1.
Students’ financial literacy:
results from PISA 2015
Wednesday 24 May 2017
OECD, Paris

2.
PISA 2015 Financial Literacy:
Results in Brief

3.
• On average across OECD countries and
economies, 22% of students do not
have basic financial skills
• Only about 12% of students across
participating OECD countries and
economies are top performers, as they
can tackle the most difficult tasks
Too many students lack basic financial skills
22%

4.
Some 56% of 15-year-olds in participating OECD
countries and economies have a bank account,
19% have a prepaid debit card
Young people are already financial consumers and will soon
encounter complex financial decision, like student loans
Some 64% earn money from some type of work
activity
56%
64%
But fewer than one in three students have the
skills to manage a bank account 31%

5.
• On average across participating OECD countries and
economies, 84% discuss money matters with their
parents at least once a month
• Students who do so tend to perform better in financial
literacy
Students acquire financial skills from their parents…
But up to what their parents can transmit them
• But financial skills are strongly related to the
socio-economic background of their family
• Advantaged students score 89 points higher in
financial literacy than disadvantaged students
84%
89 score
points

6.
• PISA data reveal that 38% of the variation
in financial literacy is not explained by
mathematics and reading skills
• Many features of financial literacy are
unique to the subject
• The symposium this afternoon will
discuss several school programmes
Schools are well positioned to teach students what they may
not be able to learn from their parents or by themselves
38%

7.
PISA 2015 Financial Literacy:
Framework, Rationale
and Results in Detail

8.
PISA in brief – 2015
In 2015, over half a million students…
- representing 28 million 15-year-olds in 72 countries/economies
… took an internationally agreed 2-hour test in science, mathematics,
reading, collaborative problem-solving and financial literacy …
- Goes beyond testing whether students can reproduce what they were taught…
… to assess students’ capacity to extrapolate from what they know and creatively apply
their knowledge in novel situations
- Total of 390 minutes of assessment material
… and responded to questions on…
- their personal background, their schools, their well-being and their motivation
Parents, principals, teachers and system leaders provided data on:
- school policies, practices, resources and institutional factors that help explain
performance differences
- 89,000 parents, 93,000 teachers and 17,500 principals responded

9.
“knowledge and understanding of
financial concepts and risks, and the
skills, motivation and confidence to apply
such knowledge and understanding in
order to make effective decisions across
a range of financial contexts, to improve
the financial well-being of individuals and
society, and to enable participation in
economic life”
Financial literacy in PISA

10.
What does financial literacy mean
for the lives of 15-year-olds?
•…if they go to the cinema, will they still have enough money for the bus
fare home? Or would it be better to buy pizza and invite friends home?
Balance their priority and plan
what to spend money on
•…a games console will need new games, a motorbike will need fuel, tyres
and services
Remember that some of the
purchases have ongoing costs
• …Some emails that look like they came from their bank might not be
legitimate, they should know what to do if they are not sure
Being alert
to possible fraud
•…If their phone gets stolen, they should ask their parents if it is covered
by their household insurance
Knowing what risk is and what
insurance is meant for
•…they should know that if they buy a computer on credit they will have
to pay interest on the loan, on top of the advertised price for the compute
Make an informed decision
about credit

11.
Financial literacy content, context and processes
Content
Money and transactions
Planning and managing
finances
Risk and reward
Financial landscape
Processes
Identifying financial
information
Analyse information in a
financial context
Evaluate financial issues
Apply financial knowledge
and understanding
Contexts
Education and work
Home and family
Individual
Societal

12.
Financial literacy content
Content
Money and
transactions
Planning and
managing finances
Risk and reward
Financial landscape
• Coins and notes
• Different ways of making payments
• Understanding bank statements
• Saving and spending
• Credit and debt
• Financial decision making
• Investment and saving
• Diversification
• Using credit
• Volatility of the market
• Exchange rates
• Consumer rights and responsibilities
• Understanding of the wider financial, econom
ic and social system

13.
The PISA financial literacy test
• In 2015, around 48 000 students were assessed in financial
literacy, representing about 12 million 15-year-olds in the
schools of the 15 participating countries and economies
• Students in countries and economies that participated in the
financial literacy answered
– a two-hour combination of tasks in science, reading and mathematics
– A one-hour test in financial literacy (43 items) after the core assessment
– Questions about their experience with money such as discussing money
matters with parents, basic financial products and sources of money
(through a ‘money management questionnaire’)
– … in addition to the standard questions about their personal background

