This chapter discusses the role of parents on students’ behaviour and financial literacy. It begins by examining the frequency of discussing money matters with parents and explores the relationship between such discussions and students’ performance in financial literacy. The chapter continues by looking at how independent students are in their financial affairs, and the link between autonomy in financial affairs and performance in financial literacy.
PISA 2022 Results (Volume IV)
How Financially Smart Are Students?
PISA
4. Students’ interactions with their parents about money matters
Abstract
The previous chapters discuss the performance of 15-year-old students across the world in the PISA 2022 financial literacy assessment. However, no attempts were made to identify what behaviours and attitudes may be related to any differences in performance or how young people’s financial literacy could be improved.
PISA is not simply an assessment of knowledge and skills; it also gathers information about students’ attitudes and behaviour. To that end, in addition to the financial literacy assessment, a questionnaire about financial literacy was distributed amongst students. Students’ responses to these questions provide an overview of 15-year-old students’ attitudes towards, behaviours regarding, and experiences and familiarity with financial matters. The questionnaire thus helps identify the factors that may be worth exploring when developing financial education programmes for youth. The rest of this report focuses on the information gathered through the questionnaire.
This chapter highlights the role of parents in helping their children develop financial literacy. Several studies have asserted that parents are an important, if not the most important, source of information when young people start learning how to manage money (Tang, 2017[1]; Moreno-Herrero, Salas-Velasco and Sánchez-Campillo, 2018[2]; Flouri, 2000[3]; LeBaron et al., 2020[4]; Phung, 2023[5]). Parents transmit values, attitudes, knowledge and behaviours about money to their children, both through their example as role models and through direct teaching. How often do students discuss money matters with their parents? How much freedom do parents give their children in their financial affairs? And what topics do parents bring up when they discuss financial matters with their children? The results discussed in this chapter may provide policy makers with insights into how students differ in their exposure to financial topics, and in their experience with financial decision-making at home. In turn, this information could be used to design school-based programmes to meet students’ needs for financial education.
What the data tell us
On average across OECD countries and economies, 70% of students reported talking to their parents weekly or monthly about money for things they want to buy, and 64% about their own spending decisions. Other frequently discussed topics were students’ own saving decisions and shopping on line. Relatively fewer students reported discussing news related to economics or finance and the family budget.
Socio-economically disadvantaged students reported discussing with their parents about the family budget more often than students in advantaged households. However, socio-economically advantaged students discussed with their parents the other six financial topics more often than disadvantaged students.
Students who reported that they discuss with their parents about money for things that they want to buy, shopping on line, and their own spending decisions on a weekly or monthly basis performed better in financial literacy than students who reported never discussing these topics, after accounting for student characteristics, on average across OECD countries and economies.
Most students (83% on average across OECD countries and economies, and 80% on average across all countries and economies) reported that they could independently decide what to spend their money on. After accounting for student characteristics, these students scored around 30 points higher in the financial literacy assessment than students who did not report so, on average across OECD and all participating countries and economies.
Do students discuss money matters with their parents?
Evidence from previous PISA cycles and from national surveys shows that 15-year-old students frequently turn to their parents as a source of information about financial matters (OECD, 2017[6]; 2020[7]; Schwab, 2011[8]).1Understanding what money matters students discuss with their parents, and how often they do so, may therefore provide insights on the role of parents in supporting the financial literacy of 15-year-old students.
PISA 2022 asked students with what frequency (never or hardly ever – thereafter “never”, once or twice a month – thereafter “monthly”, once or twice a week – thereafter “weekly” or almost every day – thereafter “daily”) they discuss seven aspects of financial decisions with their parents, guardians or relatives: their own spending decisions, their own saving decisions, the family budget, money for things they want to buy, news related to finance and economics, how to use their allowance or pocket money and online shopping (Figure IV.4.1). Each student’s responses to these questions were then combined into one scale, the index of parental involvement in matters of financial literacy, which was standardised to have a mean of 0 and standard deviation of 1, on average across OECD countries and economies. According to this index, students in Costa Rica discussed money matters with their parents the most, with a mean index of 0.34 of a point. Students in Bulgaria, Hungary and Malaysia were also amongst those discussing money matters with parents frequently. At the other end of the scale, students in Denmark* discussed money matters with parents the least, with a mean index of -0.23 of a point (Table IV.B1.4.1).
