PISA

English
ISSN: 
1996-3777 (online)
ISSN: 
1990-8539 (print)
DOI: 
10.1787/19963777
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A series of reports on the OECD’s Programme for International Student Assessment’s (PISA) periodic testing program on student performance. The reports generally compare student (15 year olds) academic performance across countries, or discuss the methodology used to gather the data.

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PISA 2012 Results: Students and Money (Volume VI)

PISA 2012 Results: Students and Money (Volume VI)

Financial Literacy Skills for the 21st Century You or your institution have access to this content

English
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Author(s):
OECD
09 July 2014
Pages:
204
ISBN:
9789264208094 (PDF) ;9789264208087(print)
DOI: 
10.1787/9789264208094-en

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This sixth volume of PISA 2012 results examines 15-year-old students’ performance in financial literacy in the 18 countries and economies that participated in this optional assessment. It also discusses the relationship of financial literacy to students’ and their families’ background and to students’ mathematics and reading skills. The volume also explores students’ access to money and their experience with financial matters. In addition, it provides an overview of the current status of financial education in schools and highlights relevant case studies.

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  • Foreword and Acknowledgements

    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.

  • 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.

  • Reader's Guide
  • 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.

  • The Assessment of Financial Literacy in PISA 2012

    PISA 2012 is the first large-scale international study to assess the financial literacy, learned in and outside of school, of 15-year-olds nearing the end of compulsory education. It assesses the extent to which students in 18 participating countries and economies have the knowledge and skills that are essential to make financial decisions and plans for their future. This chapter highlights the importance of financial literacy, defines financial education and financial literacy, and discusses how the assessment was organised. It also offers an overview of the limited and uneven provision of financial education in schools in participating countries and economies, and describes the steps taken in some countries to improve financial literacy among students.

  • Student Performance in Financial Literacy

    This chapter compares students’ performance in the 2012 PISA financial literacy assessment across and within countries and economies. It discusses what students know about financial literacy and how well they can apply what they know, and examines how student performance in financial literacy compares with performance in reading and mathematics. The analysis is complemented with contextual economic and financial information about participating countries and its association with performance in financial literacy.

  • Relationship between Financial Literacy and Student Background

    This chapter examines the relationship between students’ financial literacy and the demographic and socio-economic characteristics of these students and their families. In particular, the chapter looks at performance differences across gender, socio-economic status, parents’ education, parents’ occupation, immigrant background, and language spoken at home. The chapter then analyses how these different factors may be related to observed variations in students’ financial literacy.

  • Students' Experience, Attitudes and Behaviour, and their Performance in Financial Literacy

    This chapter explores the relationship between students’ experiences with money matters (through holding bank accounts and debit cards and through their sources of money), and their performance in the financial literacy assessment. The chapter also analyses the relationship between students’ attitudes and their performance in the assessment. It concludes by examining students’ performance in relation to their behaviour in a hypothetical spending situation.

  • Policy and Practical Implications of the Financial Literacy Assessment

    Young people on the brink of adulthood are poised to make complex financial decisions that will have an impact on the rest of their lives. Results from the PISA 2012 financial literacy assessment show that many students, including those living in countries that are high-performers in the main PISA assessment, need to improve their financial literacy. This chapter discusses selected implications of those results for policy and practice.

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  • Expand / Collapse Hide / Show all Abstracts Country Notes

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    • Australia

      Australian students score above the average of the 13 OECD countries and economies that were assessed in financial literacy in 2012. With a mean score of 526 points, Australia’s rank among all 18 participating countries and economies is estimated to lie between 3 and 5.

    • France
    • Italy

      Students in Italy score below the average of the 13 OECD countries and economies that were assessed in financial literacy in 2012. With a mean score of 466 points, the rank of Italy among all 18 participating countries and economies is estimated to lie between 16 and 17.

    • New Zealand

      New Zealand students score above the average of the 13 OECD countries and economies that were assessed in financial literacy in 2012. With a mean score of 520 points, the rank of New Zealand among all 18 participating countries and economies is estimated to lie between 4 and 6.

    • Spain

      Spanish students score below the average of the 13 OECD countries and economies that were assessed in financial literacy in 2012. With a mean score of 484 points, the rank of Spain among all 18 participating countries and economies is estimated to lie between 10 and 15.

    • United States

      15-year-old students in the United States score around the average of the 13 OECD countries and economies that were assessed in financial literacy in 2012. With an average score of 492 points, the rank of the United States among all 18 participating countries and economies is estimated to lie between 8 and 12.

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