14.
15
Sara receives this invoice in the mail
Sample Question: INVOICE
Content: Money and transactions, it involves awareness of the different
forms and purposes of money and handling simple monetary
transactions such as everyday payments
The main task is to know the purpose and demonstrate a
basic understanding of an invoice
This is an easy item – Level 1 on the financial
literacy scale (below baseline)
Question 1: Why was this invoice sent to Sarah?
A. Because Sarah needs to pay the money to Breezy Clothing.
B. Because Breezy Clothing needs to pay the money to Sarah.
C. Because Sarah has paid the money to Breezy Clothing.
D. Because Breezy Clothing has paid the money to Sarah.

15.
16
Each month, Jane’s salary is paid into her bank account. This is Jane’s pay slip for July
Sample Question: PAY SLIP
Content: Money and transactions and the context is education and work
Question 1: How much money did Jane’s employer pay into her bank account
on 31 July?
A. 300 zeds
B. 2500 zeds
C. 2800 zeds
D. 19600 zeds
The main task is read the pay slip and to recognise that
Jane’s employer will only pay net salary into her bank
Process: Identify financial information
This is a relatively hard item – Level 4 on
the financial literacy scale

16.
17
Sara receives this invoice in the mail
Sample Question: INVOICE
This is a hard item – Level 5 on the
financial literacy scale
Content: Money and transactions
This item focuses on students’ ability to apply
financial knowledge and understanding
Question 3:
Sara notices that Breezy Clothing made a mistake in the
invoice. Sara ordered and received two T-shirts, not three. The postage fee is
a fixed charged.
What will be the total of the new invoice?
131
Zeds

17.
18
David banks with ZedBank. He receives this e-mail message
Sample Question: BANK ERROR
Question 1: Which of these statements would be good advice for David?
Dear ZedBank member,
There has been an error on the ZedBank server and your Internet login details
have been lost.
As a result, you have no access to Internet banking.
Most importantly your account is no longer secure.
Please click on the link below and follow the instructions to restore access. You
will be asked to provide your Internet banking details.
https://ZedBank.com/
Reply to the e-mail message and provide his Internet banking details Yes / No
Contact his bank to inquire about the e-mail message Yes / No
If the link is the same as his bank’s website address, click on the link and follow
the instructions
Yes / No
This is a hard item – Level 5
Content: financial landscape,
because Internet banking is
part of what students are likely
to experience now or in the
near future. This item focuses on students’ ability
to evaluate financial issues

18.
Students increasingly need
financial skills
Many young people face financial decisions and are
consumers of financial services. They are likely to face
growing complexity and risks in the financial marketplace as
they move into adulthood.

19.
0
10
20
30
40
50
60
70
80
90
100
Chile
Poland
Russia
Italy
Lithuania
SlovakRepublic
B-S-J-G(China)
Spain
UnitedStates
OECDaverage-10
Belgium(Flemish)
Canadianprovinces
Australia
Netherlands
%
Students holding a bank account
Students holding a bank account who perform below proficiency Level 4
More than 70% of students hold a bank account in Australia,
Belgium (Flemish), the Canadian provinces and the Netherlands
Table IV.5.13b
At Level 4, students can
apply their understanding of
less common financial
concepts and terms to
contexts that will be
relevant to them as they
move towards adulthood,
such as bank account
management […]. They can
interpret and evaluate a
range of detailed financial
documents, such as bank
statements […]
Students who have a bank
account but do not reach
proficiency Level 4

20.
0
10
20
30
40
50
60
70
80
90
Italy
Spain
UnitedStates
Canadianprovinces
Chile
Australia
OECDaverage-10
SlovakRepublic
Russia
Lithuania
Poland
B-S-J-G(China)
Netherlands
Belgium(Flemish)
%
Working outside school hours (e.g. a holiday job, part-time work)
Working in a family business
Occasional informal jobs (e.g. baby-sitting or gardening)
Any work activity (working outside school hours and/or working in a family business and/or occasional informal jobs)
Some 64% of students earn money from some formal
or informal work activity on average across OECD
Table IV.5.15
Percentage of students who receive money from:

21.
• Percentage of students in Australia at bachelor’s,
master’s or doctoral levels who had a public
student loan in 2013/14
79%
• Percentage of bachelor’s-degree students in the
United States who had a public student loan in
2013/14
62%
• Average amount of debt students graduate with
in the Netherlands
USD
18 000
• Average amount of debt students graduate with in
Canada
USD
12 000
In some countries, students nearing the end of compulsory education will soon
decide whether to take a student loan
Source: Education at a Glance 2016
0 10 20 30 40 50
Australia
United States
Netherlands
Participating
Canadian
provinces
%
Percentage of 15-year-old students
who perform at Level 4 and above
At Level 4, students […] can
make financial decisions
taking into account longer-
term consequences, such as
understanding the overall
cost implication of paying
back a loan over a longer
period […].

