PISA 2012 Results: Students and Money

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1 PISA 2012 Results: Students and Money Financial Literacy Skills for the 21st CENTURY (Volume VI)

2 This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Please cite this publication as: OECD (2014), PISA 2012 Results: Students and Money: Financial Literacy Skills for the 21st Century (Volume VI), PISA, OECD Publishing. ISBN (print) ISBN (PDF) Note by Turkey: The information in this document with reference to Cyprus relates to the southern part of the Island. There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Turkey shall preserve its position concerning the Cyprus issue. Note by all the European Union Member States of the OECD and the European Union: The Republic of Cyprus is recognised by all members of the United Nations with the exception of Turkey. The information in this document relates to the area under the effective control of the Government of the Republic of Cyprus. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. Photo credits: Flying Colours Ltd /Getty Images Jacobs Stock Photography /Kzenon khoa vu /Flickr/Getty Images Mel Curtis /Corbis Shutterstock /Kzenon Simon Jarratt /Corbis Corrigenda to OECD publications may be found on line at: OECD 2014 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgement of OECD as source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at or the Centre français d exploitation du droit de copie (CFC) at

3 Foreword Equipping citizens with the skills necessary to achieve their full potential, participate in an increasingly interconnected global economy, and ultimately convert better jobs into better lives is a central preoccupation of policy makers around the world. Results from the OECD s recent Survey of Adult Skills show that highly skilled adults are twice as likely to be employed and almost three times more likely to earn an above-median salary than poorly skilled adults. In other words, poor skills severely limit people s access to better-paying and more rewarding jobs. Highly skilled people are also more likely to volunteer, see themselves as actors rather than as objects of political processes, and are more likely to trust others. Fairness, integrity and inclusiveness in public policy thus all hinge on the skills of citizens. The ongoing economic crisis has only increased the urgency of investing in the acquisition and development of citizens skills both through the education system and in the workplace. At a time when public budgets are tight and there is little room for further monetary and fiscal stimulus, investing in structural reforms to boost productivity, such as education and skills development, is key to future growth. Indeed, investment in these areas is essential to support the recovery, as well as to address long-standing issues such as youth unemployment and gender inequality. In this context, more and more countries are looking beyond their own borders for evidence of the most successful and efficient policies and practices. Indeed, in a global economy, success is no longer measured against national standards alone, but against the best-performing and most rapidly improving education systems. Over the past decade, the OECD Programme for International Student Assessment, PISA, has become the world s premier yardstick for evaluating the quality, equity and efficiency of school systems. But the evidence base that PISA has produced goes well beyond statistical benchmarking. By identifying the characteristics of high-performing education systems PISA allows governments and educators to identify effective policies that they can then adapt to their local contexts. The results from the PISA 2012 assessment, which was conducted at a time when many of the 65 participating countries and economies were grappling with the effects of the crisis, reveal wide differences in education outcomes, both within and across countries. Using the data collected in previous PISA rounds, we have been able to track the evolution of student performance over time and across subjects. Of the 64 countries and economies with comparable data, 40 improved their average performance in at least one subject. Top performers such as Shanghai in China or Singapore were able to further extend their lead, while countries like Brazil, Mexico, Tunisia and Turkey achieved major improvements from previously low levels of performance. Some education systems have demonstrated that it is possible to secure strong and equitable learning outcomes at the same time as achieving rapid improvements. Of the 13 countries and economies that significantly improved their mathematics performance between 2003 and 2012, three also show improvements in equity in education during the same period, and another nine improved their performance while maintaining an already high level of equity proving that countries do not have to sacrifice high performance to achieve equity in education opportunities. Nonetheless, PISA 2012 results show wide differences between countries in mathematics performance. The equivalent of almost six years of schooling, 245 score points, separates the highest and lowest average performances Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

