financial decisions.
While basic financial literacy is important, it is also important to recognize that people's financial behaviors are influenced by a wide range of factors, including cultural norms, social pressures, and emotional responses to money. In some cases, people may be aware of sound financial principles but still struggle to implement them in practice due to these other factors.

Gyfts

legendary

Activity: 2828

Merit: 1515

Quote from: Fortify on May 04, 2023, 01:29:35 PM

I think in the last ten years educators have really woken up to the fact that talking and teaching practical financial advice is important. I remember growing up and learning all sorts of sophisticated algebra and mathematical solutions that have rarely been needed in life. However knowing the basics of things like credit cards, loans, mortgages, interest rates, pensions, stocks, bonds, etc. can be revolutionary in the future prospects of younger generations. It's easy to fall into all sorts of predatory financial traps when you're young, but it's extremely hard to climb back out of them again - often setting back people many years or even decades of possible growth in their money.

The younger generation, despite having access to the internet, have little economic literacy. Blame it on the education system or what have you, doesn't change the fact these people are missing out the early years of their life from investing.

Early investments mean compounded growth over a longer period of time. Granted the younger generation don't have a lot to invest, still, small amounts invested early accrue larger growth over 30-40 years than large amounts of funds invested for a shorter period.

Quote from: lovesmayfamilis on May 04, 2023, 09:15:02 AM

...

These AI checkers are hilariously unreliable. Still an important discussion to be had, IMO. AI or not. Financial literacy is at an all time low despite living in a world where information is virtually free.

Accardo

hero member

Activity: 1274

Merit: 561

Leading Crypto Sports Betting & Casino Platform

Quote from: molsewid on May 13, 2023, 04:57:44 PM

Quote from: MFahad on May 13, 2023, 01:09:59 PM

Education is needed to known well about anything and in my opinion without education a person is blind he cannot get the things easily. A person can get financial stability without education but if education and experience both are used in some field of life then success rate of such job will increases. I think educations should be compulsory because there are few jobs which does not have any requirements of degrees but not all the individuals are involved in that so if you have degrees you can do any job without any problem.

Education with experience makes a person unstoppable. Some of the people are educated but still not financial literate maybe because they don't have enough time to learn it or it is not their priority but then it should be a priority since it will give us a large impact in our finances and it will help us to manage future events in the future. Some people learn financial literacy through experience.

Experience is the best teacher they say, but to step ahead amongst experienced people education is required. We are in a world where the next person takes over a position with few experiences they've got in their resume than other contenders. Indeed an experienced person with Education is unstoppable that's if they realize it. Achieving the goal requires determination and perseverance skills or qualities the school doesn't teach, it emits from people who are unstoppable. Many experienced and educated people don't utilize such qualities and they end up being stopped by critical life conditions like capital, poor environment, or excuses. Every one that is financially literate should practice often else they may not level up on top news or information disseminating in the niche or industry.

molsewid

hero member

Activity: 2170

Merit: 530

Quote from: MFahad on May 13, 2023, 01:09:59 PM

Education is needed to known well about anything and in my opinion without education a person is blind he cannot get the things easily. A person can get financial stability without education but if education and experience both are used in some field of life then success rate of such job will increases. I think educations should be compulsory because there are few jobs which does not have any requirements of degrees but not all the individuals are involved in that so if you have degrees you can do any job without any problem.

Education with experience makes a person unstoppable. Some of the people are educated but still not financial literate maybe because they don't have enough time to learn it or it is not their priority but then it should be a priority since it will give us a large impact in our finances and it will help us to manage future events in the future. Some people learn financial literacy through experience.

khiholangkang

hero member

Activity: 2184

Merit: 599

Quote from: Findingnemo on May 13, 2023, 10:41:18 AM

Quote from: ultrloa on May 13, 2023, 07:02:30 AM

Quote from: Findingnemo on May 13, 2023, 06:30:39 AM

I am one of the kind who believes education and knowledge is completely different but most people confuse and think both as same so when they get their graduation they think they know everything but in reality no they just know something while knowledge comes from real life experience which will be really helpful for moving towards financial literacy.

Even someone who got batchelor degree in economics may not have complete idea of what is money, financial management, risk assessment and a lot other things but a business man with little education knows everything better than a graduate.

The main thing achieve on getting proper education is you are literate and will not easily get fooled by anyone. Your main point is really different since there's something we cannot learn in school but we can learn thru experience and its a big plus for us if we are properly educated since we can counteract with people we meet thru the challenge we are facing on employment or to the business venture we are trying to pursue.

Unlike if you are uneducated many discrimination can possibly appear and for sure many people will think about you are easily get fooled because you don't have diploma to show. Also trust is so low because many think that you cannot make it so its really better to have good education to avoid negative thinking about your capabilities.

No, I completely disagree, you will not be discriminated against if your are uneducated but due to the unsuccessful in making money that is the hard reality. I know lots of educated fools all over the world who have been chasing their life under some uneducated boss who sit at the top and dictates what all others should do and the position of boss can't be obtained by education so-called degree and that is what I am trying to say.

Its good to learn the basic things but since we can learn everything online without paying thousands of dollars on college as tuition fees I feel is a complete waste of money and valuable time cause we can complete that degree in a month or two depending on how much we are committed to gain the knowledge not that degree certificate.

