First OECD PISA financial literacy test finds many young people confused by money matters - European Statistical System (ESS)
Around one in seven students in the 13 OECD countries and economies that took part in the first OECD PISA international assessment of financial literacy are unable to make even simple decisions about everyday spending, and only one in ten can solve complex financial tasks.
Some 29 000 15 year-olds in 18 countries and economies* took part in the test, which assessed the knowledge and skills of teenagers in dealing with financial issues, such as understanding a bank statement, the long-term cost of a loan or knowing how insurance works.
"Developing financial literacy skills and knowledge is critical now that individuals are becoming increasingly responsible at an ever earlier age for financial risks affecting their future," said OECD Secretary-General Angel Gurría, launching the report in Paris.
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