4 Foreword of the countries that took part in the PISA 2012 mathematics assessment. The difference in mathematics performances within countries is even greater, with over 300 points the equivalent of more than seven years of schooling often separating the highest- and the lowest-achieving students in a country. Clearly, all countries and economies have excellent students, but few have enabled all students to excel. The report also reveals worrying gender differences in students attitudes towards mathematics: even when girls perform as well as boys in mathematics, they report less perseverance, less motivation to learn mathematics, less belief in their own mathematics skills, and higher levels of anxiety about mathematics. While the average girl underperforms in mathematics compared with the average boy, the gender gap in favour of boys is even wider among the highest-achieving students. These findings have serious implications not only for higher education, where young women are already underrepresented in the science, technology, engineering and mathematics fields of study, but also later on, when these young women enter the labour market. This confirms the findings of the OECD Gender Strategy, which identifies some of the factors that create and widen the gender gap in education, labour and entrepreneurship. Supporting girls positive attitudes towards and investment in learning mathematics will go a long way towards narrowing this gap. PISA 2012 also finds that the highest-performing school systems are those that allocate educational resources more equitably among advantaged and disadvantaged schools and that grant more autonomy over curricula and assessments to individual schools. A belief that all students can achieve at a high level and a willingness to engage all stakeholders in education including students, through such channels as seeking student feedback on teaching practices are hallmarks of successful school systems. PISA is not only an accurate indicator of students abilities to participate fully in society after compulsory school, but also a powerful tool that countries and economies can use to fine-tune their education policies. There is no single combination of policies and practices that will work for everyone, everywhere. Every country has room for improvement, even the top performers. That s why the OECD produces this triennial report on the state of education across the globe: to share evidence of the best policies and practices and to offer our timely and targeted support to help countries provide the best education possible for all of their students. With high levels of youth unemployment, rising inequality, a significant gender gap, and an urgent need to boost growth in many countries, we have no time to lose. The OECD stands ready to support policy makers in this challenging and crucial endeavour. Angel Gurría OECD Secretary-General 4 OECD 2014 Students Creative Problem and Money: Solving: Financial StudentS Literacy SkillS Skills in tackling for the real-life 21st Century ProblemS Volume volume VI v

5 Acknowledgements This report is the product of a collaborative effort between the countries participating in PISA, the experts and institutions working within the framework of the PISA Consortium, and the OECD Secretariat. This Volume of the report is the result of a collaboration between the Directorate for Education and Skills and the Directorate for Financial and Enterprise Affairs, whose programme of work includes financial literacy issues. The report was drafted by Andreas Schleicher, Francesco Avvisati, Francesca Borgonovi, Miyako Ikeda, Hiromichi Katayama, Flore-Anne Messy, Chiara Monticone, Guillermo Montt, Sophie Vayssettes and Pablo Zoido, with statistical support from Simone Bloem, Josefa Palacios and Giannina Rech and editorial oversight by Marilyn Achiron. Additional analytical and editorial support was provided by Adele Atkinson, Jonas Bertling, Marika Boiron, Célia Braga-Schich, Tracey Burns, Michael Davidson, Cassandra Davis, Elizabeth Del Bourgo, John A. Dossey, Joachim Funke, Samuel Greiff, Tue Halgreen, Ben Jensen, Eckhard Klieme, André Laboul, Henry Levin, Sophie Limoges, Barry McCrae, Juliette Mendelovits, Tadakazu Miki, Christian Monseur, Simon Normandeau, Lorena Ortega, Mathilde Overduin, Elodie Pools, Dara Ramalingam, William H. Schmidt (whose work was supported by the Thomas J. Alexander fellowship programme), Kaye Stacey, Lazar Stankov, Ross Turner, Elisabeth Villoutreix and Allan Wigfield. The system level data collection was conducted by the OECD NESLI (INES Network for the Collection and Adjudication of System-Level Descriptive Information on Educational Structures, Policies and Practices) team: Bonifacio Agapin, Estelle Herbaut and Jean Yip. Volume II also draws on the analytic work undertaken by Jaap Scheerens and Douglas Willms in the context of PISA Administrative support was provided by Claire Chetcuti, Juliet Evans, Jennah Huxley and Diana Tramontano. The OECD contracted the Australian Council for Educational Research (ACER) to manage the development of the mathematics, problem solving and financial literacy frameworks for PISA Achieve was also contracted by the OECD to develop the mathematics framework with ACER. The expert group that guided the preparation of the mathematics assessment framework and instruments was chaired by Kaye Stacey; Joachim Funke chaired the expert group that guided the preparation of the problem-solving assessment framework and instruments; and Annamaria Lusardi led the expert group that guided the preparation of the financial literacy assessment framework and instruments. The PISA assessment instruments and the data underlying the report were prepared by the PISA Consortium, under the direction of Raymond Adams at ACER. BBVA provided financial support for the international part of the PISA financial literacy assessment. The development of the report was steered by the PISA Governing Board, which is chaired by Lorna Bertrand (United Kingdom), with Luiz Cláudio Costa (Brazil), Dana Kelly (United States) and Sungsook Kim (Korea) as vice chairs, who succeeded Beno Csapo (Hungary), Daniel McGrath (United States) and Ryo Watanabe (Japan) during the period. Annex C of the volumes lists the members of the various PISA bodies, as well as the individual experts and consultants who have contributed to this report and to PISA in general. Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

