Investments? No problem. However, what is a debit card?

I was at a networking event where you meet other business people, talk about the services you offer and exchange business cards. I met a professional woman who looked to be in her late forties. She asked me what I did for a living and I told her that I provided financial education to teens and adults.

“Hey, I have a question,” the woman asked. “My bank keeps sending me this ‘debit card’. What am I supposed to do with that?” She went on to explain that she has a credit card – she uses it every month and pays it off every month, not paying any interest. She also uses checks to pay all her bills, “So what’s the point of having or using a debit card?”

“Well,” I explained, “in your situation a debit card would be optional.” I went on to explain that a debit card can be used in place of a check if she was paying her bills on-line. Or if she didn’t want to put something on a credit card and she wanted the money to come directly out of her bank account, she could use a debit card.

After the explanation, she told me she understood and thanked me for the information. “So, what do you do for a living,” I asked her, wondering what business she was in. “I’m a Financial Advisor,” she said. “If you have any questions about investments or retirement planning, just let me know.”

Why do we assume people who understand complex financial products, understand the basics of day to day personal money management? When and where would they learn it?