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.

MFahad

hero member

Activity: 2506

Merit: 645

Eloncoin.org - Mars, here we come!

Education is needed to known well about anything and in my opinion without education a person is blind he cannot get the things easily. A person can get financial stability without education but if education and experience both are used in some field of life then success rate of such job will increases. I think educations should be compulsory because there are few jobs which does not have any requirements of degrees but not all the individuals are involved in that so if you have degrees you can do any job without any problem.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: ultrloa on May 13, 2023, 07:02:30 AM

Quote from: Findingnemo on May 13, 2023, 06:30:39 AM

I am one of the kind who believes education and knowledge is completely different but most people confuse and think both as same so when they get their graduation they think they know everything but in reality no they just know something while knowledge comes from real life experience which will be really helpful for moving towards financial literacy.

Even someone who got batchelor degree in economics may not have complete idea of what is money, financial management, risk assessment and a lot other things but a business man with little education knows everything better than a graduate.

The main thing achieve on getting proper education is you are literate and will not easily get fooled by anyone. Your main point is really different since there's something we cannot learn in school but we can learn thru experience and its a big plus for us if we are properly educated since we can counteract with people we meet thru the challenge we are facing on employment or to the business venture we are trying to pursue.

Unlike if you are uneducated many discrimination can possibly appear and for sure many people will think about you are easily get fooled because you don't have diploma to show. Also trust is so low because many think that you cannot make it so its really better to have good education to avoid negative thinking about your capabilities.

No, I completely disagree, you will not be discriminated against if your are uneducated but due to the unsuccessful in making money that is the hard reality. I know lots of educated fools all over the world who have been chasing their life under some uneducated boss who sit at the top and dictates what all others should do and the position of boss can't be obtained by education so-called degree and that is what I am trying to say.

Its good to learn the basic things but since we can learn everything online without paying thousands of dollars on college as tuition fees I feel is a complete waste of money and valuable time cause we can complete that degree in a month or two depending on how much we are committed to gain the knowledge not that degree certificate.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: tabas on May 11, 2023, 03:26:35 PM

It's so true that one who understands economics and financial education doesn't mean that they're all financially literate at all or they're already experiencing financial freedom. And that's because the practice itself will still reflect on what makes someone financially free. But it's best to have an idea and at least basic knowledge or education about financial literacy. It's one way for someone to understand how money works and how they can let their money work for them. Because without such, yeah, they can learn on their own but it might be a rough road for them as experience will teach them with that.

Not sure if the same goes for the education system in other countries, but's kinda sad that in universities, it's all just textbook knowledge even if you're major in business courses (BS-HRM, BSE, BSBA, etc). There are still graduates that do not know how the hell debt works and even the basics of interest and stuffs then in the end, they're all getting screwed up by these boomer scums that takes advantage of these zoomer generation of graduates.

Practical courses like those I mentioned should have been more on application rather than sticking to textbooks. Good thing that in my own field of SWE, I was a self taught.

Quote from: naikturun on May 13, 2023, 10:06:34 AM

the internet has made it easier than ever to educate oneself about various financial topics, including cryptocurrency, stock investing, and forex trading. With a wealth of information available online, individuals can access tutorials, articles, videos, and other educational resources to learn about these topics and develop their financial literacy.

I believe you misquoted, naikturun but anyways, although you're indeed right as the 90% of my learnings in my field were all from the internet (SO, Youtube, W3), you'll never know how would you apply those knowledge yet in real life unless you did experience it.

naikturun

sr. member

Activity: 1190

Merit: 267

Undeads.com - P2E Runner Game

Quote from: cabron on May 04, 2023, 08:43:04 AM

With the internet full of information, its easy to educate yourself about cryptocurrency as its not taught in universities.

Even the stock investing and forex trading is not taught in schools. I fould myself reading trading systems that I have no idea about its terms but had to dig in to learn. There are already computer based tutorials that we can buy these days. It should have been a good route to educate yourself with financial letiracy.

[/quote

the internet has made it easier than ever to educate oneself about various financial topics, including cryptocurrency, stock investing, and forex trading. With a wealth of information available online, individuals can access tutorials, articles, videos, and other educational resources to learn about these topics and develop their financial literacy.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: Findingnemo on May 13, 2023, 06:30:39 AM

I am one of the kind who believes education and knowledge is completely different but most people confuse and think both as same so when they get their graduation they think they know everything but in reality no they just know something while knowledge comes from real life experience which will be really helpful for moving towards financial literacy.

Even someone who got batchelor degree in economics may not have complete idea of what is money, financial management, risk assessment and a lot other things but a business man with little education knows everything better than a graduate.

The main thing achieve on getting proper education is you are literate and will not easily get fooled by anyone. Your main point is really different since there's something we cannot learn in school but we can learn thru experience and its a big plus for us if we are properly educated since we can counteract with people we meet thru the challenge we are facing on employment or to the business venture we are trying to pursue.

Unlike if you are uneducated many discrimination can possibly appear and for sure many people will think about you are easily get fooled because you don't have diploma to show. Also trust is so low because many think that you cannot make it so its really better to have good education to avoid negative thinking about your capabilities.

Topic: The Role of Education in Financial Literacy - page 10. (Read 2074 times)