"Younger people really need to educate themselves in financial planning and get professional help along the way."
(I had something a lot longer written out in response to this, but it came out way wrong.) I do agree we need to teach that to our kids
Bear in mind: Our schools used to teach (1970's through -80's) our kids how to run a budget, balance a check book, and make a household run cheaply amd efficiently. That was Consumer Math and Home Economics and part of the state mandated curriculum at the time where I mostly grew up.
Do you know of any public school system, regionally and currently, that teaches even those basics let alone offer some type of financial planning classes even as night courses for adults? That'd be a major step in the right direction
Aaaahhhh I remember those classes, getting $10 per month allowance from my parents, getting piggy banks from the banks and if I wanted something I needed to go earn imoney e.g. cutting lawns. A high school class introduced me to the stock market. Home Ec has been replaced by the Food Network and YouTube. My dad taught me about financial planning.
Paychecks, company pensions, and eventually 401k's, IRAs, with limited choices, if any. Life was a lot simpler back then.
I am not sure if the younger generation even knows what a check book is. They sure know about credit/debit cards, cash transfer applications, and buy now and pay later schemes.
I am not aware of those classes in public schools now. I am fully cognizant of credit cards being handed out like candy to those entering college that have no clue about them. Yikes!
I am somewhat aware of financial planning and try to help educate my wife and kids. Eyes glaze over pretty quickly. I even have trouble keeping up with all the changes.
Thank goodness for CPAs and certified financial planners.