Root cause: Incessant advertising coupled with lack of financial education.<p>Public schools need to teach financial literacy in junior and high schools. Maybe there should be an entire semester devoted to it. If I were to design such a course, it would cover the following:<p>1. Saving and compound interest.
2. Credit. Personal loans, auto loans, mortgages, student loans.
3. Financial products to avoid. Title loans, payday loans, Bail bondsmen.
4. Why asset accumulation is good, and materialism is bad.
5. Investing in stocks, bonds, mutual funds and ETF's. Investment fees.
6. Financial obligations during marriage and divorce. Filial support, child support, alimony. Wills and trusts.
7. Planning for retirement, IRA's, 401K's. Saving money for your kids education.
8. Health insurance. Employer plans, the ACA, Co-pays, co-insurance, maximum out of pocket expenses. Why it's bad in some states to go on medicaid, and why you should get an ACA policy instead.
9. What you need to do to buy a house.
10. Starting your own business. Fictitious business names,
incorporation. Protecting your personal assets if the business is sued. Employment law. Employment at-will, discrimination, whistle-blowing. Unemployment compensation,
workers compensation, disability insurance.
11. Landlord and Tenant law.
12. What you need to do if you are arrested.<p>When people graduate from high school and turn 18, there's a whole legion of shysters ready to prey on them.