I think your point about having financial reserves is relevant, and I also think that having the motivation to have a reserve requires financial sense that, unfortunately, is not wide spread. I am an attorney that does volunteer work by handling bankruptcies "pro bono" through a local non-profit. Every bankruptcy case has it's one unique set of circumstances but there is a consistent pattern. First, the debtors don't have a good understanding of money or personal finance. Usually that's a product of not having parental examples of good money handling. Second (and perhaps because of the lack of understanding) they don't pay attention to finances if there is a resource to pay for things (cash or credit). Third, there is a watershed event like a loss of a job or a major health crisis. Fourth and finally, they wait too long before getting help. If I were king for a day, I'd make sure that financial education was mandatory in high school and was spread out throughout the high school years rather than being taught in a single quarter or semester.