PISA 2022 Results (Volume IV)

Executive Summary

Many 15-year-olds face financial decisions and are already consumers of financial services. They are likely to face growing complexity and risks in the financial marketplace as they move into adulthood. Since better knowledge and understanding of financial concepts and risks could help improve financial decision-making amongst adults and young people, financial literacy is now globally recognised as an essential life skill.

Twenty countries and economies participated in the PISA 2022 financial literacy assessment:

• 14 OECD countries and economies (Austria, the Flemish community of Belgium, eight Canadian provinces* (Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario and Prince Edward Island), Costa Rica, Czechia, Denmark*, Hungary, Italy, the Netherlands*, Norway, Poland, Portugal, Spain and the United States*), and

• 6 partner countries (Brazil, Bulgaria, Malaysia, Peru, Saudi Arabia and the United Arab Emirates).

Students’ performance in financial literacy in PISA 2022

• Austria, the Flemish community of Belgium, the Canadian provinces*, Czechia, Denmark*, the Netherlands* and Poland performed above the OECD average in financial literacy.

• On average across OECD countries and economies, 11% of students were top performers in financial literacy, meaning that they were proficient at Level 5. These students can analyse complex financial products and solve non-routine financial problems. More than 15% of students in the Flemish community of Belgium and the Netherlands* were top performers in financial literacy, compared to less than 1% of students in Malaysia and Saudi Arabia.

• On average across OECD countries and economies, 18% of students performed at or below Level 1. These students can, at best, recognise the difference between needs and wants, make simple decisions about everyday spending and recognise the purpose of everyday financial documents, such as an invoice. More than 45% of students in Brazil, Malaysia and Saudi Arabia performed at or below Level 1, compared to 11% of students in Denmark*.

Variations in students’ performance in financial literacy within countries and economies

• Socio-economically advantaged students performed better in the PISA 2022 financial literacy assessment than disadvantaged students by 87 points on average across OECD countries and economies, which is more than one proficiency level.

• Boys performed better than girls in Austria, Costa Rica, Denmark*, Hungary, Italy and Portugal, and girls outperformed boys in Bulgaria, Malaysia, Norway and the United Arab Emirates. There was no significant gender difference in the other 10 participating countries and economies. There were more boys than girls both among low performers and top performers on average across OECD countries and economies.

Financial literacy matters: students’ spending and saving behaviours and attitudes

• On average across OECD countries and economies, 93% of students, reported that they had saved money at least once in the previous 12 months, from 85% in Saudi Arabia to 95% in Czechia, the Netherlands* and the United States*. On average across OECD countries and economies, 74% of students reported that they compare prices in different shops before buying something, from 60% in Saudi Arabia to 80% in Denmark* and Portugal.

• On average across OECD countries and economies, 60% of students reported having bought something because their friends had it, from 36% in Costa Rica to 69% in Bulgaria, Czechia and Norway.

• Students who performed at Level 4 or 5 in financial literacy were 50% more likely than those who scored at Level 1 or below to report that they compare prices in different shops before buying something, and 72% more likely to report having saved into an account or at home, on average across OECD countries and economies, after accounting for student characteristics, attitudes, and performance in mathematics and reading.

Students’ interactions with their parents about money matters

• Most students reported talking to their parents about money matters. On average across OECD countries and economies, 64% of students reported talking to their parents weekly or monthly about their own spending decisions, with results ranging from 52% of students in Peru and Saudi Arabia to 71% of those in Norway. On average across OECD countries and economies, students who reported discussing about their own spending decisions on a weekly or monthly basis performed 12 score points higher in financial literacy than those who reported never discussing these, after accounting for student characteristics.

• Most students reported that they could independently decide what to spend their money on: 83% on average across OECD countries and economies, from 64% of students in Peru, to 91% of those in Denmark* and Hungary. On average across OECD countries and economies and after accounting for student characteristics, these students scored around 30 points higher in the financial literacy assessment than students who did not report so.

Students’ self-reported exposure to financial literacy in school

• More than two in three students, on average across OECD countries and economies, reported that they had learnt about a wage, a budget, or a bank loan in school over the preceding 12 months and still know what these terms mean. By contrast, only one in four students reported that they had learnt about compound interest in school and still know what this means, and fewer than one in five about diversification, on average across OECD countries and economies.

• Students who reported that they had learnt and still know these finance-related terms outperformed students who did not in the financial literacy assessment, on average across OECD countries and economies and after accounting for student and school characteristics, and students’ performance in mathematics and reading.

• Students reported having been exposed to personal finance-related tasks in school mostly in mathematics classes, but also in social sciences, citizenship, economics, or business classes.

Money and basic financial services: access, use and attitudes

• Many 15-year-old students participate in the financial system. On average across OECD countries and economies, 63% of students reported holding an account at a bank/financial institution, and 62% of students reported holding a payment/debit card. Over 80% of students in the Flemish community of Belgium, Denmark*, the Netherlands* and Norway reported holding an account or a payment/debit card, while students in Peru were amongst the least likely to hold either of these products.

