Rising credit card and student loan debt, along with a struggles to plan for the future, are byproducts of financial illiteracy in the younger population, according to Alexander Joyce, a national retirement planner.

Joyce believes a “lack of knowledge or interest in financial matters” has contributed to financial woes in the country. Joyce said in a statement family culture early on in life often shapes how people approach finances. Often, adults are forced to teach themselves.

Trish W...