Wednesday, May 1, 2013

Another Take on Financial Literacy

The WSJ's Personal-Finance blog is out with an alternative take on financial literacy efforts.

Interesting point:
You could easily argue that technological literacy and medical literacy are at least as important to people’s well-being as financial literacy is. Even so, most of us just call the help desk when our computers don’t work, and nearly all of us call a doctor when we’re sick. That’s partly because we’re lazy (I don’t feel like learning how to reformat my hard drive), partly because we’re busy (I don’t have time to read every article on acid reflux in the New England Journal of Medicine) and partly because we’re rational. In a capitalist system built on specialization and the division of labor, it makes sense to trust the folks at the Genius Bar to fix your MacBook better than you can and to assume the orthopedist knows more about repairing your anterior cruciate ligament than you ever will.
This organization would obviously not agree with everything in the Blog, but it is an interesting discussion.