Financial-literacy programs are getting popular again. Warning: They don’t work. Maybe for 7% of us. But for the rest of Americans, they are a big waste of your time, and your money.
Financial-literacy programs reveal a subtle lesson in behavioral economics brainwashing. Why? Your brain is irrational, you can’t rewire or reprogram it. But Wall Street can. They have seven clever ways to turn your irrational behavior against you, to manipulate you, to siphon off your money.