This annex presents items released from the 2022 and previous PISA financial literacy assessments. These items are presented to illustrate the content, processes and contexts of items at a variety of proficiency levels.
A summary of framework dimensions and described proficiency scales is provided below for reference.
The financial literacy framework is organised into content, processes and contexts (OECD, 2023[1]).
The content of financial literacy is conceived of as the areas of knowledge and understanding that must be drawn upon in order to perform a particular task. The four content areas for PISA financial literacy are: money and transactions, planning and managing finances, risk and reward, and financial landscape.
The process categories relate to the cognitive processes that students apply to respond to the assessment. They are used to describe students’ ability to recognise and apply concepts relevant to the domain, and to understand, analyse, reason about, evaluate and suggest solutions. In PISA financial literacy, four process categories have been defined: identify financial information, analyse financial information and situations, evaluate financial issues, and apply financial knowledge and understanding.
Decisions about financial issues are often dependent on the contexts or situations in which they are presented. By situating tasks in a variety of contexts the assessment offers the possibility of connecting with the broadest possible range of individual interests across a variety of situations in which individuals need to function in the 21st century. The contexts identified for the PISA financial literacy assessment are, then, education and work, home and family, individual and societal.
Source: OECD, PISA 2022 Database, Table IV.B1.2.2
Greg buys a bike.
He takes out a loan with the bike shop's in-store finance company.
How much is Greg likely to pay?
Less than 600 zeds.
More than 600 zeds.
Exactly 600 zeds.
Explain your answer.
This question asks students to understand that loans involve paying interests.
For full credit, students should:
Select the second response (More than 600 zeds) AND explain that this is because Greg will pay interests/fees/establishment costs/etc.. on the loan, OR
Select no response but imply the second response AND explain that Greg will pay more than 600 zeds because the sign says there is interest on the loan
Select the third response (Exactly 600 zeds) AND explain that the cost of the bike is 600 zeds, and that there will be additional charges to pay (interests, extra fees, establishment costs, etc..)
For partial credit, students should:
Select the second response (More than 600 zeds) and give no or insufficient explanation
Several bikes have been stolen in the area where Greg lives.
What type of product will protect Greg financially if his bike is stolen from his garage?
Home contents insurance.
Travellers' cheques.
Government bonds.
Mortgage.
In this question, students should demonstrate their understanding of the concept and purpose of an insurance contract by selecting the first response (Home contents insurance).
Zelda is selling her tennis racket on a popular website for selling used goods to help with expenses when she goes to university.
The website where Zelda is selling her tennis racket provides a secure electronic payment system to transfer money from buyers to sellers.
Recently, Zelda had the following exchange with an interested buyer through the website’s messaging system
NinaB2: Hi! Your tennis racket looks really nice, it’s a great model.
Ze1dA: Thanks :) Are you interested in buying it?
NinaB2: Your racket is worth more than 150 zeds. If you give me your bank account details, I can make a bank transfer directly for 200 zeds and you can send me the tennis racket. What do you think?
Ze1dA: Thank you for the offer, but I’d prefer to use the website’s payment system.
Provide one reason why refusing NinaB2’s offer may be a good financial decision for Zelda.
This question assesses students’ awareness of the financial risks of a lack of data protection. It requires student to use critical thinking to assess the situation, taking into account elements that are not directly included in the question’s text.
For full credit, students would need to provide a response acknowledging one of the following reasons:
The offer looks too good to be true
It is suspicious that NinaB2 would want to offer more money than what Zelda is asking for
It may be a scam
Using the website’s own payment system would probably be more reliable and secure
The website payment system is safer
It is not safe to share your bank details with someone you do not know
Each week, Mrs Citizen transfers 130 zeds into her son’s bank account.
In Zedland, banks charge a fee for each transfer.
Mrs Citizen received this statement from her bank in November 2011.
What were the total fees charged by the bank in November?
Total bank fees in zeds:
This question asks students to interpret a financial document, in this case a bank statement. Students are required to identify bank fees from the statement and to perform a basic calculation (addition or multiplication). The purpose of the question is to test whether students can find the information on the statement and notice that it is not presented as a total, but as individual transactions. Such skills are fundamental to properly understanding the information received from financial service providers. The correct answer is 6.00.
