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The global economic crisis occurred, in part, because of a long standing, far-reaching problem in America: millions of people – both young and old – are financially illiterate. While financial illiteracy was not, of course, the sole cause of the economic crisis, its role was significant, and it has received too little attention up to this point. This article examines the poor state of financial literacy in America and analyzes how the financial illiteracy of millions of homebuyers contributed to the collapse of the housing market and helped spark the economic crisis. It reviews and evaluates the ongoing efforts – by both the government and the private sector – to tackle the issue. The article concludes by providing practical recommendations to help government policy makers and private financial literacy advocates address the financial illiteracy problem.

Ignorance is Not Bliss: Financial Illiteracy, the Mortgage Market Collapse, and the Global Economic Crisis