No, it's not good that the "financial know-how" of American high school seniors has "gone from bad to worse." Fed Chairman Ben Bernanke is fired up about it:
The financial preparedness of our nation's youth is essential to their well-being and of vital importance to our economic future. In light of the problems that have arisen in the subprime mortgage market, we are reminded of how critically important it is for individuals to become financially literate at an early age so that they are better prepared to make decisions and navigate an increasingly complex financial marketplace.
Yes, "financial literacy" is something our schools should inculcate. But I'd rank it behind reading, math, history, science, English literature, geography, a foreign language, art, music, and health education, if I had to prioritize. As schools--with a limited amount of time to teach anything--surely must do.