The next transactions occurred on 3 December:
Wages of 575 zeds were deposited into Mrs Citizen’s account.
Mrs Citizen transferred 130 zeds into her son’s account.
Mrs Citizen made no other transactions on 3 December.
What was her new bank balance at the close of business on 3 December?
Balance in zeds: _____________
The second question of the item BANK STATEMENT requires students to calculate the bank balance at a given point in time given the initial balance and the transactions that occurred. Full credit is given to students who can not only add and subtract the relevant amounts deposited to and paid from the account, but also take into account transaction fees. The correct answer to gain full credit is 2458.85, that is 2015.35 + 575 – 130 – 1.50. Partial credit is given to students who give values in the range 2458 to 2459 inclusive (value rounded or truncated to whole number of zeds, or minor calculation error, or transcription error) or to students who do not take into account the transfer fee (2460.35 or 2460).
In this question, students should demonstrate an understanding of why Lisa has taken a risk in giving her card details to an unsolicited caller. As students may receive unsolicited requests for donations in the street or over the phone, they should be aware of the risks. Correct responses to this question should indicate awareness that the caller may not be genuine (it may not be a charity) and/or that giving card details to unknown people may expose the card holder to unauthorised use of the card later on.
Code 1: Indicates awareness of risk associated with giving card details to an unknown caller.
She does not know if the caller is genuine
Anyone could call and pretend to be a charity.
The caller could take more money than she agreed to donate since they have her bank card information.
Bank card information should not be shared with someone you don’t know.
Mr Davies takes out a loan to buy a car for his family. The interest rate on the loan is fixed.
One cost Mr Davies will have is monthly loan repayments. There are also other costs of running a car such as petrol costs and repair and maintenance costs.
Some costs will increase if the family uses the car more, but other costs will stay the same.
For each cost in the table, put a circle around “Increases” or “Stays the same” to show what is likely to happen if the family uses the car more.
This question asks students to distinguish between the fixed and variable costs associated with running a car. Understanding fixed and variable costs is an important component of planning finances for an individual or a family. The question belongs to the process category of analysing information in a financial context because students should recognise something that is not explicit and understand the implications that using the car more has on different types of costs. The correct answers are Stays the same, Increases, Increases, in that order.
Alan wants a mobile phone but he is not old enough to sign the contract.
His mother buys the phone for Alan and signs a one-year contract.
Alan agrees to pay the monthly bill for the phone.
After 6 weeks, Alan’s mother discovers that the bill has not been paid.
Is each statement about the mobile phone bill true or false?
Circle “True” or “False” for each statement.
To answer this question correctly, students should understand the legal implications of financial contracts and recognise the potential financial consequences on others (Alan's mother) if a contract is not honoured (if Alan does not pay the phone bill). Even if they cannot sign contracts at 15, students will soon be confronted with legal obligations and their financial consequences. In order to get full credit, students should answer True, False and False, in this order.
Kelly asks her bank to lend her 2000 zeds to buy a music system.
Kelly has the choice to repay the loan over two years or over three years. The annual interest rate on the loan is the same in each case.
The table shows the repayment conditions for borrowing 2000 zeds over two years.
How will the repayment conditions for borrowing 2000 zeds over three years be different to the repayment conditions over two years?
Circle “True” or “False” for each statement.
This question asks students to determine the effects of extending the loan repayment period from two to three years on the monthly interest payments and on the total interest paid when the annual interest rate does not change. As credit is widely available to young people and may be offered as an option when making a purchase in some countries, it is important that they understand how loans work so that they can make an informed decision about whether it is the best option for them. Students may be confronted with such a decision in the near future, for example, if they look to buy equipment to start a business or durable goods to furnish a home. The question requires planning ahead and anticipating the future consequences of choosing loans with different durations, without having to do any calculation. Full credit for this question is gained by replying False and True in this order.
Kevin is using a computer at an Internet café. He visits an online shopping website that sells sports equipment. He enters his bank card details to pay for a football.
The security of financial information is important when buying goods on line.
What is one thing Kevin could have done to increase security when he paid for the football on line?
