Financial Literacy, Beyond the Classroom

The problem is that measured financial literacy is highly correlated with other factors, most notably higher education in general, so it's hard to sort out causes. So to see whether a financial education curriculum is likely to pay dividends, we should review specific efforts to shore up financial skills in those who are deficient, and not just measure what people already know. The authors' conclusions are clear: over all, financial education is laudable, but not particularly helpful. We shouldn't fool ourselves into thinking that adding a household finance class to a high school curriculum will in itself create knowledgeable consumers who can understand today's wide array of financial products.

Source: http://www.nytimes.com/2013/10/06/business/financial-literacy-beyond-the-classroom.html?partner=rss&emc=rss