Financial illiteracy in America

Here's a short reply I gave to a post about credit cards and debt on a 9-12 board I'm on:

One more enormous failure of the public school system (and parents who are expecting the schools to teach) is the incredible lack of practical skills, especially financial management skills. Kids go off to college where credit card companies happily give them credit cards, and the government happily gives them student loans. When they leave school, they are usually saddled with a very depressing amount of debt. It's a sad way to start adulthood, and leaves these people with no choice but to very often live paycheck to paycheck. Most have acquired a car payment by now as well. The pattern continues with an unaffordable house payment. Banks tend to give far more credit than what can be handled, and of course people tend to spend the maximum approved loan amount for everything. Credit continues to be used to finance a lifestyle that took someone's parents a lifetime to achieve. So many look well to do, yet struggle to put food on the table. They just don't truly own much, though they are paying on much.

We are so far removed from the traditional American ethic of working hard, and saving for purchases. This collective mentality has destroyed our nation. Not only is our government now living under unsustainable debt, so are most of our citizens. This leaves the people unable to care for themselves.

Until people choose to live within their means, stay out of debt, and save money, they will remain enslaved to government, banks, jobs, etc.