The question ONLINE SHOPPING asks students to reflect on the potential risks of conducting financial transactions on line using computers in public places and to evaluate those risks. Internet cafés are less widespread in developed countries than they were when the item was designed, but young people may still be sharing computers with friends, may have occasion to make payments on line in public places or use public wi-fi to access personal data. In the case of ONLINE SHOPPING, all of the necessary information is provided in the question, but to gain credit students need to identify what is relevant and reflect on the consequences of taking a particular action. Various responses are awarded full credit, such as referring to using a secure computer rather than one in a public place, using a more secure or safer method of online payment or using a trusted website.
Code 11: Refers to using a secure computer rather than one in a public place.
Use a personal (or private) computer.
Do it at home.
Use a computer where the cookies are disabled.
Make sure no one is looking. [Identifies a behaviour in public to improve security.]
Delete browser history after the purchase.
Not do it in a public place on a public computer.
Code 12: Refers to using a more secure or safer method of online payment.
Use PayPal.
Use a trusted online method of third-party payment. [This may be specific to your country.]
Buy a pre-paid bank card so his bank details won’t be exposed.
Code 13: Refers to using a trusted/genuine/credible website.
Check that the website has a security certificate before making a purchase.
Check reviews on line to see whether the website can be trusted.
Make sure it is a https site.
Make sure it is a safe website.
Ben lives in Zedland and has a mobile phone. In Zedland there are two different kinds of phone plan available.
What is one possible financial advantage of using phone plans like Plan 2?
The unit PHONE PLANS asks students to analyse information in the context of mobile phone plans, a situation that many 15-year-old students may have already encountered or will soon encounter. The first question asks students to explain a possible financial advantage of a pre-paid phone plan. Students should recognise that the pre-paid plan does not entail a monthly fee or that it may help the user not go beyond a certain spending limit.
Code 11: Refers to ease of planning OR keeping to a specified budget.
You know exactly how much it will cost.
You can choose how much you can afford to spend in advance.
It helps you plan your finances better.
It means you will not go over your limit.
You will not be surprised by big bills at the end of the month.
You only buy the amount of credit you need.
Code 12: Refers to no monthly fee (like Plan 1).
You don’t have to pay a monthly fee.
Ben decides to use Plan 1. He must now choose which phone company to use.
The table below shows the details of the four different phone companies that offer Plan 1. All costs are shown in zeds.
Which phone company offers the best financial deal for Ben?
A. Company 1
B. Company 2
C. Company 3
D. Company 4
The second question in the unit PHONE PLANS looks at students' ability to select the most suitable telephone plan for a particular individual. Students are required to compare the conditions offered by different mobile phone companies by looking at multiple dimensions, such as flat fees, the cost of calls and the cost of messages, select the ones that are most relevant, and find the best offer for a given need. To get full credit students should indicate that Company 2 offers the best deal for Ben's needs.
Colin sees this advertisement in a magazine for teenagers.
Colin has 30 zeds credit on his phone.
He texts the word MONK to 13 45 67.
Colin does not use his phone again to make calls or send texts. He does not add any more credit.
How much credit will Colin have on his phone exactly one week later?
Credit in zeds:
This question asks students to pay attention and interpret the small-print to understand the terms and conditions of buying a service, and then to calculate the implications for the true cost. When developed as a test item for the 2012 assessment, this question presented a widely relevant situation; while ads for ringtones may have changed in the meantime in some countries, students continue to receive adverts in a similar format, including for purchases through digital games and apps. The question falls in the category Apply financial knowledge and understanding because it asks students to perform basic calculations (multiplication and subtraction) taking into account multiple elements that are not immediately evident (by buying one ringtone the user agrees to receiving - and pays for - a ringtone every day). This item also highlights a wider issue that young people face when starting to make financial decision and budget their own money. An impulse decision to make a purchase of 3 zeds without first reading the small print would cost the student a minimum of 8 zeds even if they recognised their error immediately. The correct response is 9 or 6, recognising the potential ambiguity as to when the first or last download occurs.
In this unit, students are first introduced to a text explaining how the bike sharing scheme works, and how the membership fee in the scheme is managed through a hypothetical smartphone application. Prospective bike users should understand that that there is an annual or monthly membership fee, and that they may be asked to pay additional costs for each ride, depending on the ride duration. This is an example of a relatively common fee structure, combining fixed and variables costs, that students may encounter not only in bike sharing schemes but also in some mobile phone plans. Students have an opportunity to try the app to see how different uses of the bike scheme would affect the final cost.
