Americans Show Declining Financial Literacy Across Generations

“So this I saw. This was from our friend of the show, Alison Schrager, and she writes for Bloomberg. And she was talking about how Americans continue to get more financially illiterate. And it was from, I believe, a TIA survey that they do every year. And over the last decade, things have just gotten worse. And they're not just getting worse because young people know less. That is part of it, right?”

“Young people seem to know less about personal finance, but also every generation of Americans kind of sucks when it comes to money. And this is a perpetual problem. Part of that is, and we've talked about this in other episodes on the show when we had Professor John Campbell from Harvard on just how complicated the system of personal finance has gotten in our modern world. There is some truth to that, right? And how it feels like, I talk about this all the time, it feels like another language that you have to learn. Like, I don't know Portuguese. I can't talk to somebody who speaks Portuguese. Even though I know a little bit of Spanish, maybe I could glean a little bit, but I'm going to fail, right? And so you do have to, that's part of the reason this podcast exists, learn the language and learn the ropes.”