Figure IV.4.1. Frequency of discussing money matters with parents
Percentage of students who reported discussing each topic; OECD average
Items are ranked in ascending order of students reporting never or hardly ever discussing each topic.
Source: OECD, PISA 2022 Database, Table IV.B1.4.1.
On average across OECD countries and economies and among the 20 participating countries and economies, at least 75% of students reported discussing with their parents at least monthly about money for things that they want to buy, shopping on line, their own spending decisions, and their own saving decisions, and about 70% of students discuss with their parents at least monthly about how to use their allowance or pocket money. Roughly 60% of students on average in the 20 participating countries and economies, and fewer than 60% of students on average across OECD countries and economies discuss news related to economics or finance and the family budget at least monthly (Figure IV.4.1).
Some 83% of students, on average across OECD countries and economies, reported that they talk to their parents at least monthly about money for things they want to buy; this proportion was 88% in Hungary and Malaysia, and was only 75% in Peru (its lowest value amongst the 20 countries and economies that participated in the PISA 2022 financial literacy assessment). Only 14% of students reported that they talk to their parents daily about money for things they want to buy, on average across OECD countries and economies. At the national level, this proportion ranged from 6% in Denmark* to 28% in Costa Rica (Figure IV.4.1 and Table IV.B1.4.1).
Discussions with parents about online shopping varied widely across countries. More than three in four students (77%) reported that they talk to their parents at least monthly about shopping on line on average across OECD countries and economies. Across all participating countries and economies, this proportion ranged between 86% in Hungary and 38% in Peru. Close to one in five students reported talking to their parents almost every day about shopping on line in Bulgaria (19%), Brazil, Saudi Arabia and the United Arab Emirates (all 18%), compared to less than one in ten in the Flemish community of Belgium, Denmark*, the Netherlands*, Norway and Peru (Figure IV.4.1 and Table IV.B1.4.1).
Roughly three in four students (76%) reported that they talk to their parents at least monthly about their own spending and saving decisions on average across OECD countries and economies. Over 80% of students in Czechia, Malaysia and Norway reported that they talk to their parents at least monthly about their own spending decisions, while in Italy, Peru and Saudi Arabia, less than 70% of students reported doing so. Similarly, 80% or more students in Costa Rica, Malaysia and Norway reported that they discuss their own saving decisions with their parents at least monthly, while less than 70% of students in Austria, Italy, Peru and Saudi Arabia so reported (Figure IV.4.1 and Table IV.B1.4.1).
On average across OECD countries and economies, 12% of students reported that they discuss their own spending or saving decisions with their parents daily. In Brazil, Bulgaria and Costa Rica, more than 20% of students reported discussing their spending decisions with their parents daily, while in the Flemish community of Belgium, Denmark*, the Netherlands*and Poland, less than 10% did so. Some 25% of students in Costa Rica and 20% of students in Malaysia reported that they talk to their parents daily about their saving decisions, compared to 6% of students in Denmark* and 8% of students in Austria, the Flemish community of Belgium, the Netherlands* and Poland who so reported (Figure IV.4.1 and Table IV.B1.4.1).
On average across OECD countries and economies, and across participating countries and economies, 71% of students reported that they talk to their parents at least monthly about how to use their allowance or pocket money; from 61% in Brazil to 83% in Hungary (Figure IV.4.1 and Table IV.B1.4.1).
It was less common for students to talk to their parents about the family budget or news related to finance or economics, than the other five topics discussed above. On average across OECD countries and economies, 58% of students reported that they talk to their parents at least monthly about news related to finance or economics, and 56% of students reported that they talk to their parents at least monthly about the family budget. However, about 70% of students in Bulgaria reported that they talk to their parents at least monthly about news related to finance or economics, and more than 70% of students in Bulgaria, Costa Rica, Hungary, Malaysia and Peru reported that they talk to their parents at least monthly about the family budget (Figure IV.4.1 and Table IV.B1.4.1).
