Dear Sir, Financial education is teaching you skills to fight as an GLADIATOR but financial literacy is when you are really in the arena to fight to survive to see an another day. thanks

Dear Sir, Financial education is teaching you skills to fight as an GLADIATOR but financial literacy is when you are really in the arena to fight to survive to see an another day. thanks

Respected Sir, I am thankful for your response. So are these both complementary to each other?

Both are quite value laden! And to date, there appears to be an inverse relationship between them!

I'd strongly suggest Willis' review of the research: http://faircanada.ca/wp-content/uploads/2009/09/A-Case-Against-Financial-Literacy.pdf

http://www.thestar.com/opinion/columnists/2009/07/26/financial_literacy_lost_in_translation.html

You might also read up on the multi-year results of the Jump$tart program.

If you are interested in the ideological/narrative features of financial literacy, see: http://www.tandfonline.com/doi/abs/10.1080/02680939.2012.690163?journalCode=tedp20#.VyXzC_krLIV

financial literacy as a construct is a fairly recent development, financial education as an antidote to poor financial decision making is not. financial education should be an effective mechanism to improve financial outcomes, the causality in these relationships is inherently difficult to pin down. causal effects of financial education on financial literacy and financial outcomes, identify the best measures of financial literacy and inform policy makers about the costs and benefits of financial education as a means to improve financial outcomes.

Financial education is a need for people who study finance area but financial literacy is a need for everyone.