With a series of studies showing that way too many Americans areclueless when it comes to the financial basics of day-to-dayliving, it's no wonder hardly anyone understands insurance, letalone appreciates how much value the industry offers to thisblissfully ignorant society.

"The upheavals in the financial markets have made us newly aware ofhow much depends on our financial security--and also how littlemost Americans understand about financial markets, or even personalfinances," according to Maurice Black and Erin O'Connor, researchfellows at the American Council of Trustees and Alumni, writing inthe March 8 "Newsday." (Click here for the complete article.)

The problem starts in our schools, they note, lamenting that"younger Americans are deplorably uninformed about economic andfinancial matters."

Nearly two-thirds of high school students cannot pass a basicfinancial literacy test, the authors noted. And older folks aren'tmuch better, as they cited a 2008 Intercollegiate Studies Institutesurvey that "revealed stunning levels of economic ignorance amongthe American people as a whole."

--Only 16 percent could differentiate free markets from centralgovernment planning.

--Less than 30 percent understood the relationship between taxesand government spending.

--Less than 40 percent knew what sort of fiscal policy wouldproduce economic stimulus.

Meanwhile, astonishing numbers don't know the most obviousbasics of personal finance, such as how a credit card works, how toread a bank statement, balance a checkbook or pay a bill!

I have blogged about this societal failing before, urginginsurers to offer themselves as guest instructors to brief highschool and college classes about the basics of insurance. Butinsurance is rocket science compared to credit cards, checkingaccounts and the like.

How have we allowed our society to become this stupid? With allthe money spent on an army of teachers, guidance counselors andadministrators, all geared to preparing kids to function in anormal life, how can it be that so many are so ignorant about themost basic financial skills?

Perhaps President Barack Obama, given the historic nature of thefinancial crisis we are in, can create a group of financialteachers via AmeriCorps to start bolstering basic economic literacyacross the country. Insurance company and agency officials could bedeputized to take part, explaining the vital role this industryplays in their own communities.

Given the fact that fewer than 30 percent of students receiveeven one week's worth of financial training during high school,according to the "Newsday" article, and that only seven states madepersonal finance education a requirement for high schoolgraduation, any additional support in this area could make a hugedifference.

What do you folks think?