Executive Summary

Students’ performance in financial literacy in PISA 2022

• Austria, the Flemish community of Belgium, the Canadian provinces*, Czechia, Denmark*, the Netherlands* and Poland performed above the OECD average in financial literacy.

• On average across OECD countries and economies, 11% of students were top performers in financial literacy, meaning that they were proficient at Level 5. These students can analyse complex financial products and solve non-routine financial problems. More than 15% of students in the Flemish community of Belgium and the Netherlands* were top performers in financial literacy, compared to less than 1% of students in Malaysia and Saudi Arabia.

• On average across OECD countries and economies, 18% of students performed at or below Level 1. These students can, at best, recognise the difference between needs and wants, make simple decisions about everyday spending and recognise the purpose of everyday financial documents, such as an invoice. More than 45% of students in Brazil, Malaysia and Saudi Arabia performed at or below Level 1, compared to 11% of students in Denmark*.

Financial literacy matters: students’ spending and saving behaviours and attitudes

• On average across OECD countries and economies, 93% of students, reported that they had saved money at least once in the previous 12 months, from 85% in Saudi Arabia to 95% in Czechia, the Netherlands* and the United States*. On average across OECD countries and economies, 74% of students reported that they compare prices in different shops before buying something, from 60% in Saudi Arabia to 80% in Denmark* and Portugal.

• On average across OECD countries and economies, 60% of students reported having bought something because their friends had it, from 36% in Costa Rica to 69% in Bulgaria, Czechia and Norway.

• Students who performed at Level 4 or 5 in financial literacy were 50% more likely than those who scored at Level 1 or below to report that they compare prices in different shops before buying something, and 72% more likely to report having saved into an account or at home, on average across OECD countries and economies, after accounting for student characteristics, attitudes, and performance in mathematics and reading.

Students’ interactions with their parents about money matters

• Most students reported talking to their parents about money matters. On average across OECD countries and economies, 64% of students reported talking to their parents weekly or monthly about their own spending decisions, with results ranging from 52% of students in Peru and Saudi Arabia to 71% of those in Norway. On average across OECD countries and economies, students who reported discussing about their own spending decisions on a weekly or monthly basis performed 12 score points higher in financial literacy than those who reported never discussing these, after accounting for student characteristics.

• Most students reported that they could independently decide what to spend their money on: 83% on average across OECD countries and economies, from 64% of students in Peru, to 91% of those in Denmark* and Hungary. On average across OECD countries and economies and after accounting for student characteristics, these students scored around 30 points higher in the financial literacy assessment than students who did not report so.

Students’ self-reported exposure to financial literacy in school

• More than two in three students, on average across OECD countries and economies, reported that they had learnt about a wage, a budget, or a bank loan in school over the preceding 12 months and still know what these terms mean. By contrast, only one in four students reported that they had learnt about compound interest in school and still know what this means, and fewer than one in five about diversification, on average across OECD countries and economies.

• Students who reported that they had learnt and still know these finance-related terms outperformed students who did not in the financial literacy assessment, on average across OECD countries and economies and after accounting for student and school characteristics, and students’ performance in mathematics and reading.

• Students reported having been exposed to personal finance-related tasks in school mostly in mathematics classes, but also in social sciences, citizenship, economics, or business classes.

Money and basic financial services: access, use and attitudes

• Many 15-year-old students participate in the financial system. On average across OECD countries and economies, 63% of students reported holding an account at a bank/financial institution, and 62% of students reported holding a payment/debit card. Over 80% of students in the Flemish community of Belgium, Denmark*, the Netherlands* and Norway reported holding an account or a payment/debit card, while students in Peru were amongst the least likely to hold either of these products.

• Students also reported experience with digital financial transactions. On average across OECD countries and economies, 86% of students reported that they had bought something on line in the previous 12 months (alone or with a family member), and 66% of students reported that they had made a payment using a mobile phone.

• Holding an account at a bank, having bought something on line, and receiving gifts of money from friends or relatives were associated with greater financial literacy performance after accounting for student characteristics and other experiences with money and basic financial products.

Students’ attitudes towards money matters

• On average across OECD countries and economies, 50% of students reported that they enjoy talking about money matters, but 36% of students reported that money matters are not relevant for them right now.

• Enjoying talking about money matters was associated with greater financial literacy performance on average across OECD countries and economies and after accounting for student characteristics and exposure to financial education at home and in school.

• On average across OECD countries and economies, 80% of students felt confident about their ability to manage their money, from 63% of students in Brazil to 86% in Portugal. Confidence was common across all levels of proficiency, with 64% of low performing students feeling confident about their financial skills, on average across OECD countries and economies, ranging from 45% of low performers in Bulgaria to 74% in Portugal.

From data to insights

These results show that there are wide variations among students in their financial literacy proficiency, and that students can learn about money matters in a variety of ways: from their parents, families and friends, at school, and from their experience with money and financial products. To tackle inequalities and provide opportunities to all students to improve their financial literacy, the report suggests using complementary approaches involving various stakeholders to:

• Address the needs of low-performing students, to help them participate in economic life as they become adults.

• Tackle socio-economic inequalities in financial skills and behaviours as early as possible, to avoid them building up as students grow older.

• Focus on students’ environment, including on parents and peers to leverage on their role and influence on students’ financial behaviours and attitudes.

• Offer opportunities to acquire financial literacy in school to all students, regardless of their socio-economic background.

• Ensure that opportunities to learn via access to and use of financial services are safe and age-appropriate, including through robust financial consumer protection frameworks.

• Strengthen students’ financial attitudes in addition to their knowledge and skills, to foster interest in money matters and prevent overconfidence.