Should it be the responsibility of schools to teach young people how to open a bank account, save wisely, balance a checkbook, and shop around for
the best interest rates? Or, should financial and consumer education fall under the scope of home training?
Call it what you will: financial literacy, financial capability money sense. Studies show that many young adults leave home without it.
The White House outlines the seriousness of the issue in the resource Every American Financially Empowered: A Guide to Increasing Financial
Capability among Students, Workers, and Residents in Communities (May 2012). "From saving for retirement and higher education to better
understanding credit card, student loan, [and] mortgage debt, personal financial decisions have important ramifications for families and children, as well as implications
for our nation's economy" the report says.