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7 Table of Contents Executive Summary 13 Reader s Guide 17 What is PISA? 19 Chapter 1 The Assessment of Financial Literacy in PISA The importance of financial literacy...27 Limited and uneven provision of financial education in schools...28 The need for data on students financial literacy 30 The financial literacy assessment in PISA Defining financial literacy for 15-year-old students 32 Assessing financial literacy 34 Content 34 Processes 36 Contexts 38 Evidence from PISA about financial education in schools 39 Examples of questions used in the 2012 financial literacy assessment...43 Chapter 2 Student Performance in Financial Literacy 53 How the PISA 2012 financial literacy results are reported 54 How financial literacy proficiency levels are reported in PISA Average level of proficiency in financial literacy...56 What students know and can do in financial literacy...58 A profile of PISA financial literacy questions 58 Student performance at the different levels of proficiency in financial literacy...58 Variations in financial literacy proficiency 65 Students performance in financial literacy in comparison with reading and mathematics performance...68 Students performance in financial literacy at different levels of performance in mathematics...71 Countries participating in the financial literacy assessment 73 Chapter 3 Relationship between Financial Literacy and Student Background 77 Gender differences in financial literacy 78 The relationship between socio-economic status, immigrant background and financial literacy...81 Socio-economic status 82 Parental influence 84 Immigrant background and language spoken at home 93 Main background factors explaining variations in student performance...96 Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

8 Table of contents Chapter 4 Students Experience, Attitudes and Behaviour, and their Performance in Financial Literacy 99 Students experiences with money matters and financial literacy Students who hold bank accounts and prepaid debit cards and their performance in financial literacy Students sources of money and financial literacy 105 Students attitudes and financial literacy 109 Students spending behaviour and financial literacy Chapter 5 Selected policy and practical implications of the financial literacy assessment 117 Financial literacy is an essential life skill for young people 118 Large proportions of students have only basic skills in financial literacy Build on core knowledge and skills 119 Promote positive attitudes towards learning 119 Support girls and underperforming boys 120 Reduce inequities in financial literacy related to socio-economic status Enhance research and evaluation opportunities 120 Annex A Annex A1 Annex A2 Annex A3 Annex A4 Annex A5 PISA 2012 Technical background 123 Indices from the student context questionnaire 124 The PISA target population, the PISA samples and the definition of schools 128 Technical notes on analyses in this volume 138 Quality assurance 143 The design of the financial literacy assessment 144 Annex B PISA 2012 Data 147 Annex C THE DEVELOPMENT AND IMPLEMENTATION OF PISA A COLLABORATIVE EFFORT 195 BOXES Box VI.1.1 Financial empowerment and the role of financial education...26 Box VI.1.2 National strategies for financial education 27 Box VI.1.3 Measuring financial literacy as a life skill 31 Box VI.1.4 Key features of the assessment of financial literacy in PISA Box VI.2.1 Box VI.2.2 Interpreting cross-country comparisons in financial literacy performance...60 Top performers in financial literacy 64 Box VI.3.1 Box VI.3.2 Box VI.3.3 Box VI.3.4 Gender differences in financial knowledge among adults 81 Parents occupations in finance and students financial literacy...90 Financial literacy performance and school location 90 The potential role of schools in financial literacy 92 Box VI.4.1 Legal framework for young people s access to financial products Box VI.4.2 Students saving behaviour and financial literacy in Shanghai-China Box VI.5 Providing effective financial education in Brazilian schools OECD 2014 Students and Money: Financial Literacy Skills for the 21st Century Volume VI

