Financial literacy—a regulatory cop-out
Instead of making producers and sellers responsible, regulators are pushing for financial literacy
After I finished a masters in economics from the much venerated Delhi School of Economics where we worked on complicated three-page equations that would solve the economic problems of the world, I realized I was financially illiterate. I couldn’t sign a check nor manage my bank accounts properly. It took some hefty fines for going below the minimum threshold for me to push myself to understand basic banking. Now, 20 years later, I consider myself “financially literate" but the transformation has been facilitated by the work that I do. If I were teaching geography, for instance, or cutting open people for a living, would I have spent entire days poring over insurance policy brochures trying to work out costs and benefits? Never!
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