The first question of the unit ZCYCLE asks students to use the application to figure out how much membership in the bike-sharing scheme would cost given that Julie would like to use the bike for relatively short rides during the week and two longer rides during the weekend. This question falls into the planning and managing finances area because students need to demonstrate an ability to put together different pieces of information on the relevant fees to choose from different options and plan expenses. The correct response is 32 (the monthly fee costs 20 zeds and each ride of at least 121 minutes costs 6 zeds).
The second question asks students to use the app to compare the cost of using the bike sharing scheme for six months or one year given the use that Julie would like to make of the bikes (the same as in the first question, relatively short rides during the week and for two longer rides during the weekend). Annual membership costs 180 zeds, including short and long rides. Students should recognise that this is cheaper than a six-month membership (120 zeds for the membership fee plus 12*6 zeds for the three-hour rides during the weekend). In order to get full credit, students should indicate both that the one-year membership is less expensive and that the cost difference for Julie is 12 zeds. Students indicating only one of these two elements obtain partial credit.
The third question requires students to find a mistake in an invoice issued by the bike sharing app. Students should recognise that rides up to 60 minutes are free and then compute the correct total amount due (32). Full credit is granted to students who both select B (10 Rides Up to 60 Minutes - 10 zeds) and enter 32. Students who do only one of these things obtain partial credit.
In the fourth question of the unit, students are asked to evaluate the financial situation of Alex, who has taken an annual subscription, uses the bike sharing programme for 8 months and whose rides may exceed 60 minutes. Students should evaluate the consequences of taking an annual membership in Alex's situation and explain whether or not this is a good financial choice. There is no right or wrong response based solely on the information provided in the stimulus. Whether the annual subscription is a good or bad choice depends on how many rides exceeding 60 minutes Alex will make. Students should therefore reason and explain why they chose to reply Yes or No. Correct responses should take into account both the membership fee and the possible costs associated with rides overs 60 minutes.
Code 1: Response indicates that both the membership fee AND the possible costs associated with rides overs 60 minutes have been taken into account.
Answers “Yes” and indicates that any time the commute goes over 60 minutes, Alex will have to pay an additional 4 zeds with the monthly membership.
Sample Responses:
Yes, it would only take a few rides over 60 minutes for the monthly membership to cost more than the annual membership.
Yes, after 5 longer rides the monthly membership will cost as much.
Yes, after more than 5 rides over 60 minutes the monthly membership will cost more.
Yes, he will likely have enough rides over 60 minutes in 8 months for the monthly membership to cost more.
Yes, he won’t have to worry about how many times the ride takes 65 minutes.
Answers “No” and indicates that we can’t be sure how many longer rides he will need.
No, if he only has a few 65 minute rides the monthly membership would be cheaper.
No, if all of the rides are 50 or 60 minutes long the annual membership would be more expensive.
No, traffic may be better than he expects so the monthly membership would be cheaper.
You can buy tomatoes by the kilogram or by the box.
Give a reason to support this statement.
Explicitly or implicitly recognises that the price per kilogram of boxed tomatoes is less than the price per kilogram for loose tomatoes.
It is 2.75 zeds per kg for the loose tomatoes but only 2.20 zeds per kg for the boxed tomatoes.
It is only 2.20 per kg for the box.
Because 10kg of loose tomatoes would cost 27.50 zeds.
There are more kilograms for every 1 zed you pay.
Loose tomatoes cost 2.75 per kg but tomatoes in the box cost 2.2 per kg.
It is cheaper per kilogram. [Accept generalisation.]
It is cheaper per tomato. [Accept assumption that tomatoes are the same size.]
You get more tomato per zed. [Accept generalisation.]
Other responses.
The box is always better value. [No explanation.]
You get more for less. [Vague.]
Bulk buying is better.
The price per kilogram is different. [Does not indicate that the box price is lower.]
Missing.