9 Table of contents Figures Figure VI.1.1 Map of selected financial literacy questions in PISA 2012, illustrating the content categories...35 Figure VI.1.2 Map of selected financial literacy questions in PISA 2012, illustrating the process categories...36 Figure VI.1.3 Map of selected financial literacy questions in PISA 2012, illustrating the context categories...38 Figure VI.1.4 Availability of financial education in schools 40 Figure VI.1.5 Integrating financial education into the school curriculum 41 Figure VI.1.6 Who provides financial education in schools? 41 Figure VI.1.7 Professional development in financial education 42 Figure VI.1.8 Invoice 43 Figure VI.1.9 At the market 45 Figure VI.1.10 New offer 48 Figure VI.1.11 Pay slip 50 Figure VI.2.1 Figure VI.2.2 Figure VI.2.3 Figure VI.2.4 Figure VI.2.5 Figure VI.2.6 Figure VI.2.a Figure VI.2.7 Figure VI.2.8 Figure VI.2.9 The relationship between questions and student performance on a scale...55 Comparing countries and economies performance in financial literacy...56 Financial literacy performance among participating countries/economies...57 Map of selected financial literacy questions in PISA 2012, illustrating the proficiency levels...59 Summary description of the five levels of proficiency in financial literacy...61 Percentage of students at each level of proficiency in financial literacy...62 Top performers in financial literacy 65 Variation in financial literacy performance within countries and economies...66 Performance differences among the highest- and lowest-achieving students...67 Correlation between financial literacy, mathematics and reading performance...68 Figure VI.2.10 Variation in financial literacy performance associated with performance in mathematics and reading...69 Figure VI.2.11 Relative performance in financial literacy 70 Figure VI.2.12 Expected performance in financial literacy, by mathematics performance...71 Figure VI.2.13 Patterns of relative performance in financial literacy 72 Figure VI.2.14 Contexts of countries participating in the assessment of financial literacy...74 Figure VI.2.15 Financial literacy performance and per capita GDP...74 Figure VI.2.16 Financial literacy performance and percentage of people who have an account at a formal financial institution or post office 75 Figure VI.3.1 Financial literacy performance, by gender 79 Figure VI.3.2 Gender differences in financial literacy performance, before and after accounting for mathematics and reading performance 80 Figure VI.3.3 Proficiency in financial literacy among boys and girls, OECD countries and economies...80 Figure VI.3a Gender differences in financial literacy performance (adults)...81 Figure VI.3.4 Students socio-economic status and financial literacy, OECD countries and economies...83 Figure VI.3.5 Comparing countries and economies performance in financial literacy and equity...84 Figure VI.3.6 Proportion of the variation in students performance explained by socio-economic status...85 Figure VI.3.7 Proportion of the variation in students performance explained by family wealth...85 Figure VI.3.8 Difference in financial literacy, mathematics and reading performance related to parents highest educational status...86 Figure VI.3.9 Differences in financial literacy performance related to parents highest educational status, before and after accounting for mathematics and reading performance 87 Figure VI.3.10 Difference in financial literacy, mathematics and reading performance related to parents highest occupational status...88 Figure VI.3.11 Differences in financial literacy performance related to parents highest occupational status, before and after accounting for mathematics and reading performance 89 Figure VI.3.12 Financial literacy performance, by frequency of discussing money matters with parents, after accounting for socio-economic status, OECD countries and economies...89 Figure VI.3b Parents occupations in finance and financial literacy performance...90 Figure VI.3c Financial literacy performance, by school location, after accounting for socio-economic status...91 Figure VI.3d Between-school differences in financial literacy, mathematics and reading performance...92 Figure VI.3e Between- and within-school differences that are unique to financial literacy, or that are shared with mathematics performance 93 Figure VI.3.13 Difference related to immigration status in financial literacy, mathematics and reading performance...94 Figure VI.3.14 Difference in financial literacy performance between immigrant and non-immigrant students...94 Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

10 Table of contents Figure VI.3.15 Difference in financial literacy performance, by language at home...95 Figure VI.3.16 Proportion of the variation in financial literacy performance explained by demographic and socio-economic factors...96 Figure VI.4.1 Percentage of students holding a bank account and/or a prepaid debit card Figure VI.4.2 Performance in financial literacy, by whether students hold a bank account Figure VI.4.3 Percentage of students holding a bank account and a prepaid debit card (combined) Figure VI.4.4 Performance in financial literacy, by whether students hold a bank account and a prepaid debit card, after accounting for socio-economic status 103 Figure VI.4.5 Percentage of students holding a bank account, by socio-economic status Figure VI.4.6 Students sources of money 106 Figure VI.4.7 Students sources of money and financial literacy, after accounting for socio-economic status, OECD countries and economies 107 Figure VI.4.8 Students sources of money, by gender, OECD countries and economies Figure VI.4.9 Students sources of money, by socio-economic status, OECD countries and economies Figure VI.4.10a Differences in financial literacy performance, by level of perseverance Figure VI.4.10b Differences in financial literacy performance, by level of openness to problem solving Figure VI.4.11 Financial literacy performance, by students spending behaviour Figure VI.4.12 Students spending behaviour 112 Figure VI.4a Financial literacy performance, by students saving behaviour, Shanghai-China Figure VI.4b Students saving behaviour, by socio-economic status, Shanghai-China Figure A5 Distribution of items in financial literacy 145 Tables Table A1.1 Student questionnaire rotation design 126 Table A2.1a PISA target populations and samples 130 Table A2.2a Exclusions 133 Table A2.3a Response rates Table A2.4a Sample size for financial literacy 137 Table A3.1 Percentage of missing values to questions about the provision of financial education in school Table A3.2 Percentage of missing values to money management questions Table VI.1.1 Availability of financial education 148 Table VI.1.2 Teaching financial education 148 Table VI.1.3 Who provides financial education at school? 150 Table VI.1.4 Teachers professional development in financial education Table VI.2.1 Percentage of students at each proficiency level in financial literacy Table VI.2.2 Mean score and variation in student performance in financial literacy Table VI.2.3 Top performers in financial literacy, mathematics and/or reading Table VI.2.4 Correlation of financial literacy performance with performance in mathematics and reading Table VI.3.1 Gender differences in student performance in financial literacy Table VI.3.2 Gender differences in financial literacy performance, after accounting for performance in mathematics and reading Table VI.3.3 Percentage of students at each proficiency level in financial literacy, mathematics and reading, by gender Table VI.3.4 Financial literacy performance and socio-economic status Table VI.3.5 Relationship between student performance in financial literacy, mathematics and reading, and factors of socio-economic status 160 Table VI.3.6 Parents highest education and financial literacy performance Table VI.3.7 Parents highest occupation and financial literacy performance Table VI.3.8 Parents occupation in finance and financial literacy performance Table VI.3.9 Students who discuss money matters with parents and financial literacy performance Table VI.3.10 Immigrant background and financial literacy performance OECD 2014 Students and Money: Financial Literacy Skills for the 21st Century Volume VI

