A shocking 43% of Americans are not financially literate, but think they are, according to research by the Milken Institute. Rising debt and delinquency rates further prove this point. But this problem has broader applications, according to Phelps.

While, this may seem to be an individual problem, the truth is that it actually causes significant problems, all the way up to the national level, because the effects of poor financial decisions ripple out far beyond the person who first made them.

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