It's this a million times. As a Canadian I've talked to a staggering number of people who don't understand finances or basic financial instruments. At best they end up terrified of anything so much as a credit card, and at worst they end up like the family in this story, just grasping whatever ill advised financial resources are available to live the life they feel is right.
My person pet complot theory is that this is because if they would teach even the basics of proper financials to future household runners the system would not be able to profit so handsomely of the victims.
I think sadly the assumption is that kids will learn about finances from their parents, but since so many adults also don't know enough about this (and often shield their children from the family's financials), that's a bad assumption to rely on.