11 Table of contents Table VI.3.11 Language spoken at home and financial literacy performance Table VI.3.12 School location and financial literacy performance 168 Table VI.3.13 Variation in financial literacy performance 170 Table VI.3.14 Table VI.3.15 Strength of the relationship between financial literacy and mathematics performance, and between financial literacy and reading performance, between and within schools 171 Proportion of the variation in financial literacy, mathematics and reading performance explained by socio economic factors 172 Table VI.4.1 Students who hold a bank account and/or a prepaid debit card Table VI.4.2 Performance in financial literacy, by whether students hold a bank account and/or prepaid debit card Table VI.4.3 Performance in financial literacy, by whether students hold a bank account and a prepaid debit card (combined) Table VI.4.4 Students who hold a bank account and/or a prepaid debit card, by gender Table VI.4.5 Students who hold a bank account and/or a prepaid debit card, by socio-economic status Table VI.4.6 Students sources of money 178 Table VI.4.7 Performance in financial literacy, mathematics and reading, by students sources of money Table VI.4.8 Students sources of money, by gender 182 Table VI.4.9 Students sources of money, by socio-economic status 183 Table VI.4.10 Students attitudes and performance in financial literacy 185 Table VI.4.11 Students spending behaviour 186 Table VI.4.12 Performance in financial literacy, by students spending behaviour, before and after accounting for socio-economic status Table VI.4.13 Performance in financial literacy, by students spending behaviour Table VI.4.14 Students spending behaviour, by gender 189 Table VI.4.15 Students spending behaviour, by socio-economic status 190 Table VI.4.16 Students saving behaviour Table VI.4.17 Performance in financial literacy, by students saving behaviour, before and after accounting for socio-economic status Table VI.4.18 Performance in financial literacy, by students saving behaviour, before and after accounting for socio-economic status and attitudes 192 Table VI.4.19 Students saving behaviour, by gender 193 Table VI.4.20 Students saving behaviour, by socio-economic status 194 ThisÊbookÊhas... StatLinks 2 AÊserviceÊthatÊdeliversÊExcel files Ê fromêtheêprintedêpage! LookÊforÊtheÊStatLinksÊatÊtheÊbottomÊleft-handÊcornerÊofÊtheÊtablesÊorÊgraphsÊinÊthisÊbook. ToÊdownloadÊtheÊmatchingÊExcel Ê spreadsheet,êjustêtypeêtheêlinkêintoêyourêinternetêbrowser, startingêwithêtheêhttp://dx.doi.orgêprefix. IfÊyouÕreÊreadingÊtheÊPDFÊe-bookÊedition,ÊandÊyourÊPCÊisÊconnectedÊtoÊtheÊInternet,Êsimply clickêonêtheêlink.êyouõllêfindêstatlinksêappearingêinêmoreêoecdêbooks. Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

