Last night we picked up Super Smash Brothers Brawl for the Nintendo Wii. DH was excited to be playing. FWIW, I don't think we were the oldest people there without a child, but I guess this is what being DINK is.
So last night in line there were three registers working, however one register only took debit or credit cards. So we ended up cutting to the front of the line, because most kids were buying the games with cash (probably using their allowances).
Anyway this upset DH, who was outraged that so many kids were using cash. Sigh. He didn't understand that most children in the US don't have checking accounts linked to a debit card. Apparently in Canada this is very common and called "children's account." Apparently in Canada most children learn about checking accounts, bills, and credit cards by high school.
But in the US, most children are exposed to checking/savings accounts and credit cards when they go to college. And they learn all the wrong information about it from friends, rather than the proper information from their parents. They believe that that credit cards are free money, checking accounts never run out, or how to budget.
He suggested this the reason why the US is in so much fiscal trouble. That people here get a late start in financial responsibility. That is learned from experience and friends, instead of parental guidance.
Do I agree? I'm not sure, but potentially yes. I was a fortunate person who had all the same experiences as DH because my mom wanted to be sure I was a prepared adult. So the CC trap, budget, checking accounts, etc were not a big deal. I had a firm understanding and knowledge about money before I became and "adult".
So perhaps DH is right. Perhaps it is due to the fact that American's are ashamed about their financial knowledge and don't enlighten their children early enough. Or are unaware they even should be imparting financial wisdom, rather than waiting till their friends tell them the wrong information. What do you think?