Financial illiteracy is big part of the problem. Compound that (pun intended) with the “need it now” generation and here we are.
As a financial advisor working with clients from the kitchen table to the board room, I can definitely say our country would be far better off if we provided basic classes in finance (household, investing, debt) during high school. I personally would enjoy teaching that and would volunteer my time. Not so easy getting the school system on board. I think I’ll make a concerted effort nearing retirement as it would be a fun way to give back.