Why Financial Literacy Will Not Save America’s Finances
4th May 2016
Voice of the Crust The Atlantic explains why you ordinary people are too dumb to run your own lives and so out to leave it to exeprts, like, oh, I don’t know, let’s see, maybe government?
While Americans are not expected to manage their own legal cases or medical conditions, they are expected to manage their own finances. To be sure, the rise of the independent and empowered consumer rests on the belief that they have the requisite knowledge to be up to the task. But is it reasonable in such a system to expect people to succeed? Economists examining financial literacy would say no.