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13 Executive Summary 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 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. Shanghai-China has the highest average score in financial literacy, followed by the Flemish Community of Belgium, Estonia, Australia, New Zealand, the Czech Republic and Poland. On average, all of these score above the average for the participating OECD countries and economies. There are wide differences in average performance between the highest- and lowest-performing countries and economies: more than 75 score points (a full PISA proficiency level) among OECD countries and economies, and more than 225 score points across all participants. Yet only a small proportion (16%) of the variation among countries mean financial literacy scores is explained by per capita GDP. Only one in ten students across participating OECD countries and economies is able to tackle the hardest financial literacy tasks in PISA They can analyse financial products involving features that are not immediately evident, such as transaction costs, solve non-routine financial problems such as calculating the balance in a bank statement while accounting for transfer fees, and demonstrate an understanding of the wider financial landscape, such as the implications of income-tax brackets. In contrast, 15% of students, on average, score below the baseline level of performance in the PISA financial literacy scale. At best, these students can recognise the difference between needs and wants, make simple decisions about everyday spending, recognise the purpose of common financial documents, such as an invoice, and apply single and basic numerical operations (addition, subtraction or multiplication) in contexts that they are likely to have encountered personally. Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

14 Executive Summary Students in some countries that perform well in financial literacy, such as Australia, the Czech Republic, Estonia, the Flemish Community of Belgium and New Zealand, score higher in financial literacy, on average, than their performance in mathematics and reading would predict. In contrast, in France, Italy and Slovenia, students performance in financial literacy is relatively low, on average, when compared with students in all participating countries and economies who have similar proficiency in mathematics and reading. Thus, although financial literacy skills are positively correlated with mathematics and reading skills, high performance in one of those core subjects does not necessarily signal proficiency in financial literacy. Across the 13 participating OECD countries and economies, the difference between the highest-achieving 10% of students and the lowest-achieving 10% is 247 score points. On average, 37% of performance differences in financial literacy within countries are observed between schools a significant proportion, but smaller than that observed in mathematics and reading. A more socio-economically advantaged student scores 41 points higher in financial literacy than a lessadvantaged student, on average across participating OECD countries and economies. Estonia is the only participating country that combines above-average performance with a weaker-than-average association between financial literacy performance and socio-economic status. On average across OECD countries and economies, non-immigrant students perform slightly better in financial literacy than immigrant students with similar socio-economic status, language spoken at home, and performance in mathematics and reading. The gap in financial literacy performance between immigrant and non-immigrant students is larger than the OECD average in the Flemish Community of Belgium, Estonia, France, Slovenia and Spain. Gender gaps in financial literacy among 15-year-olds are small, unlike those found in adult populations. In all participating countries and economies, except Italy, there are no differences in average financial literacy scores between boys and girls. Across OECD countries and economies, there are more top-performing boys than girls, and more low-performing boys than girls, in financial literacy. In Australia, the Flemish Community of Belgium, Estonia, France, New Zealand and Slovenia, more than 70% of 15-year-old students hold a bank account; but in Israel, Poland and the Slovak Republic, fewer than 30% do. In 9 out of 13 OECD participating countries and economies, after adjusting for socio-economic status, students who hold a bank account perform as well as those who do not, while in the Flemish Community of Belgium, Estonia, New Zealand, and Slovenia, students who hold a bank account score higher in financial literacy than students of similar socio-economic status who do not. Students attitudes towards learning, such as perseverance and openness to problem solving, are positively associated with financial literacy. On average across OECD countries and economies, the difference in financial literacy performance between students who agreed with the statement I like to solve complex problems and students who disagreed is equal to 31 score points, or almost half a proficiency level. 14 OECD 2014 Students and Money: Financial Literacy Skills for the 21st Century Volume VI

15 Executive Summary Table VI.A Snapshot of performance in financial literacy Countries/economies with mean score/share of top performers/relative performance above the OECD average-13 Countries/economies with share of lowest performers below the OECD average-13 Countries/economies with mean score/share of top performers/share of lowest performers/relative performance not statistically different from the OECD average-13 Countries/economies with mean score/share of top performers/relative performance below the OECD average-13 Countries/economies with a share of lowest performers above the OECD average-13 Mean score in PISA 2012 Performance in financial literacy Share of lowest performers (Level 1 or below) Share of top performers in financial literacy (Level 5) Gender difference (Boys - Girls) Relative performance in financial literacy, compared with students around the world with similar performance in mathematics and reading Mean score % % Score dif. Score dif. OECD average Shanghai-China Flemish Community (Belgium) Estonia Australia New Zealand Czech Republic Poland Latvia United States Russian Federation France Slovenia Spain Croatia Israel Slovak Republic Italy Colombia Note: Countries/economies in which the performance difference between boys and girls is statistically significant are marked in bold. Countries and economies are ranked in descending order of the mean score in financial literacy in PISA Source: OECD, PISA 2012 Database, Tables VI.2.1, VI.2.2, VI.2.4 and VI Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