22.
0 10 20 30 40 50 60 70 80 90
Peru
Brazil
Chile
Lithuania
Russian Federation
Slovak Republic
China
Italy
Belgium
Poland
Spain
Canada
Netherlands
Australia
United States
Made payments online using the Internet Made a transaction using a mobile phone
Many young people use digital financial products
Source: World Bank Global Findex, 2014
Percentage of young people age 15-24 who have:
%

23.
What the results tell us?

24.
1. What are the current needs and gaps in financial literacy of
students across countries and within countries?
2. What are the main factors explaining the wide inequalities
within country?
3. Is financial literacy only about mathematics and reading ?
4. What are students’ current experiences with money matters ?
Is it related to financial literacy?
5. How is financial literacy related to students’ financial behaviors
and future expectations?
→ Goal : Evidence to support effective policy action
5 research questions and a policy goal

25.
Students’ performance
in financial literacy
What are the needs and gaps across and within countries?

26.
Mean performance in
financial literacy
B-S-J-G (China)
Belgium (Flemish)
Canadian
provinces
Russia
Netherlands
Australia
United StatesPoland
Italy
Spain
Lithuania
Slovak Republic
Chile
Peru
Brazil
380
400
420
440
460
480
500
520
540
560
580
Mean score Figure IV.3.2

27.
Figure IV.3.6
13 22 22 13
19 20 20 20 22 22
25
32 35 38
48
53
33 11 24 22
17 15 6 8
10 12 6
4 6 3
1
3
80
60
40
20
0
20
40
60
80
100
B-S-J-G(China)
Russia
Belgium(Flemish)
Canadianprovinces
Netherlands
Australia
Italy
Poland
UnitedStates
OECDaverage-10
Spain
Lithuania
SlovakRepublic
Chile
Peru
Brazil
Students’ financial literacy by proficiency levels
%
Below Level 2, students can identify common
financial products and terms and interpret
information relating to basic financial concepts.
They can recognise the difference between
needs and wants and can make simple
decisions on everyday spending. They can
recognise the purpose of everyday financial
documents such as an invoice and apply single
and basic numerical operations (addition,
subtraction or multiplication) in financial
contexts that they are likely to have experienced
personally.
At Level 2, students begin to apply their
knowledge of common financial products and
commonly used financial terms and concepts.
They can use given information to make
financial decisions in contexts that are
immediately relevant to them. They can
recognise the value of a simple budget and can
interpret prominent features of everyday
financial documents. They can apply single
basic numerical operations, including division,
to answer financial questions. They show an
understanding of the relationships between
different financial elements, such as the
amount of use and the costs incurred.
At Level 3, students can apply their
understanding of commonly used financial
concepts, terms and products to situations
that are relevant to them. They begin to
consider the consequences of financial
decisions and they can make simple financial
plans in familiar contexts. They can make
straightforward interpretations of a range of
financial documents and can apply a range of
basic numerical operations, including
calculating percentages. They can choose
the numerical operations needed to solve
routine problems in relatively common
financial literacy contexts, such as budget
calculations.
At Level 4, students can apply their
understanding of less common financial
concepts and terms to contexts that will be
relevant to them as they move towards
adulthood, such as bank account
management and compound interest in
saving products. They can interpret and
evaluate a range of detailed financial
documents, such as bank statements, and
explain the functions of less commonly
used financial products. They can make
financial decisions taking into account
longer-term consequences, such as
understanding the overall cost implication
of paying back a loan over a longer period,
and they can solve routine problems in less
common financial contexts.
At Level 5, students can apply their
understanding of a wide range of
financial terms and concepts to contexts
that may only become relevant to their
lives in the long term. They can analyse
complex financial products and can take
into account features of financial
documents that are significant but
unstated or not immediately evident,
such as transaction costs. They can
work with a high level of accuracy and
solve non-routine financial problems,
and they can describe the potential
outcomes of financial decisions,
showing an understanding of the wider
financial landscape, such as income tax.