On average across OECD countries and economies, more boys than girls – by 9 percentage points – reported discussing news related to economics or finance with their parents at least monthly. More boys than girls reported discussing news related to economics or finance in 18 of the 20 participating countries and economies, and the difference exceeded 10 percentage points in the Flemish community of Belgium, Czechia, Hungary, Italy, the Netherlands*, Norway, Poland, Saudi Arabia and the United Arab Emirates (Table IV.B1.4.2). Gender differences in discussing with parents about other topics were relatively limited on average across OECD countries and economies. When looking at results by country or economy, 8 percentage points more girls than boys in Portugal reported talking with their parents at least monthly about money for things they want to buy and about how to use their allowance; in Saudi Arabia, 10 percentage points more girls than boys reported talking to their parents at least monthly about online shopping; and in Bulgaria, 8 percentage points more girls than boys reported talking with their parents at least monthly about their own spending decisions. In the Netherlands*, 6 percentage points more boys than girls reported discussing the family budget with their parents at least monthly (Table IV.B1.4.2).
Students in socio-economically advantaged households – i.e. those from the top quarter of the distribution of the index of economic, social and cultural status (ESCS) within each country or economy – discussed six of the seven financial topics more often with their parents than students in disadvantaged households. The difference associated with socio-economic background in the percentage of students who reported discussing these topics at least monthly was largest with regards to news related to finance and economics (a 10 percentage-point gap on average across OECD countries and economies; a difference of more than 15 percentage points in Denmark*, the Netherlands* and Peru), students’ own spending decisions (a 7 percentage-point gap on average across OECD countries and economies; a difference of more than 15 percentage points in Brazil, Peru and Saudi Arabia) and online shopping (a 7 percentage-point gap on average across OECD countries and economies; a difference of 25 percentage points or more in Brazil and Peru) (Table IV.B1.4.3). This may be because parents in more advantaged households may be more knowledgeable about and more experienced with financial content (Luhr, 2018[9]; Kuhnen and Miu, 2017[10]; Dewi, 2022[11]), and because advantaged students may have more money to spend and hence perhaps more spending decisions to make, whether on line or in physical shops.
However, 6 percentage points more socio-economically disadvantaged students than their advantaged peers reported talking to their parents at least monthly about the family budget, on average across OECD countries and economies. This difference was widest in Austria (12 percentage points), the Flemish community of Belgium (11 percentage points) and the Netherlands* (10 percentage points). In Brazil, Peru and Saudi Arabia, however, more advantaged students than disadvantaged ones reported talking to their parents about the family budget at least monthly, by 6 percentage points or more. In seven countries and economies, this difference was not statistically significant (Table IV.B1.4.3).
Of course, students in different countries – indeed, students in the same country – have different relationships with their parents. The PISA questionnaire could not ascertain the quality of conversations about money matters or the accuracy of the information discussed between parents and their children. Given these constraints, caution is advised when interpreting the data.
Results for immigrant and non-immigrant students are available in Annex B.
Student performance in financial literacy and discussing money matters with parents
Looking at the relationship between the topics discussed, the frequency with which they were discussed, and performance in financial literacy provides a complex picture (Figure IV.4.2 and Table IV.B1.4.5).
On average across OECD countries and economies, students who reported that they discuss with their parents weekly or monthly, about money for things that they want to buy, shopping on line and their own spending decisions performed better in financial literacy than students who reported never discussing these topics (Figure IV.4.2 and Table IV.B1.4.5). These three spending-related issues are also the topics that students discuss most often with their parents. In particular, students who reported discussing with their parents weekly or monthly about their own spending decisions performed 12 points higher in financial literacy than students who reported never discussing this topic, on average across OECD countries and economies, after accounting for students’ characteristics including gender, socio-economic status and immigrant background. While PISA data do not allow to identify causal relationships, this result suggests that discussing spending-related topics with parents sometimes can be associated with higher financial literacy, or that high-performing students may initiate discussions with their parents about how to spend their money more than low-performing students.
However, the association between discussing about the family budget and financial literacy performance tends to be negative in most participating countries and economies. On average across OECD countries and economies, students who discuss the family budget with their parents monthly or weekly performed 13 points lower in financial literacy than students who reported never discussing this topic, after accounting for students’ characteristics such as gender, socio-economic status and immigrant background. The relationship between financial literacy performance and discussing - at least sometimes - other topics, such as students' own saving decisions, how to use pocket money or news related to economics or finance, is less clear and varies substantially across participating countries and economies.