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17 Reader s Guide Data underlying the figures The data referred to in this volume are presented in Annex B and, in greater detail, including some additional tables, on the PISA website (www.pisa.oecd.org). Five symbols are used to denote missing data: a The category does not apply in the country concerned. Data are therefore missing. c There are too few observations or no observation to provide reliable estimates (i.e. there are fewer than 30 students or fewer than 5 schools with valid data). m Data are not available. These data were not submitted by the country or were collected but subsequently removed from the publication for technical reasons. n There are too many missing values to provide reliable estimates (i.e. the percentage of missing values in the sample is 15% or larger). w Data have been withdrawn or have not been collected at the request of the country concerned. Country coverage Four of the six volumes of PISA 2012 Results feature data from 65 countries and economies, including all 34 OECD countries and 31 partner countries and economies (see Box VI.A in the section What is PISA?). This volume features data from 18 countries and economies that participated in the assessment of financial literacy, including 12 OECD countries and the Flemish Community of Belgium. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. Calculating international averages The averages of 13 OECD countries and economies participating in the assessment of financial literacy were calculated for most data and indicators presented in this volume. These averages correspond to the arithmetic means of the respective country and economy estimate. In the case of some countries and economies, data may not be available for specific indicators, or specific categories may not apply. Readers should, therefore, keep in mind that the term OECD average refers to the OECD countries included in the respective comparisons. Rounding figures Because of rounding, some figures in tables may not exactly add up to the totals. Totals, differences and averages are always calculated on the basis of exact numbers and are rounded only after calculation. All standard errors in this publication have been rounded to one or two decimal places. Where the value 0.0 or 0.00 is shown, this does not imply that the standard error is zero, but that it is smaller than 0.05 or 0.005, respectively. Reporting student data The report uses 15-year-olds as shorthand for the PISA target population. PISA covers students who are aged between 15 years 3 months and 16 years 2 months at the time of assessment and who are enrolled in school and have completed at least 6 years of formal schooling, regardless of the type of institution in which they are enrolled and of whether they are in full-time or part-time education, of whether they attend academic or vocational programmes, and of whether they attend public or private schools or foreign schools within the country or economy. Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

18 Reader s Guide Reporting school data The principals of the schools in which students were assessed provided information on their schools characteristics by completing a school questionnaire. Where responses from school principals are presented in this publication, they are weighted so that they are proportionate to the number of 15-year-olds enrolled in the school. Focusing on statistically significant differences This volume discusses only statistically significant differences or changes. These are denoted in darker colours in figures and in bold font in tables. See Annex A3 for further information. Categorising student performance This volume uses a shorthand to describe students levels of proficiency in the assessment of financial literacy as follows: Top performers are those students proficient at Level 5 of the assessment. Strong performers are those students proficient at Level 4 of the assessment. Moderate performers are those students proficient at Level 2 or 3 of the assessment. Lowest performers are those students proficient at Level 1 or below of the assessment. Highest achievers are those students who perform at or above the 90th percentile in their own country/economy. High achievers are those students who perform at or above the 75th percentile in their own country/economy. Low achievers are those students who perform below the 25th percentile in their own country/economy. Lowest achievers are those students who perform below the 10th percentile in their own country/economy. Abbreviations used in this report Coeff. Coefficient ISCED International Standard Classification of Education Corr. Correlation ISCO International Standard Classification of Occupations Diff. Difference PPP Purchasing power parity ESCS PISA index of economic, social and cultural status S.D. Standard deviation GDP Gross domestic product S.E. Standard error INFE International Network on Financial Education Further documentation For further information on the PISA assessment instruments and the methods used in PISA, see the PISA 2012 Technical Report (OECD, forthcoming). This report uses the OECD StatLinks service. Below each table and chart is a url leading to a corresponding Excel TM workbook containing the underlying data. These urls are stable and will remain unchanged over time. In addition, readers of the e-books will be able to click directly on these links and the workbook will open in a separate window, if their Internet browser is open and running. 18 OECD 2014 Students and Money: Financial Literacy Skills for the 21st Century Volume VI

