I understand what you mean but I find curious the term "idiocy" when we live in a society that doesn't educate us on financial planning and at the same time does everything it can (succesfully) to make us spend more, because the economy itself depends on keeping consumption high at all times.

Financial illiteracy is a better term, since I don't see why we should expect financial planning to be an innate ability.

At some point we have to decide if we want people to consume the most they can or if we want them to be "responsible".