ndividuals don’t understand as much as they should about personal finance. That’s why we have government-supported financial education initiatives throughout the world, from Australia to the U.S. The hope is that one day more financially literate populations will help avoid future financial crises.

Read more: http://business.time.com/2012/11/16/how-fining-bad-banks-can-fix-our-biggest-money-problems/#ixzz2CmgnBNMm

John Pelletier, Director of the Center for Financial Literacy at Champlain College, believes he has the funding solution: Every time a bank crosses the line and must pay a fine, regulators should tack on a surcharge to underwrite financial literacy programs.

Read more: http://business.time.com/2012/11/16/how-fining-bad-banks-can-fix-our-biggest-money-problems/#ixzz2Cmh22wqV