Financial literacy is: “The ability to understand financial choices, plan for the future, spend wisely, and manage the challenges that come with life events such as job loss, saving for retirement, or a child’s education.” [source: US Government Accounting Office]

Unfortunately, the education system of one of the wealthiest countries in the world does not teach children, teenagers, and young adults how to “understand financial choices, plan for the future, and manage money.”  Here is some of the evidence according to several recent surveys: [Read more…]