Discussing money matters with parents very often, such as daily, is associated with lower financial literacy than discussing monthly or weekly, and this is true for all topics, after accounting for student characteristics (Figure IV.4.2 and Table IV.B1.4.5). These results do not imply a causal relationship in which discussing money matters with parents very often leads to poorer financial literacy. It may be the case that low-performing students seek advice about money matters from their parents more often than high-performing students. It should also be noted that fewer than 15% of students reported discussing any of these topics with their parents almost daily, on average across OECD countries.
Figure IV.4.2. Financial literacy performance, by frequency of discussing money matters with parents
OECD average
Source: OECD, PISA 2022 Database, Table IV.B1.4.5.
Various studies have investigated the relationship between young people’s financial literacy and the financial discussions and knowledge imparted by their parents. Certain studies have found a positive relationship (Akben-Selcuk and Altiok-Yilmaz, 2014[12]; Serido et al., 2015[13]; Shim et al., 2010[14]; Tang, Baker and Peter, 2015[15]; Jarvis Bleazard, 2022[16]), while other studies have found no such relationship (Jorgensen and Savla, 2010[17]). PISA 2022 goes further than many other previous studies to identify the nature of these discussions, but it is still unclear whether these talks actually affect children’s financial knowledge, skills and behaviours, or whether the knowledge they gain is accurate and reliable. More specific research in this area may be beneficial.
How independent are students in their financial affairs?
PISA 2022 asked students to what extent they agree with various statements about their ability to handle their own money. On average across OECD countries and economies, over four in five students (83%) agreed or strongly agreed that they could independently decide what to spend their money on. However, there was a large range across countries and economies – from less than 70% of students in Brazil, Peru and Portugal to 85% or more students in Austria, the Canadian provinces*, Czechia, Denmark*, Hungary, the Netherlands*, Norway and the United States* (Table IV.B1.4.6).
More specifically, over two in three students (70%), on average across OECD countries and economies, agreed or strongly agreed that they could spend small amounts of money independently, but needed to ask their parents for permission to spend larger amounts of money. Some 80% of students in Norway reported that they need to ask their parents for permission to spend larger amounts of money, compared to 58% of students in both the Netherlands* and Poland (Table IV.B1.4.6).
Just under one in three students (33%), on average across OECD countries and economies, agreed or strongly agreed that they need to ask their parents for permission before spending any money on their own. Some 62% of students in Malaysia and the United Arab Emirates, and 60% of students in Saudi Arabia so reported, compared to 23% of those in Austria, the Netherlands* and Poland (Table IV.B1.4.6).2
Some 77% of students, on average across OECD countries and economies, agreed or strongly agreed that they are responsible for their own money matters, such as for preventing theft. Over 70% of students in every participating country and economy except Denmark* (60%), Brazil (67%), Austria (69%) and Poland (70%) agreed or strongly agreed with this statement (Table IV.B1.4.6).
Some 68% of students, on average across OECD countries and economies, agreed or strongly agreed that young people should make their own decisions about how to spend their money. Some 51% of students in Portugal agreed with this statement, compared to 80% of those in Denmark* (Table IV.B1.4.12).
In almost every country and economy, girls were more autonomous than boys in spending money. On average across OECD countries and economies, more girls than boys agreed or strongly agreed that they could decide independently what to spend their money on (by 3 percentage points), more girls than boys agreed or strongly agreed that they could spend small amounts of money independently but would need to ask their parents for permission to spend larger amounts (by 1 percentage point), and more girls than boys agreed that young people should make their own decisions about how to spend money (by 1 percentage point). The gender gaps were particularly wide in Bulgaria, Czechia, Malaysia and Saudi Arabia. Conversely, more boys than girls, by 6 percentage points on average across OECD countries and economies, agreed or strongly agreed that they had to ask their parents for permission before spending any money on their own (Table IV.B1.4.7 and Table IV.B1.4.13).