This question requires students to apply the concept of value for money in a context familiar to 15-year-old students. Students are asked to make a logical comparison between boxed and loose tomatoes and to explain which option provides the best value for money. In order to support their argument, students can provide their answer in words or explain their idea with quantitative information by using the price (“Zed”) and weight (kilogram).
In this question, the unit of currency is the imaginary Zed. PISA questions often refer to situations that take place in the fictional country of Zedland, where the Zed is the unit of currency. This artificial currency has been introduced to enhance comparability across countries and is explained to the students before the test begins.
Using the context of shopping for groceries, which is a familiar, everyday context to 15-year-old students, this item assesses whether students can interpret and use financial and numeric information and explain their judgment based on proportional reasoning and single basic numerical operations (multiplication and division). Questions about the buying of goods are generally categorised as being in the content area of money and transactions. To gain credit for this item, students have to demonstrate that they have compared the two ways of buying tomatoes using a common point of comparison. The question is located at Level 2.
Buying a box of tomatoes may be a bad financial decision for some people.
Explain why.
Refers to wastage if a larger amount of tomatoes is not needed.
The tomatoes might rot before you use them all.
Because you may not need 10 kg of tomatoes.
The ones at the bottom of the box might be bad so you are wasting money.
OR
Refers to the idea that some people cannot afford the higher absolute cost of buying in bulk.
You may not be able to afford a whole box.
You have to spend 22 zeds (rather than 2.75 or 5.50 for 1 or 2 kg) and you might not have that amount to spend.
You might have to go without something else that you need to pay for the box of tomatoes.
Other responses.
It is a bad idea.
Some people don’t like tomatoes [Irrelevant.]
Missing.
This question asks students to evaluate financial information for decision making in shopping, which is a situation familiar to 15-year-old students. The question examines whether students can recognise that buying things in bulk may be wasteful if a large amount is not needed, and it may be unaffordable to bear the higher absolute cost of buying in bulk in the short term. Students are required to evaluate a financial issue in the situation presented and describe their quantitative information or by using numbers, with quantitative information of the price and weight. Full credit will be given if students can explain that buying more tomatoes at a cheaper price may not always be a good decision for some people. The question is located at Level 1.
David banks with ZedBank. He receives this e-mail message.
Which of these statements would be good advice for David?
Circle “Yes” or “No” for each statement.
Three correct responses: No, Yes, No in that order.
Fewer than three correct responses.
Missing.
This question asks students to evaluate a potential financial fraud in the context of Internet banking, which is part of the broader financial landscape in which students are likely to participate, either now or in the near future. The question investigates whether they know how to take appropriate precautions. Students are asked to respond appropriately to a financial scam e-mail message. They must evaluate the presented options and recognise which piece of advice can be considered as good advice. No numerical operations are required. The question is located at Level 5.
Sarah receives this invoice in the mail.
Why was this invoice sent to Sarah?
Because Sarah needs to pay the money to Breezy Clothing.
Because Breezy Clothing needs to pay the money to Sarah.
Because Sarah has paid the money to Breezy Clothing.
Because Breezy Clothing has paid the money to Sarah.
A. Because Sarah needs to pay the money to Breezy Clothing.
Other responses.
Missing.
This multiple-choice question asks students to interpret a financial document, an invoice, identifying its purpose in the context of the individual. Questions about interpreting financial documents are generally categorised as being in the content area of money and transactions. Students are required to identify financial information by demonstrating a basic understanding of what an invoice is. Calculations are not required. The question is located at Level 1.
How much has Breezy Clothing charged for delivering the clothes?
Delivery charge in zeds:
10
ten
tene [Unambiguous mis-spelling of correct numerical value.]
Other responses.
Missing.
This short, constructed response question asks students to identify a delivery cost in an invoice for clothing. It asks a specific question, and the relevant information is explicitly stated. To answer this question correctly, students need to identify the relevant information, understanding that postage refers to the delivery charge. This is an example of the types of interpretation that they may need to make frequently in adult life. This item is situated at Level 2.
Sarah notices that Breezy Clothing made a mistake on the invoice.
Sarah ordered and received two T-shirts, not three.
The postage fee is a fixed charge.
What will be the total on the new invoice?
