PISA 2012 Results: Students and Money



Financial Literacy Skills for the 21st CENTURY

Finance is a part of everyday life for many 15-year-olds: they are already consumers of financial services such as bank accounts with access to online payment facilities. As they near the end of compulsory education, students will also face complex and challenging financial choices. One of their first major decisions may be to choose whether to continue with formal education and how to finance such study. Financial literacy is thus an essential life skill, and high on the global policy agenda. Shrinking welfare systems, shifting demographics, and the increased sophistication and expansion of financial services have all contributed to a greater awareness of the importance of ensuring that citizens and consumers of all ages are financially literate. Some governments have started developing strategies and policies to improve financial literacy. The financial literacy assessment in PISA 2012 offers the first ever international assessment of the financial knowledge and skills of 15-year-old students. A second assessment is planned for PISA 2015, which will make it possible to monitor change and provide further evidence on the design and implementation of policies to enhance financial literacy. This volume reports the results of the PISA 2012 financial literacy assessment, which was administered to approximately 29 000 students in 13 OECD countries and economies (Australia, the Flemish Community of Belgium, the Czech Republic, Estonia, France, Israel, Italy, New Zealand, Poland, the Slovak Republic, Slovenia, Spain and the United States) and five partner countries and economies (Colombia, Croatia, Latvia, the Russian Federation and Shanghai-China), representing 40% of world GDP.

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Financial knowledge Financial literacy Financial literacy in schools PISA Report Young people




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Academics, regulators, policymakers, public authorities





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