19 What is PISA? What is important for citizens to know and be able to do? That is the question that underlies the triennial survey of 15-year-old students around the world known as the Programme for International Student Assessment (PISA). PISA assesses the extent to which students near the end of compulsory education have acquired key knowledge and skills that are essential for full participation in modern societies. The assessment, which focuses on reading, mathematics, science and problem-solving, does not just ascertain whether students can reproduce knowledge; it also examines how well students can extrapolate from what they have learned and apply that knowledge in unfamiliar settings, both in and outside of school. This approach reflects the fact that modern economies reward individuals not for what they know, but for what they can do with what they know. PISA is an ongoing programme that offers insights for education policy and practice, and that helps monitor trends in students acquisition of knowledge and skills across countries and in different demographic subgroups within each country. PISA results reveal what is possible in education by showing what students in the highest-performing and most rapidly improving education systems can do. The findings allow policy makers around the world to gauge the knowledge and skills of students in their own countries in comparison with those in other countries, set policy targets against measurable goals achieved by other education systems, and learn from policies and practices applied elsewhere. While PISA cannot identify cause-and-effect relationships between policies/practices and student outcomes, it can show educators, policy makers and the interested public how education systems are similar and different and what that means for students. A test the whole world can take PISA is now used as an assessment tool in many regions around the world. It was implemented in 43 countries and economies in the first assessment (32 in 2000 and 11 in 2002), 41 in the second assessment (2003), 57 in the third assessment (2006) and 75 in the fourth assessment (65 in 2009 and 10 in 2010). Sixty-five countries and economies participated in PISA In addition to OECD member countries, the survey has been conducted in: East and Southeast Asia: Himachal Pradesh-India, Hong Kong-China, Indonesia, Macao-China, Malaysia, Shanghai-China, Singapore, Chinese Taipei, Tamil Nadu-India, Thailand and Viet Nam. Central, Mediterranean and Eastern Europe, and Central Asia: Albania, Azerbaijan, Bulgaria, Croatia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Liechtenstein, Lithuania, Macedonia, Malta, Moldova, Montenegro, Romania, the Russian Federation and Serbia. The Middle East: Jordan, Qatar and the United Arab Emirates. Central and South America: Argentina, Brazil, Colombia, Costa Rica, Netherlands-Antilles, Panama, Peru, Trinidad and Tobago, Uruguay and Miranda-Venezuela. Africa: Mauritius and Tunisia. Decisions about the scope and nature of the PISA assessments and the background information to be collected are made by leading experts in participating countries. Considerable efforts and resources are devoted to achieving cultural and linguistic breadth and balance in assessment materials. Since the design and translation of the test, as well as sampling and data collection, are subject to strict quality controls, PISA findings are considered to be highly valid and reliable.... Students and Money: Financial Literacy Skills for the 21st Century Volume VI OECD

20 What is PISA? Map of PISA countries and economies OECD countries Partner countries and economies in PISA 2012 Partner countries and economies in previous cycles Australia Japan Albania Montenegro Azerbaijan Austria Korea Argentina Peru Georgia Belgium Luxembourg Brazil Qatar Himachal Pradesh-India Canada Mexico Bulgaria Romania Kyrgyzstan Chile Netherlands Colombia Russian Federation Former Yugoslav Republic of Macedonia Czech Republic New Zealand Costa Rica Serbia Malta Denmark Norway Croatia Shanghai-China Mauritius Estonia Poland Cyprus 1, 2 Singapore Miranda-Venezuela Finland Portugal Hong Kong-China Chinese Taipei Moldova France Slovak Republic Indonesia Thailand Panama Germany Slovenia Jordan Tunisia Tamil Nadu-India Greece Spain Kazakhstan United Arab Emirates Trinidad and Tobago Hungary Sweden Latvia Uruguay Iceland Switzerland Liechtenstein Viet Nam Ireland Turkey Lithuania Israel United Kingdom Macao-China Italy United States Malaysia 1. Note by Turkey: The information in this document with reference to Cyprus relates to the southern part of the Island. There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Turkey shall preserve its position concerning the Cyprus issue. 2. Note by all the European Union Member States of the OECD and the European Union: The Republic of Cyprus is recognised by all members of the United Nations with the exception of Turkey. The information in this document relates to the area under the effective control of the Government of the Republic of Cyprus. PISA s unique features include its: policy orientation, which links data on student learning outcomes with data on students backgrounds and attitudes towards learning and on key factors that shape their learning, in and outside of school, in order to highlight differences in performance and identify the characteristics of students, schools and education systems that perform well; innovative concept of literacy, which refers to students capacity to apply knowledge and skills in key subjects, and to analyse, reason and communicate effectively as they identify, interpret and solve problems in a variety of situations; relevance to lifelong learning, as PISA asks students to report on their motivation to learn, their beliefs about themselves, and their learning strategies; regularity, which enables countries to monitor their progress in meeting key learning objectives; and breadth of coverage, which, in PISA 2012, encompasses the 34 OECD member countries and 31 partner countries and economies. 20 OECD 2014 Students and Money: Financial Literacy Skills for the 21st Century Volume VI

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