No. of Recommendations: 6
One major reason for that is the very poor understanding of basic financial concepts among the American people. And a large reason for that is the very poor job our education system does in teaching in this area.

Difficult to teach financial concepts when kids can't do arithmetical basics--the four operations on fractions, decimals, and percents. I'm not talking about plugging a formula into a (required) graphing calculator, but actually understanding how numbers work, how words translate into mathematical sentences, and how to WORK through a problem.

After teaching an SAT/ACT test prep class this year and trying to figure out where we are going wrong in math education (multiple places), I think a significant part of the problem is that everyone (parents, non-math teachers, community leaders, students, etc.) thinks that "I'm just not all that good with numbers" is a valid reason for not doing math. People are not the least bit reluctant to let you know that they aren't good at math. By contrast, when was the last time you heard anyone announce unabashedly that he/she doesn't bother to read anything because he/she just isn't that good at it???

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