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Financial literacy of students and young people

 

Financial literacy is a core life skill for participating in modern society. Children are growing up in an increasingly complex world where they will eventually need to take charge of their own financial future.

National surveys show that young people have amongst the lowest levels of financial literacy. From an early age, children need to develop the skills to help choose between different career and education options and manage any discretionary funds they may have, whether from allowances or part time jobs. People have access to financial products and services, and especially digital ones, from a young age, and may be exposed to financial fraud and scams.

The OECD Recommendation on Financial Literacy encourages governments to “Take measures to develop financial literacy from the earliest possible age”. Improving the financial literacy of children and young people is a long-term process and may include the provision of financial education in school and outside of school. This is especially important as parents may be ill-equipped to teach their children about money and levels of financial literacy are generally low around the world.


OECD PISA assessments of the financial literacy of students

PISA is the OECD's Programme for International Student Assessment. PISA measures 15-year-olds’ ability to use their reading, mathematics and science knowledge and skills to meet real-life challenges.

Since 2012, PISA has made it possible for volunteering countries to assess the financial literacy of their 15-year-old students.

The PISA assessment of financial literacy amongst 15-year-old students assesses the extent to which students in participating countries and economies have the knowledge and skills, acquired both in and outside of school, that are essential for making financial decisions and plans for their future.

 

 

PISA reports and launch events

  • PISA 2018 Results (Volume IV): Are Students Smart About Money (OECD, 2020)
    This report examines 15-year-old students’ understanding about money matters in the 20 countries and economies that participated in this optional assessment
    Download the report | Launch event
  • PISA 2015 Results (Volume IV): Students’ Financial Literacy (OECD, 2017)
    This report explores students’ experience with and knowledge about money and provides an overall picture of 15-year-olds’ ability to apply their accumulated knowledge and skills to real-life situations involving financial issues and decisions.
    Download the report | Launch event
  • PISA 2012 Results (Volume VI): Students and Money: Financial Literacy Skills for the 21st Century (OECD, 2014)
    This report presents the first financial literacy assessment of 15-year-old students in 18 countries and economies. It provides a unique international benchmark on the level of financial literacy of young people.
    Download the report | Launch event

 

Policy guidance and tools

 

 

OECD-INFE Core Competencies Framework on Financial Literacy for Youth

This document contains the objectives and key components of this international framework, and presents the flexible, outcome-based, core competencies framework itself. The framework is designed to be applicable to youth aged 15 to 18, taking into account outcomes that will be relevant to them now and in the near future. It describes the basic level of financial literacy that is likely to be needed by all young people between the ages of 15 and 18 to fully and safely participate in economic and financial life.

Download the report

Date of publication: 16 November 2018



   

Advancing the Digital Financial Inclusion of Youth

This report on has been prepared for the G20/GPFI by the OECD under the Saudi Presidency in 2020. The focus on youth reflects the fact that almost half of the world's 1.2bn young people aged between 15-24 remain unbanked. The report examines the factors that contribute to youth financial inclusion and the role of digital financial services in meeting young people’s financial needs. It then explores opportunities and challenges relating to advancing youth digital financial inclusion. The report sets out a range of options for policy makers based on data, research and country approaches, to help advance the appropriate and safe digital financial inclusion of young people, including ensuring appropriate financial consumer protection and financial education. These policy options form part of the basis for the G20 High Level Policy Guidelines on Digital Financial Inclusion for Youth, Women and SMEs.

Download the report

Date of publication: 21 July 2020

   

Policy Handbook on Financial Education for Young People in the Commonwealth of Independent States (CIS)

This handbook provides insights and guidance for policy makers looking to improve levels of financial education in the six CIS/Eurasian economies participating in the OECD-Russia Technical Assistance Project on Financial Education in the CIS/Eurasia: Armenia, Azerbaijan, Belarus, Kazakhstan, the Kyrgyz Republic and Tajikistan.

Download the policy handbook   

Download the Russian version

Date of publication: 10 December 2019

   

Financial Education for Youth: The Role of Schools (2014)

The publication addresses the challenges linked to the introduction of financial education in schools. It includes practical guidance and case studies to assist policymakers and a comparative analysis of existing learning frameworks for financial education in the formal school system.

Download the report

Date of publication: 7 April 2014

 

Also available

Overview brochure on financial education in schools

OECD/INFE Guidelines on Financial Education in Schools (2012) 

   Contact: secretariatinfe@oecd.org

 

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