Financial literacy refers to people's ability to process financial information and make informed decisions about planning, saving, debt, and pensions. It involves having knowledge of financial concepts and risks, as well as the skills, motivation, and confidence to apply that knowledge to make effective financial decisions that improve individual and societal well-being and enable full participation in the economy. Questions are provided as examples to test financial literacy in areas like risk diversification and inflation.

1. Financial literacy

2. Financial literacy
…peoples’ ability to process economic
information and make informed decisions
about financial planning, wealth
accumulation, debt, and pensions.
Lusardi and Mitchell, 2014

3. 1. Suppose you have some money. Is it safer to put your money into one
business or investment, or to put your money into multiple businesses
or investments?
a. one business or investment
b. multiple businesses or investments
c. don’t know
d. refuse to answer
2. Suppose over the next 10 years the prices of the things you buy
double. If your income also doubles, will you be able to buy less than
you can buy today, the same as you can buy today, or more than you can
buy today?
a. less
b. the same
c. more
d. don’t know
e. refuse to answer

8. “Financial literacy is 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.”
OECD, 2012

11. fintech