Wednesday, June 23, 2010

BACKGROUND OF THE STUDY

Education in the largest sense is any act or experience that has a formative effect on the mind, character or physical ability of an individual. In its technical sense, education is the process by which society deliberately transmits its accumulated knowledge, skills and values from one generation to another.

Etymologically, the word education is derived from educare (Latin) "bring up", which is related to educere "bring out", "bring forth what is within", "bring out potential" and ducere, "to lead".

Teachers in educational institutions direct the education of students and might draw on many subjects, including reading, writing, mathematics, science and history. This process is sometimes called schooling when referring to the education of teaching only a certain subject, usually as professors at institutions of higher learning. There is also education in fields for those who want specific vocational skills, such as those required to be a pilot. In addition there is an array of education possible at the informal level, such as in museums and libraries, with the Internet and in life experience. Many non-traditional education options are now available and continue to evolve.

The Department of Education (Filipino: Kagawaran ng Edukasyon), is the executive department  of the Philippine government responsible for the management and governing of the Philippine system of basic education. It is the chief formulator of Philippine educational policy and is responsible for the Philippine primary and secondary school system. The Department of Education is also known by its old name, the Department of Education, Culture and Sports (Filipino: Kagawaran ng Edukasyon, Kultura at Palakasan).

Financial literacy is the ability to understand finance. More specifically, it refers to an individual's ability to make informed judgements and effective decisions about the use and management of their money. Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Japan, the United States and the UK.

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