I think the easy difference between knowledge and wisdom is simply experience.
For example, you can tell anyone what it's like to lose a loved one and that's knowledge but wisdom is actually losing that person and experiencing it all first hand.
The old can be seen as wise simply because they've lived so much, but that doesn't mean that every elderly person is wise, it's only the ones that truly take in what they've seen that gain wisdom from it.
You could see a twelve year old who has been through a very tomoltuous childhood and learned to take something from that and he/she may be much wiser than an eighty year old who's seen a lot but simply drifted past it.
North American school systems provide us with plenty of knowledge and sometimes wisdom if you get the right course and teacher but it's true that marks come from spitting back out raw knowledge and the feelings and wisdom taken from it may not be easily expressed but are still learned.
Well, it's an interesting topic.