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Having lived for a while in Chile (where according to the article financial literacy is below average), my experience very much agrees with this. I noticed many
by bramjans 9y ago
Having lived for a while in Chile (where according to the article financial literacy is below average), my experience very much agrees with this. I noticed many people struggling with basic arithmetic resulting in me having to check the change at small shops since it would often be wrong. It also leads to people making crazy decisions with respect to choosing to buy in cash or on credit (in quota). I'm not talking about household appliances that people need, but I've seen things like a person buying a 50$ blanket in 12 installments over a year. Many people would just fill up they're salary with monthly credit payments.
I've heard some people say this shouldn't be an issue with most supermarket labels including the "price per unit weight/volume". I agree this should be an obligation by law, but I feel like many people are unaware of these labels. I know it sounds crazy to a tech crowd but I'm sure many people don't compare the weight/volume with the price but instead go for the cheaper product price.
- Double_a_92 9y ago> labels including the "price per unit weight/volume" We overestimate the average person. Not everybody knows what that even means. They just don't have a concept of ratios that can be compared. > go for the cheaper product price. That might still be a valid option if the packaged quantities differ my a lot. E.g. if I only need 100g of ham for a sandwich, it's not better to buy a whole 1kg piece if that's just going to rot in my fridge.
- AnIdiotOnTheNet 9y agoI don't think we overestimate people necessarily, I think we overestimate how much they desire to spend their time thinking about the same things we do.