• Students also reported experience with digital financial transactions. On average across OECD countries and economies, 86% of students reported that they had bought something on line in the previous 12 months (alone or with a family member), and 66% of students reported that they had made a payment using a mobile phone.

• Holding an account at a bank, having bought something on line, and receiving gifts of money from friends or relatives were associated with greater financial literacy performance after accounting for student characteristics and other experiences with money and basic financial products.

Students’ attitudes towards money matters

• On average across OECD countries and economies, 50% of students reported that they enjoy talking about money matters, but 36% of students reported that money matters are not relevant for them right now.

• Enjoying talking about money matters was associated with greater financial literacy performance on average across OECD countries and economies and after accounting for student characteristics and exposure to financial education at home and in school.

• On average across OECD countries and economies, 80% of students felt confident about their ability to manage their money, from 63% of students in Brazil to 86% in Portugal. Confidence was common across all levels of proficiency, with 64% of low performing students feeling confident about their financial skills, on average across OECD countries and economies, ranging from 45% of low performers in Bulgaria to 74% in Portugal.

From data to insights

These results show that there are wide variations among students in their financial literacy proficiency, and that students can learn about money matters in a variety of ways: from their parents, families and friends, at school, and from their experience with money and financial products. To tackle inequalities and provide opportunities to all students to improve their financial literacy, the report suggests using complementary approaches involving various stakeholders to:

• Address the needs of low-performing students, to help them participate in economic life as they become adults.

• Tackle socio-economic inequalities in financial skills and behaviours as early as possible, to avoid them building up as students grow older.

• Focus on students’ environment, including on parents and peers to leverage on their role and influence on students’ financial behaviours and attitudes.

• Offer opportunities to acquire financial literacy in school to all students, regardless of their socio-economic background.

• Ensure that opportunities to learn via access to and use of financial services are safe and age-appropriate, including through robust financial consumer protection frameworks.

• Strengthen students’ financial attitudes in addition to their knowledge and skills, to foster interest in money matters and prevent overconfidence.

Table IV.1. Snapshot of performance in financial literacy

		Low-performing and top-performing students		Gender differences in performance			Socio-economic disparities in performance
	Mean score in PISA 2022	Share of low performers (below Level 2)	Share of top performers (Level 5)	Girls	Boys	Difference between girls and boys	Difference between advantaged1and disadvantaged students in financial literacy	Strength: Percentage of variance in financial literacy performance explained by ESCS2
	Mean index	%	%	Mean score	Mean score	Score dif.	Score dif.	%
OECD average	498	17.9	10.6	495	501	-5	87	11.6
Flemish community of Belgium	527	12.0	16.5	529	524	5	104	16.8
Denmark*	521	10.9	12.5	516	525	-9	71	10.0
Canadian provinces*	519	12.7	14.8	517	521	-4	68	7.3
Netherlands*	517	17.5	18.5	515	519	-4	97	10.8
Czechia	507	15.3	12.5	503	510	-7	103	15.3
Austria	506	16.8	13.2	502	510	-8	100	14.1
Poland	506	14.8	9.9	506	506	0	92	12.1
United States*	505	16.8	13.5	501	509	-8	92	10.3
Portugal	494	15.5	6.6	490	498	-8	74	10.3
Hungary	492	18.2	8.6	484	500	-16	110	18.3
Norway	489	21.8	10.5	494	484	10	82	6.9
Spain	486	17.1	4.7	486	486	-1	73	10.1
Italy	484	18.3	5.1	474	494	-20	68	9.0
United Arab Emirates	441	39.0	7.1	447	435	12	85	6.8
Bulgaria	426	40.8	2.7	433	421	12	116	17.6
Peru	421	41.9	1.0	419	423	-5	105	18.9
Costa Rica	418	43.0	1.3	415	422	-7	m	m
Brazil	416	45.1	2.0	418	413	5	86	9.4
Saudi Arabia	412	45.4	0.6	416	409	6	59	7.7
Malaysia	406	47.5	0.8	415	396	19	90	14.8

Countries/economies with a mean performance/share of top performers above the OECD average

Countries/economies with a share of low performers below the OECD average"

Countries/economies with a strength of socio-economic gradient below the OECD average

Countries/economies with a mean performance/share of top performers/share of low performers not significantly different from the OECD average

Countries/economies with a strength of socio-economic gradient not significantly different from the OECD average

Countries/economies with a mean performance/share of top performers below the OECD average

Countries/economies with a share of low performers above the OECD average"

Countries/economies with a strength of socio-economic gradient above the OECD average

* Caution is required when interpreting estimates because one or more PISA sampling standards were not met (see Reader’s Guide, Annexes A2 and A4).

1. A socio-economically advantaged (disadvantaged) student is a student in the top (bottom) quarter of ESCS in his or her own country/economy.

2. ESCS refers to the PISA index of economic, social and cultural status.

Notes: Values that are statistically significant are marked in bold (see Annex A3).

Countries and economies are ranked in descending order of the mean financial literacy score in PISA 2022.

Source: OECD, PISA 2022 Database, Table IV.B1.2.1, Table IV.B1.2.5, Table IV.B1.3.9, Table IV.B1.3.11 and Table IV.B1.3.12.

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