It's a question we're asking in Kenya too with all the stories of pyramid schemes, online scams, business deals gone awry? Should we make financial education mandatory?

At the epicenter of the housing crisis was a black hole of financial literacy--masses of consumers making calculations with unrealistic mathematical expectations. To avert another capitalist catastrophe, 300 British MPs are calling for mandatory personal finance education. Unfortunately, molding smart consumers is easier said than done, as no curriculum to-date has been certified as effective by economists. The education must start young, focus on psychology, and engage technology.

"We are bombarded with mobile phone tariffs, direct debits, standing orders and complicated deals," Justin Tomlinson told the BBC--he's a British MP heading up the "Financial Education for Young People" group. Today, the British education system is a haphazard mix of voluntary and compulsory programs, and there is no across-the-board standard to ensure a basic understanding of personal finance.

This lack of education, both in Britain and America, has led to dismal levels of financial literacy. According to a Brookings Institute report, among individuals aged over 50, only half could answer this question:

"Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow: more than $102, exactly $102, less than $102."

Yet another survey found that one in five Americans believed that "the most practical strategy for accumulating several hundred thousand dollars" for their retirement was the lottery.

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