Chapter
The Dark Side of Financial Literacy
28:15 - 36:20 (08:05)
Author Helene Olin exposes the insidious nature of the financial literacy campaign, which has been mostly funded by banks, credit card companies and other financial institutions with a vested interest in convincing Americans that a lack of financial literacy is responsible for their poverty rates. However, the campaign conveniently ignores the fact that people in the 1970s spent significantly more of their disposable income on personal consumption.
Clips
In this episode, the speaker discusses the book Pound Foolish, which exposes the hypocrisy behind the drive for financial literacy.
28:15 - 31:59 (03:44)
Summary
In this episode, the speaker discusses the book Pound Foolish, which exposes the hypocrisy behind the drive for financial literacy. The book traces this back to when credit card companies and other financial institutions started pushing the idea in the 1980s and supplying financial literacy curricula to schools, despite financial literacy programs being nearly universal in schools today.
ChapterThe Dark Side of Financial Literacy
EpisodeRich Dad Poor Dad
PodcastIf Books Could Kill
Despite promoting the importance of financial literacy, credit card companies are fighting against efforts to simplify and make their products easier to understand.
32:00 - 34:57 (02:56)
Summary
Despite promoting the importance of financial literacy, credit card companies are fighting against efforts to simplify and make their products easier to understand. People in the 1970s spent more on frivolous spending than today, revealing that individuals enjoy fun and personal expenditures.
ChapterThe Dark Side of Financial Literacy
EpisodeRich Dad Poor Dad
PodcastIf Books Could Kill
Financial literacy isn't necessarily the key to financial stability, and in fact, it can make people more susceptible to scams.
34:57 - 36:20 (01:23)
Summary
Financial literacy isn't necessarily the key to financial stability, and in fact, it can make people more susceptible to scams. Other factors like income have a more significant impact on financial fortune.