Financial illiteracy and financial ignorance is a huge in America. It is also for an apology by those who knowingly used bad financial decisions. As the mortgage crisis, it fell into effect, many borrowers who had made some really bad financial decisions they winked do not understand what they complained were getting into, hood or using the "F" word fraud.
Yet they have signed the loan documents, and promised to pay, even though theirPromises were not that optimists do think or take bets on the future economic, no end. But consumers are not the only ones who do not get it.
It is a big problem and young people and young adults do not understand the time value of money and compound interest, and half did not even strike a balance checkbook. Even worse, many credit cards will receive, at an early age and keep them maxing out every month, never pay them off. You end up paying huge interest payments on that money,20% or more.
You have to win in the saving for the future and growth for their money, but they are slaves to the interest of making money, rather than on their money. So yes, children should learn reading and writing, mathematics, etc., but financial literacy is very important. This is an important issue everywhere, not only in the U.S..
You look up the next time a chance, "5 / 6 th program in the Philippines on Google. Read more about the Chinese people use the payday loan sharks in thePhilippines as an example of the problems related to financial education in the rest of the world. Financial illiteracy is the same as economic enslavement, which is probably not very different philosophical views than actual slavery.
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