Here’s why many parents want to see crypto education in schools
At least in North America, personal finance education is rarely taught in schools, and it shows in the gulf that exists in most people’s understanding of many money basics—a recent survey found that eight out of 10 people polled on the street drew a blank when asked to define a bond.
A further seven in 10 also did not know the definition of a hedge fund, despite the majority saying with certainty that they did.
When it comes to cryptocurrency, the need for education is arguably even greater – as bitcoin’s value skyrocketed in 2021, one study found that only 16.9% of those who bought a cryptocurrency “fully understood” its value, while 33.5% had absolutely zero. knowledge about it.
A year later, the crypto market is in a major downturn that some analysts are calling a full-on crash. Still, there’s no shortage of startups promising good “just wait” returns while new versions of the same scam pop up every week.
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Need a crypto class
A new survey by cryptocurrency website BanklessTimes found that 64% of parents with school-aged children want cryptocurrency to be established as a classroom subject or taught in some form.
Another 40% of parents wanted to see classes or some form of education about blockchain technology, while 35% of parents want their children to learn about the metaverse and other similar virtual worlds.
The study does not distinguish between those who believe that cryptocurrency will be a relevant topic in the coming years and those who see it as part of financial literacy for their children.
That said, it is increasingly something many believe their offspring should know.
“With the growing popularity of cryptocurrencies, it’s important for people to understand how they work,” BanklessTimes CEO Jonathan Merry said in a statement. “And what better place to learn about this new technology than at school?”
Interest in NFTs is significantly lower; only 25% of parents said they wanted it to be taught in school.
While cryptocurrency taught at the high school level is still relatively rare, research from Coinbase (COIN) found that just over 40% of the world’s top 50 universities offer at least one class in cryptocurrency.
Adding financial literacy to education
With more than 10 courses and its own Center for Blockchain Research, Stanford University was arguably the leader for those looking to study cryptocurrency at the post-secondary level.
As many of these classes launched at a time when interest in cryptocurrency was at its peak, cryptocurrency education is increasingly seen as part of a broader push to improve financial literacy among younger generations, as well as apply the basics of personal finance to anyone new technologies that will emerge.
A Junior Achievement/Fannie Mae survey from the summer found that while 85% of teenagers believe owning a home would give them “the good life,” only 45% could properly explain how a mortgage worked, while 76% “lacked a clear understanding credit scores.”
“The financial illiteracy among them is concerning, and we need to come up with clear standards and figure out how to teach financial education to establish positive behaviors,” Bill Ryze, a chartered financial advisor in Tennessee, told TheStreet in August. “There is a need to train teachers to deliver financial education effectively.”
