From her son’s perspective, it seems like a sweet deal! It doesn’t look like my sister gave anything up to get the groceries. Her son doesn’t see the exchange; he doesn’t see that money left my sister’s bank account and went into the shopkeeper’s bank account. He doesn’t see that my sister first earned the money after she provided services to hospital patients. If my sister used a credit card instead of a debit card, the exchange would have been even more confusing! Now a credit card company is lending money to my sister?
We Have Financial Problems
Without understanding finance, there are bound to be problems. According to a study from PricewaterhouseCoopers, of the millennials who were tested on financial concepts, only 24% demonstrated basic knowledge. Of the millennials who were asked about their ability to repay their student loan debt, 54% expressed concern. Moreover, according to a survey from the American Psychological Association, money is a leading cause of stress in the United States.