Saving vs spending money (wisely), getting indebted and making financial mistakes

Even though we've continued witnessing a serious and important improvement mostly in the way the US Government is structuring a set of more focused tools intended to help Main Street to acquire a better Financial Literacy (an important example is the website MyMoney.gov getting recently an important makeover aiming to facilitate access and uses of a series of updated resources) and lawmakers like US Senator Kay Hagan getting worried about the need to continue spreading Financial Literacy particularly among young people and -on the other hand- President Barak Obama signing The Wall Street Reform and Consumer Protection Act (H.R. 4173), in the meantime, there's a problem that known figures like Elizabeth Warren and Annamaria Lusardi have been arguing about.

In my opinion, the article Greater Fools from James Surowiecki clearly points out their views: since many people still struggle to manage their money efficiently as an unfortunate consequence of learning about financial topics as "soon" as they need it, after their problems explode (a heavy financial burden because of an inordinate consumption creating an increasing credit-card balance and interest in many cases making them easy prey for abuses, frauds and even identity theft), it becomes clear that they don't have a concrete idea as to how to cope and solve efficiently and responsibly financial problems: college students, particularly, face a severe pressure because of their lack of financial knowledge forcing them to find an urgently needed guidance.

As we notice an increasing number of voices favoring and advocating the urgency of teaching Financial Literacy in childhood (without ignoring parents of course), although consumers can find more informational and online tools for their financial protection, there are problems that should make them consider more seriously the risks not only of lacking a formal financial education but to fell prey of illegal practices and even criminals.

In this regard, let's consider the following pieces of information accompanying this note...

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