I always find thread about financial literacy interesting on reddit!
I live in a country where the majority of schools don't have financial literacy classes either, but it doesn't seem to be as big a problem here as in the US
I think the issue isn't financial classes, it's the way the US financial system is set up- banking and educational reform would solve so many of the issues complained about!
If anyone's interested, here are a bunch of comparisons between the US and my country:
Taxes- let's face it, if you had to learn how to do them at 16, there's no way you'd remember it at 18. Seems like it's difficult due to a complicated system and reliance on paper forms. In my country, the government provides free software that imports most of your tax data for you. It's really simple, especially for young people who don't have complex financial situations. You can also go to an accountant, which is tax deductible.
Cheques- These are really outdated, and the USA is one of the few countries that still use them to such a large scale. The US has been really slow to embrace cards for some reason- chip and pin is ubiquitous internationally. Seriously, I've used my debit card with pin in Africa, but the US made me sign??
Investment- what school is going to risk teaching kids 'how' to invest? It's a law suit waiting to happen! The general structure/principles of the market, however, should be covered in economics classes, which should be offered in HS and at Uni.
Retirement- Here, we have what's called 'superannuation', companies you work for compulsorilty contribute to an investment account. Everyone who works has one, and it's not taken really taken out of your pre tax income (I.e. the offered hourly wage is after superannuation it taken out). It's inaccessible below a certain age unless there are certain circumstances (e.g. disability). Essentially it's forced savings, but in a good way! And it goes for all jobs, even those who work at McDonalds at 16.
School loans- our universities are subsidised the government. We still get charged, but the loans are subject only to inflation (no interest), and they only have to be paid back once you reach a certain level of income (~$55,000 pa). Never make that much? You never have to pay it back!!
Credit cards- it sounds like these are really pushed on young people in the US (especially with your credit rating system) who cannot afford them, and are generally naive as to finances. Bank reform to prevent pushing such debts seems like a better alternative. Basically, they shouldn't be so easy to get!
Credit scores- I really don't know of any other country that has such a dependency on credit scores as in the US. Sure, we have credit rating here, and you need good credit to be offered loans etc. But very few people would know their 'number'.
Budgetting- it suprises me that online banking is not universal in the US. It has been here for at least a decade, is free, and it makes balancing/budgetting accounts really easy. It also means that pretty much everyone is paid by direct debit, a hell of a lot easier than having to pick up a pay cheque! Also, bank fees seem a hell of a lot more common in the US compared to here. I don't pay any fees, and if my bank charged them, that would be enough for me to change banks.
Other general skills- these should all be covered in standards maths classes. I know a few people are complaining about having done years of maths without any of this being covered, but I'm not sure that the quality of US maths education is very high. This of course would be improved by education reform, not adding in a class
Economics- should of course be offered, but it shouldn't be a financial literacy class. Micro and macro economics are a whole different field, which of course is interesing in itself, but shouldn't be confused with 'learning how to balance a budget'