28.
Figure IV.3.6
13 22 22 13
19 20 20 20 22 22
25
32 35 38
48
53
33 11 24 22
17 15 6 8
10 12 6
4 6 3
1
3
80
60
40
20
0
20
40
60
80
100
B-S-J-G(China)
Russia
Belgium(Flemish)
Canadianprovinces
Netherlands
Australia
Italy
Poland
UnitedStates
OECDaverage-10
Spain
Lithuania
SlovakRepublic
Chile
Peru
Brazil
Students’ financial literacy by proficiency levels
%
BANK ERROR - Evaluate a potential financial
fraud and respond appropriately to a financial
scam e-mail message – Level 5
INVOICE Question 2 - Identify a delivery cost that
is explicitly stated on an invoice – Level 2
INVOICE Question 1 – Recognise the purpose of
an invoice - Below Level 2
PAY SLIP - Read a pay slip and recognise that
the employer will only pay net salary into the
employee’s bank – Level 4
INVOICE Question 3 (partial credit) - Interpret
various elements on the same invoice to correct a
mistake in the billing – Level 3

29.
Variation within each country is wider than the variation between
countries at the mean
Figure IV.4.1
Percentage of students at various percentiles on the financial literacy scale
200 300 400 500 600 700
B-S-J-G (China) 312
Belgium (Flemish) 291
Canadian provinces 295
Russia 232
Netherlands 312
Australia 309
OECD average-10 285
United States 280
Poland 262
Italy 249
Spain 265
Lithuania 266
Slovak Republic 311
Chile 274
Peru 276
Brazil 302
25th - 10th percentile 50th - 25th percentile 75th - 50th percentile 90th - 75th percentile
Score-point
difference between
90th and 10th

30.
Varying opportunities to improve
students’ financial literacy
What are the main factors (gender, socio-economic and immigrant background)
explaining the wide inequalities within country?

31.
-30
-25
-20
-15
-10
-5
0
5
10
15
Lithuania
SlovakRepublic
Poland
Australia
Spain
Brazil
OECDaverage-10
Netherlands
Canadianprovinces
Peru
Russia
Belgium(Flemish)
UnitedStates
Chile
B-S-J-G(China)
Italy
Before accounting for performance in other subjects
After accounting for performance in mathematics and reading
In most countries/economies there are no differences in
financial literacy between boys and girls at the mean…
Figure IV.4.4
Score-pointdifference
Girls perform better
Boys perform better
Gender differences in
financial literacy may be
related different
opportunities for learning,
different contexts in
which men and women
grow up and live, and to
a possible variation of
these factors across
generations.
Difference between boys and girls

32.
0
10
20
30
40
50
60
Peru
Brazil
Lithuania
Chile
SlovakRepublic
Spain
Italy
Poland
Russia
UnitedStates
OECDaverage-10
Australia
Netherlands
Canadianprovinces
Belgium(Flemish)
B-S-J-G(China)
Boys
Girls
… but in 9 countries and economies out of 15, more boys than girls
are low performers
Figure IV.4.5
0
10
20
30
40
50
60
Boys
Girls
Studentsbelow
Level2
Studentsat
Level5
%
%

33.
300
350
400
450
500
550
600
650
Peru117
Brazil78
Chile103
SlovakRepublic80
Lithuania71
Spain79
UnitedStates97
OECDaverage-1089
Italy60
Poland73
Australia107
Netherlands104
Belgium(Flemish)110
Russia46
Canadianprovinces77
B-S-J-G(China)132
Scorepoints
Top quarter of ESCS
Third quarter of ESCS
Second quarter of ESCS
Bottom quarter of ESCS
Difference
between
students in the
top quarter and
students in the
bottom quarter
of this index
Socio-economically advantaged students score 89 points higher
than disadvantaged students, on average across OECD,
equivalent to more than one PISA proficiency level
Table IV.4.11
Mean score, by quarters of the PISA index of economic, social and cultural status (ESCS)

34.
440
450
460
470
480
490
500
510
Never or hardly ever Once or twice a month Once or twice a week Almost every day
Scorepoints
Parents play a role in developing their children’s financial literacy not
only through the resources that they make available to them but also
through direct engagement
Figure IV.5.1
Mean score, by students’ answers to the question:
“How often do you discuss money matters (e.g. talk about spending, saving, banking, investment) with your parents?”
Discussing money matters with parents at
least sometimes is associated with higher
financial literacy than never discussing the
subject, after accounting for students’ socio-
economic status
But discussing very
often may mean
something else….

