Lessons from PISA 2018: Are students smart about money?

The OECD’s Programme for International Student Assessment’s (PISA) 2018 included an optional assessment that examines 15-year-old students’ understanding about money matters and financial literacy. Around 117,000 students took part in this assessment, representing about 13.5 million students from 20 participating countries and economies. The optional assessment examined how students can reproduce and apply their knowledge in unfamiliar settings inside and outside of school. 

The report notes that 85 per cent of students, on average across OECD countries/economies, attained at least Level 2 proficiency in financial literacy. Students from advantageous socio-economic conditions performed comparatively better in financial literacy. A similar scenario was observed among immigrant and non-immigrant students; non-immigrant students scored higher. 

The author Rebecca Vukovic also talks about the role of parents and caregivers, exposure to financial literacy, attitude of students towards money and financial responsibility of the students. To read further, follow the link below.