Abstract
Evidence suggests that financial literacy is a major problem in the U.S. Workers appear to be unable to make educated retirement-oriented investment decisions; consumers do not seem to understand the true cost of credit; college students often borrow to finance their education without knowing how they will be able to pay off their indebtedness. Poor financial decisions by individuals not only hurt themselves and their families but also the rest of society as a result of government intervening to help those that have put themselves in a financial bind. Thus, financial ignorance in its broadest sense causes a misallocation of individual and societal resources.
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