This PISA volume examines 15-year-old students’ understanding of money matters in 20 countries and economies, and provides insights into differences in performance linked to factors, such as socio-economic background and family interactions. The results highlight the importance that all students receive financial education, in particular those that need it most.
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In the 14 OECD countries assessed, 18% of students, on average, do not have basic proficiency in financial literacy, meaning that they are not able to apply their knowledge to real life situations involving financial issues and decisions. Improving financial literacy will not only bring short-term improvements to students’ money management, it will also help them take smarter financial decisions as they grow older.
On average, about 60% of 15-year-old students have a bank account and/or a payment or debit card and more than 85% bought something online during the last 12 months.
Results show that financial literacy and positive financial behaviour are linked. Students who have better financial literacy skills behave more responsibly financially and are more forward-looking and financially pro-active. High performers in financial literacy are 72% more likely than low performers to save money, and 50% more likely to compare prices in different shops before buying something.
Parents matter. Students who discuss their saving or purchasing decisions with their parents (68% do so at least once a month) are much more financially literate.
Further, students from disadvantaged socio-economic backgrounds perform lower in financial literacy, with the background accounting for 12% of the variation in performance. This underlines the importance of giving all students equal opportunities to learn about money than their better-off peers.
This is all the more relevant as students who have been exposed to tasks in schools exploring financial issues perform better in financial literacy. However, only two in three students have been exposed to tasks exploring financial issues in schools.
