The public schools do ZERO to teach basic economics and personal finance. If you went to public school and had parents who did not know how to handle money, then you enter life at a real disadvantage.
When I was in the military, it was still mostly a cash environment. Many Marines would cash their checks and blow it all in town on a single weekend, having nothing left in their pockets until the next payday. Thankfully the military had barracks, chow halls, and fifty cent draft beer at the e-Club.
I developed a reputation of someone who could be trusted so some of my fellow Marines would give me $40 or so on payday so I could hold on to it for them. I ended up being sort of a bank for them. These guys didn't even have a savings or checking account to their name and would not think to even open one.
It is no surprise that many well-paid athletes go broke after retirement. Many of them grew up in the ghettos and knew only poverty growing up. Not only did they not have the education to properly deal with their finances but they were likely taken advantage of by shysters and even fleeced by family members.
.....and women....ho women.....the “Gigzelles”