I think humans are ALWAYS learning, it's a matter of whether we continue to do structured studying or not. I haven't studied for about 8yrs now, and I don't think I'll ever study in an institution again but I'll be learning as long as I'm alive!
There seems to be so much pressure in today's job market to have all the papers and certification. It is almost a given that if you want to excel in a career that continued learning is important. However, there are also areas which you can learn from which you can't necessary get in a book. I guess it is the direction one chooses and the balance one wants.
I think it is vital to keep learning until we die.
If you are asking about study in a formal sense- then I don't think that is necessary for everyone. I Iike to think my doctor is up to date on the latest research and techniques. The same would apply to many professions.
As a child I remember my parents discussing professional students . People who gain one degree after another but don't seem to put them to use in a practical way. I don't think that is a good idea because the student misess out on the life lessons and common sense skills that we learn from doing a wide variety of things.
As with many things - balance is key..