Total in zeds:
131
One hundred and thirty-one
One hudred and thirty-one [Unambiguous mis-spelling of 131]
133 [Leaves tax at 13 zeds] OR 121 [Omits postage]
One hundred and thirty-three
One hudred and therty-thre [unambiguous mis-spelling of 133]
One hundred and twenty-one
Other responses.
123 [Leaves tax at 13 zeds and omits postage.]
Missing.
This question asks students to interpret a financial document in a complicated situation that is likely to take place in real life. Students are required to calculate the correct amount due, given that the quantity described on the invoice is incorrect. In this task, full credit is given for the responses taking into account the tax change and postage, and partial credit is given to responses that only consider one of those factors. The partial-credit score is located at Level 3 while the full-credit score is located at Level 5. To get full credit, students need to interpret and use financial and numeric information in an unfamiliar context and solve a financial problem by using multiple numerical operations (i.e. addition, subtraction and calculation of percentages). To get partial credit, students need to interpret and use financial and numeric information and apply basic numerical operations (i.e. subtraction).
Last year, Steve’s motorbike was insured with the PINSURA insurance company.
The insurance policy covered damage to the motorbike from accidents and theft of the motorbike.
Steve plans to renew his insurance with PINSURA this year, but a number of factors in Steve’s life have changed since last year.
How is each of the factors in the table likely to affect the cost of Steve’s motorbike insurance this year?
Circle “Increases cost”, “Reduces cost” or “Has no effect on cost” for each factor.
Three correct responses: Increases cost, Has no effect on cost, Increases cost, in that order.
Fewer than three correct responses.
Missing.
The question relies on students understanding that the higher their risk exposure, with regards to measurable criteria, the more it will cost them to buy appropriate insurance. This question falls under the content area “risk and reward” because insurance is a product designed specifically to protect individuals against risks and financial losses that they would not otherwise be able to bear. To gain full credit on this question (situated at Level 4), students need to be able to identify which factors are likely to affect the cost of motorbike insurance under given circumstances. To answer correctly the third part of the question (situated at Level 3), students need to understand that being responsible for road accidents in the past will increase the cost of insurance in the future.
Mrs Jones has a loan of 8 000 zeds with FirstZed Finance. The annual interest rate on the loan is 15%. Her repayments each month are 150 zeds.
After one year Mrs Jones still owes 7400 zeds.
Another finance company called Zedbest will give Mrs Jones a loan of 10 000 zeds with an annual interest rate of 13%. Her repayments each month would also be 150 zeds
What is one possible negative financial consequence for Mrs Jones if she agrees to the Zedbest loan?
Refers to Mrs Jones having more debt.
She will owe more money.
She will be unable to control her spending.
She is going deeper into debt.
Refers to paying more interest in total.
13% of 10 000 is greater than 15% of 8 000.
Refers to taking longer to pay the loan off.
It might take longer to repay because the loan is bigger and the payments are the same.
Refers to the possibility of paying a cancellation fee with FirstZed.
She may have a penalty fee for paying the FirstZed loan early.
Other responses.
Missing.
This question asks students to evaluate two complex financial products (two different personal loans) with competing information to explain a negative financial consequence of changing to a larger loan. Students need to interpret financial and numeric information, and reason about the effect that different financial actions and variables have on financial well-being. In order to get full credit, students are required to describe a negative consequence of changing loans, such as the time taken to repay the money or the additional interest paid. No numerical operations are required. The question is located at Level 4.
Each month, Jane’s employer pays money into Jane’s bank account.
This is Jane’s pay slip for July.
How much money did Jane’s employer pay into Jane’s bank account on 31 July?
A. 300 zeds
B. 2500 zeds
C. 2800 zeds
D. 19 600 zeds
B. 2 500 zeds
Other responses.
Missing.
This multiple-choice question asks students to identify financial information on a pay slip. While a pay slip is a common financial document, it may provide an unfamiliar financial context to 15-year-old students. Students need to understand the difference between gross and net pay, that is, the difference between pay before and after any deductions have been made (such as deductions for health care or tax). Numeric operations are not required. The question is located at Level 4.
[1] OECD (2023), PISA 2022 Assessment and Analytical Framework, PISA, OECD Publishing, Paris, https://doi.org/10.1787/dfe0bf9c-en.