Do 15-year-olds know how to manage money?

Abstract

On average across the 13 OECD countries and economies that participated in the PISA financial literacy assessment, 10% of students can analyse complex financial products and solve non-routine financial problems, while 15% can, at best, make simple decisions about everyday spending, and recognise the purpose of everyday financial documents, such as an invoice. In 17 out of the 18 participating countries and economies, boys and girls show similar skills in financial literacy. However, among students with comparable performance in mathematics and reading, boys perform better than girls in financial literacy in 11 out of 18 countries and economies.