There are complex reasons behind the financial crisis, but one is key: When it comes to money, we’re idiots, Peter Applebome writes in the New York Times. “Insofar as there is a lesson in history,” says an analyst, “it’s that human beings are not very good with large sums of money, anything over $136.” How to solve the problem? Teach good financial habits in school.
“Students have to take math and foreign language and history, but you can graduate from every good school in the country without any exposure at all to how money works,” says a money manager. We’re experts in “buying high and selling low” and “investing in bubbles as transparent as an open window.” A financial education in high school and college can help turn things around.