DMGFinancial Literacy
I heard a segment last night on NPR's Marketplace about Prioritizing debt repayment. The following jumped out at me:
So sadly you know from the hundreds of people that we've tested, there wasn't a single individual who knew the right strategy. Everybody made some mistake. One of the things you could suspect is maybe let's just teach people a simple rule about what they should be doing, but education has never really yielded positive result in the domain of financial literacy.
Unbelievable. What they're saying is that in general, people who know better still make irrational choices with their money. To me, this is a powerful argument in favor of heavy regulation of the financial industry. Basically, human decision-making circuits can be hacked by clever credit card companies.