Students were also more financially autonomous, at least for small amounts of money, the more advantaged their socio-economic status. For instance, more advantaged students than disadvantaged students agreed or strongly agreed that they could decide independently what to spend their money on, by 4 percentage points on average across OECD countries and economies. There was a difference between socio-economically advantaged and disadvantaged students in 13 of the 19 participating countries and economies with valid data in the PISA 2022 financial literacy assessment – and it was 26 percentage points wide in Peru. Likewise, fewer advantaged students than disadvantaged students agreed or strongly agreed that they need to ask their parents for permission before spending any money on their own, by 7 percentage points on average across OECD countries and economies. There was a difference between advantaged and disadvantaged students in 12 of the 19 participating countries and economies with valid data and, again, it was 18 percentage points wide in Peru. More advantaged students than disadvantaged students agreed or strongly agreed that they could spend small amounts of money independently, but needed to ask their parents for larger amounts, by 6 percentage points on average across OECD countries and economies. There was a difference between advantaged and disadvantaged students in 14 of the 19 countries and economies that participated in the 2022 financial literacy assessment and had valid data, and this difference was widest in the United States* (14 percentage points). Finally, more advantaged students than disadvantaged students agreed or strongly agreed that young people should make their own decisions on how to spend money (by 4 percentage points on average across OECD countries and economies). This gap was significant in 12 of the 19 participating countries and economies with valid data, and was widest in Peru (21 percentage points) (Table IV.B1.4.8 and Table IV.B1.4.14).
Results for immigrant and non-immigrant students are available in Annex B.
Student performance in financial literacy and autonomy in financial affairs
Students who were more independent in their financial affairs performed better in the PISA 2022 financial literacy assessment, both before and after accounting for gender, socio-economic status and immigrant background. For instance, students who agreed or strongly agreed that they could decide independently what to spend their money on scored 34 points higher, on average across OECD countries and economies, than students who disagreed or strongly disagreed with this statement; after accounting for student characteristics, they still scored 30 points higher. Students who agreed or strongly agreed that they could decide independently what to spend their money on scored higher than students who disagreed or strongly disagreed with this statement in every participating country and economy with valid data, except Italy and Portugal (Table IV.B1.4.10 and Figure IV.4.3).
Figure IV.4.3. Financial literacy performance, by students’ autonomy in spending decisions
Score-point difference between students who agree with and those who do not agree with each statement; OECD average
1. The socio-economic profile is measured by the PISA index of economic, social and cultural status (ESCS).
Note: All score-point differences are statistically significant (see Annex A3).
Source: OECD, PISA 2022 Database, Table IV.B1.4.10.
Students who agreed or strongly agreed that they could spend small amounts of money independently, but had to ask their parents for permission to spend larger amounts of money scored 7 points higher in the PISA 2022 financial literacy assessment than students who disagreed or strongly disagreed with this statement, after accounting for student characteristics including gender, socio-economic status and immigrant background, and on average across OECD countries and economies. Being responsible for their own money matters was also associated with a 12-point improvement in students’ scores. In 13 of the19 participating countries and economies with valid data, this difference was significant in favour of students who agreed or strongly agreed that they were responsible for their own money matters. The difference was larger than 50 points in Malaysia, after accounting for student characteristics. In Denmark* however, students who agreed or strongly agreed that they were responsible for their own money matters had an average financial literacy score 15 points lower than those who disagreed with this statement, after accounting for student characteristics (Table IV.B1.4.10 and Figure IV.4.3).
Students who agreed or strongly agreed that young people should make their own decisions about how to spend money scored 9 points higher than those who disagreed, on average across OECD countries and economies and after accounting for gender, socio-economic status, and immigrant background. The difference was higher than 25 score points in Austria, Bulgaria, the Netherlands*, Malaysia, Poland and Saudi Arabia. In Portugal however, students who agreed with this statement scored on average 15 score points lower than those who disagreed with it (Table IV.B1.4.16).
The aspects of financial independence discussed in this section have not been explored in other literature to date. In general, literature on financial independence tends to focus on the transition to full autonomy as an adult, not on adolescents living with parents or guardians (Xiao, Chatterjee and Kim, 2014[18]; Jariwala and Dziegielewski, 2017[19]; Vosylis and Erentaitė, 2020[20]; Endro et al., 2019[21]). Further research in this area may be warranted.
Results related to the correlation between the index of parental involvement in matters of financial literacy and students’ autonomy in handling money are available in Annex B.
Table IV.4.1. Students’ interactions with their parents about money matters chapter figures
References
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Notes
← 1. In this chapter, the term “parents” is used to refer to parents, guardians or other adult relations.
← 2. Students responded to each of these statements separately. Furthermore, they could respond with “strongly agree”, “agree”, “disagree” or “strongly disagree”, adding some nuance to how accurately these statements reflect their lives.