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Mutual funds generally underperform the SP500 as a whole, as well as most broad-spectrum ETFs, and carry an expense ratio 5x higher than VG/Schwab ETFs just for fun. And that's not even accounting for the class-A shares that a lot of financial advisors steer their retail clients into.
No, the "average" person should be putting whatever retirement money they can scrape together into index funds via Roth and/or traditional IRA, then regular retirement investments. But most "average" people can't afford to even sock away 6 months' worth of expenses in an emergency fund because healthcare costs and anything associated with raising kids has gone up a gazillion percent in the last 40 years while real wages have stayed stagnant.
Oh, also try buying a house while facing all of that AND student loans that Republicans are too pig-headed to let the government forgive even a fraction of.
"Financial illiteracy" isn't the problem here, reality is.