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Opinion
Leonid Bershidsky

People Hate Bankers Because People Are Ignorant

Research shows most people are not financially literate enough to use a credit card or take out a mortgage. People should take a test before buying any financial product.
How we see bankers.
How we see bankers.

Regulate banks all you want. Fine them and force them to be as cautious as the goblins that guard the wizard gold at J.K. Rowling's Gringotts. Even so, most people will always be suspicious of bankers because they don't understand what they do.

Annamaria Lusardi, a professor at the George Washington University School of Business, and Olivia Mitchell, a professor at the Wharton School of the University of Pennsylvania, have just published a comprehensive review of their own and others' work on financial literacy. To anyone who believes people generally understand how their debts and savings work, at least on a basic level, their article will be depressing reading.