35.
Immigrant students score 26 points lower in financial literacy than
native-born students of similar socio-economic status
Figure IV.4.10
-20
0
20
40
60
80
100
120
Australia25
Canadianprovinces34
UnitedStates23
Russia7
Italy8
Spain11
OECDaverage-1013
Netherlands11
Belgium(Flemish)14
Score-pointdifference
After accounting for ESCS Before accounting for ESCS
Percentage of
students with an
immigrant
background

36.
Is financial literacy only about
mathematics and reading?

37.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Russia 45
Brazil 47
Slovak Republic 48
Italy 52
Canadian provinces 53
Lithuania 58
Spain 58
OECD average-10 62
Poland 62
Chile 62
Peru 68
B-S-J-G (China) 69
United States 70
Belgium (Flemish) 70
Netherlands 71
Australia 71
Variation uniquely associated with mathematics performance
Variation uniquely associated with reading performance
Variation associated with more than one domain
Variation uniquely captured by the financial literacy assessment
Total explained
variation
Student performance in financial literacy is correlated with performance
in mathematics and reading, but around 38% of the score reflects factors
that are uniquely captured by the financial literacy assessment
Table IV.3.10a

38.
Financial literacy skills may go beyond or
fall short of the ability to use the knowledge that students acquired
in compulsory education
-40
-30
-20
-10
0
10
20
30
40
Lithuania
Spain
SlovakRepublic
Poland
Chile
Italy
OECDaverage-10
Netherlands
Brazil
Australia
UnitedStates
Peru
Canadianprovinces
Russia
Belgium(Flemish)
B-S-J-G(China)
Score-pointdifference
Students’ performance in
financial literacy is lower
than the performance of
students with similar scores
in mathematics and reading
Students’ performance in
financial literacy is higher
than the performance of
students with similar scores
in mathematics and reading
Figure IV.3.12
Difference between the actual financial literacy score and the score predicted by students’
performance in mathematics and reading
Highest performing
countries/economies

39.
Learning by doing
What are students’ current experiences with
money matters ?
Are these related to financial literacy?

40.
0
10
20
30
40
50
60
70
80
90
100
Netherlands
Australia
Canadianprovinces
Belgium(Flemish)
OECDaverage-10
Italy
UnitedStates
Spain
B-S-J-G(China)
Russia
SlovakRepublic
Lithuania
Chile
Poland
%
Student has both a bank account and a prepaid debit card Student has a bank account but no prepaid debit card
Student has a prepaid debit card but no bank account Student earns money from a work activity
Many students hold basic financial
products or earn money from work
Figure IV.2.1

41.
On average, students who hold a bank account perform better in
financial literacy than students of similar socio-economic status
who do not have a bank account
Figure IV.5.5
-20
0
20
40
60
80
100
SlovakRepublic
Russia
Lithuania
Poland
B-S-J-G(China)
Chile
UnitedStates
OECDaverage-10
Italy
Belgium(Flemish)
Australia
Spain
Canadianprovinces
Netherlands
Score-pointdifference
After accounting for socio-economic status Before accounting for socio-economic status
Difference between students who have a bank account and students who do not

42.
0
1
2
3
4
5
6
7
Russia
Italy
SlovakRepublic
Canadianprovinces
Chile
Spain
Australia
Belgium(Flemish)
OECDaverage-10
Lithuania
Poland
Netherlands
B-S-J-G(China)
UnitedStates
Oddsratios
Increased likelihood of socio-economically advantaged students to hold a bank account
Advantaged students are more likely to have a bank account
Table IV.5.10
More than twice as likely to have a bank account
Six times more likely to have a bank account

43.
Financial literacy and
financial decisions and life aspirations
How is financial literacy related to students’
financial behaviors and future expectations?

44.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
SlovakRepublic
Belgium(Flemish)
Italy
Poland
Lithuania
OECDaverage-10
Canadian
provinces
Netherlands
Spain
Australia
B-S-J-G(China)
UnitedStates
Russia
Chile
Not buy it
Save up to buy it
Try to borrow money from a friend
Try to borrow money from a family
member
Buy it with money that really should
be used for something else
Most students would save if they want to buy something for which
they do not have enough money
Figure IV.6.1
Percentage of students who gave the following replies to the question:
“Likelihood of students' response to the question “If you don’t have enough money to buy something you really want
(e.g. an item of clothing, sports equipment) what are you most likely to do?”

