Economist Justin Wolfers Says Financial Education Is Failing And There's a Big Problem. People Barely Trust Economists More Than Politicians

October 4, 2026 - 06:51

Most people have never seen a germ, but they still wash their hands. Economist Justin Wolfers says that is proof experts can convince people to change their behavior based on something they cannot see or experience directly. When it comes to money, however, that same trust does not exist. Wolfers argues that traditional financial education has largely failed to improve how people manage their finances. Decades of classes, seminars, and online courses have not moved the needle on saving rates, debt levels, or retirement readiness.

The deeper issue, he suggests, is credibility. Surveys show that people barely trust economists more than they trust politicians. That lack of confidence makes it hard for any expert advice to land, no matter how accurate it might be. If the messenger is doubted, the message gets ignored.

Wolfers points to a gap between how economists talk about money and how people actually live. Abstract models and jargon do not help a family deciding between paying rent or a medical bill. He suggests that building trust requires clearer communication, consistent honesty about uncertainty, and showing that economists understand real world pressures. Without that, financial education will keep spinning its wheels while households continue to struggle with basic decisions.