In a nation more deeply divided than ever about every conceivable issue, a broad consensus has surprisingly emerged that financial literacy is broadly lacking and the need for a financial education for every American is urgent. President Biden recently issued a proclamation deeming April 2021 as National Financial Capability Month. This communication emphasizes the benefits of financial capability, the value of financial literacy, and the importance of access to financial resources.

So why is financial literacy attracting such attention?

Americans today are more responsible for their personal finances than ever. Defined benefit pensions that once promised retirement security for America’s workers have all but disappeared, replaced by defined contribution plans that shift responsibility for retirement saving and investing from employers to employees. The great 401k experiment of the past 40 years, premised upon the highly questionable assumption that every employee is capable of competently selecting the best options from menus of over-priced mutual funds offered by their employers, has failed dismally to provide retirement security for most workers. Life expectancies are rising and social welfare programs, including Social Security, are being strained.

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