Parents want their children to learn about complex cryptocurrencies at school.
The lack of personal finance education in schools, at least in North America, is evident in the gap in most people’s knowledge of many financial fundamentals. According to a recent survey, eight out of ten persons interviewed on the street had no idea what a bond was.
Despite the majority asserting with confidence that they knew what a hedge fund was, another seven out of ten did not.
The need for education is likely even greater when it comes to cryptocurrencies, as one survey indicated that only 16.9% of individuals who purchased cryptocurrencies “completely grasped” their value, while 33.5% had little information at all. This was at a time when bitcoin’s value was rapidly increasing in 2021.
One year later, the cryptocurrency market is seeing a severe decline that some analysts are describing as a full-on meltdown. Even still, new iterations of the same fraud are appearing every week, and there is no shortage of entrepreneurs offering fantastic “just you wait” profits.
A crypto class is required
According to a recent survey, 64% of parents of school-age children would prefer that bitcoin be made a part of the curriculum or otherwise taught.
35% of parents want their children to learn about the metaverse and other such virtual worlds, while another 40% of parents wished to see classes or some other type of education concerning blockchain technology.
The study makes no distinction between those who think cryptocurrency will be a hot topic for years to come and those who see it as a component of teaching their children about money management.
However, a growing number of people think their children should be aware of it.
The CEO of BanklessTimes, Jonathan Merry, stated in a statement that with the rising popularity of cryptocurrencies, it is crucial for people to grasp how they work. And what better setting than a classroom to learn about this new technology?
Only 25% of parents answered they would like NFTs taught in schools, reflecting the substantially lower level of interest in this subject.
While there are still few high schools that teach cryptocurrency, over 40% of the top 50 colleges in the world now have at least one cryptocurrency course available.
Including financial literacy in the classroom
Cryptocurrency education is increasingly being seen as part of a larger effort to improve financial literacy among younger generations and apply the fundamentals of personal finance to any new technologies that will come up, as many of these classes were introduced at a time when interest in cryptocurrencies was at its peak.
85% of teenagers think having a home will benefit them “76% “lacked a clear comprehension of credit ratings,” while only 45% could correctly explain how a mortgage operated.
Their financial illiteracy is troubling, said Bill Ryze, a Tennessee-licensed financial counsellor. There is a need to train educators to properly teach financial education.