45.
1.00
1.50
2.00
2.50
3.00
3.50
Try to borrow money
from a family
member
Try to borrow money
from a friend
Save up to buy it Not buy it
Oddsratio
Level 2 or 3 Level 4 or 5
Students' financial literacy is associated with
understanding the value of saving
Figure IV.6.2
High performing students are
more than twice as likely as low-
performing students in financial
literacy to choose the statement
"Save up to buy it" rather than
"Buy it with money that really
should be used for something
else“, after accounting for
performance in mathematics
and reading and other
characteristics.

46.
Top-performing students in financial literacy are more likely than low-
performing students to report that they expect to complete university
education – in some countries
0
0.5
1
1.5
2
2.5
3
3.5
4
Canadianprovinces
Belgium(Flemish)
Poland
Brazil
UnitedStates
Russia
B-S-J-G(China)
Netherlands
OECDaverage-10
Chile
Lithuania
Italy
Spain
Peru
Australia
Oddsratio
Level 2
Level 3
Level 4
Level 5
Figure IV.6.5
Increased likelihood of students at various proficiency levels in financial literacy to expect to complete education at ISCED
Level 5A or 6, after accounting for students performance in mathematics and reading and other characteristics
These students
may be more likely
to see the value of
investing in higher
education

47.
Top-performing students in financial literacy are more likely than low-
performing students with similar characteristics to report that they
expect to have a high-skilled occupation when they are 30 years old
0.8
1
1.2
1.4
1.6
1.8
2
B-S-J-G(China)
Peru
Canadianprovinces
Poland
Brazil
Spain
SlovakRepublic
UnitedStates
Chile
OECDaverage-10
Lithuania
Italy
Russia
Australia
Netherlands
Oddsratio
Level 2
Level 3
Level 4
Level 5
Figure IV.6.6
These students may
be more likely to see
the value of investing
in higher education to
work in a high-skilled
occupation

48.
What do the results mean for policy?

49.
Financial
literacy
skills for
all
students
Address the
needs of low-
performing
students
Tackle socio-
economic
inequalities
early on
Provide equal
opportunities for
learning to boys
and girls
Help students
make the most of
available learning
opportunities at
school
Target parents at
the same time as
young people
Provide young
people with safe
opportunities to
learn by experience
outside of school
Evaluate the
impact of
initiatives in
and outside of
school
A multifaceted policy agenda

50.
What are countries already doing?
An increasing number of countries is developing
targeted initiatives in and out of school

51.
• 10 out of the 15 participating countries and economies
are implementing a national strategy for financial
education specifically addressing young people among
their target audiences:
… Australia, Brazil, Canada, Italy, the Netherlands, the
Russian Federation, Spain, Peru and the United States
.. And over 65 countries these days
National strategies for financial education

52.
• Several countries started introducing some financial literacy
elements in the school curriculum into existing subjects
(Australia, Brazil, Flemish Community of Belgium, Lithuania,
Peru, Slovak Republic, Spain – Canada and the United
states, depending on province/state)
… but to what extent is the curriculum implemented?
• Some examples of evaluation of financial education
programmes in school (Brazil, Italy, Russia, Spain, US)
…is it effective? evaluation needs to become systematic
Initiatives in school

53.
• Videos, competitions, interactive tools, events
(money weeks, savings day), museums, serious
games
…complementary to school initiatives
…can reach out-of-school young people
… participation of non-profits and private sector to be monitored
…again their impact needs to be evaluated more regularly
Out of school initiatives

54.
• Continue to collect and share evidence on policy
effectiveness through the OECD/International
Network on Financial Education (INFE)
• PISA 2018 financial literacy: 21 countries
Australia, Brazil, Bulgaria, Canada, Chile, Estonia, Finland, Georgia,
Indonesia, Italy, Latvia, Lithuania, Netherlands, Peru, Poland, Portugal,
Russian Federation, Serbia, Slovak Republic, Spain, United States
• Possibility of a further assessment in 2021
Next steps

55.
www.oecd.org/finance/financial-education
SecretariatINFE@oecd.org
Thank you
Find out more about our work at www.oecd.org/pisa
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