Smart enough to graduate from college, but not smart enough to understand even the basics of his financials. SMH...
Imagine a bit the difference in maturity from age 17 to age 22.
I cannot speak for everyone, of course.
Even my own level of financial security, going from 18 to 22 to 26 to 30.
I learned most of my financial information in my 20's, and it's a pretty fast learning process when you are on your own. I fared better than many, because I was financially on my own starting at about age 19.
Still, I bounced a number of checks at 22, not to mention the parking tickets that I got.
I spent a crazy amount of money eating out at 25, but hey, at least I wasn't charging it.
When my college loans came due at 22.5, I tallied them all up for the FIRST TIME. Why for the first time? I don't know. When the loan forms came each year, I signed them. I never even saw the money - it was sent straight to the university. I was kind of busy taking 21 credits, working a part time, job, and participating in ROTC.
When my boyfriend helped set up my first computer (in 1994), he also helped me set up Quicken. Almost a direct quote: "Why on earth do you not pay off your credit card every month??" "I dunno, I get close." "But but but, you will have a bill for $908 and you only pay $900. You are paying interest on the full amount EVERY MONTH." "Really?"
Seriously, my parents never had a credit card, I didn't really know that. Learn by doing, learn by fucking up, learn by supporting yourself.
Except for college loans. THAT'S where we let you borrow almost as much as you want, even though you have no job and aren't self-supporting.
If I tried to borrow money for a car back then, with my 15-hour a week job at $3.35 an hour, I would have been denied. But college loans? No problem.