Why Generation Y is broke

http://articles.moneycentral.msn.com/Investing/HomeMortgageSavings/WhyGenerationYIsBroke.aspx


This article on MSN Money really caught my eye. The article said that “…some 85% of those aged 25 and older hold a high school diploma, and 27% have a college degree, and is of course, the most technologically sophisticated to date…”

But this same generation has zero financial literacy. Most twenty-somethings can barely manage their own personal finances much less knowing what a balance sheet and/or income statement is. And with the introduction of so many new financial products, young people are even more doomed in this new financial landscape. Should financial literacy be taught in schools so that we don’t raise another generation on debt? Any comments?