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. For more information see http://www.oecd.org/pisa/keyfindings/pisa-2012-results-volume-vi.htm
This powerpoint providing highlights of data and analysis from the OECD PISA 2012 financial literacy assessment of 15-year-olds was presented at a launch event in Paris on the 9 July 2014 by Adrian Blundell-Wignall, Flore-Anne Messy and Michael Davidson in the presence of H.M. Queen Máxima of the Netherlands, UN Secretary General’s Special Advocate for Inclusive Finance for Development and Honorary Patron of the G20 Global Partnership on Financial Inclusion and OECD Secretary-General Angel Gurría.
Find out more and access the full results at http://www.oecd.org/pisa/keyfindings/pisa-2012-results-volume-vi.htm or http://www.oecd.org/daf/fin/financial-education/2014-launch-pisa-financial-literacy-students.htm
This presentation provides an overview of PISA 2015 Results (Volume IV): Students’ Financial Literacy. This assessment 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. Find the publication here http://www.oecd.org/education/pisa-2015-results-volume-iv-9789264270282-en.htm
7 May 2020 - This PPT presents the results of the third OECD PISA assessment of the financial literacy of 15-year-old students. Find out more at http://www.oecd.org/finance/launch-pisa-financial-literacy-results-2018.htm
This presentation by Flore-Anne Messy was made at the first session of the 2nd OECD-GFLEC Global Research Symposium to Advance Financial Literacy on 6 November 2014, which addressed cutting-edge policy issues and research ideas to advance the global financial literacy agenda. Find out more at http://www.oecd.org/daf/fin/financial-education/oecd-infe-gflecsymposiumfinancialliteracy.htm
Brian Nelson
Business Department Chair
Arvin High School
Bakersfield, CA
Presentation will discuss teaching high school students how to manage their finances, a skill rarely taught in school yet all of us need to use in the "real world." In light of the current financial crisis, the need to teach students personal finance could not be more relevant.
PISA 2018 - Are Students Smart About Money?EduSkills OECD
Over the past decades, both developed and developing countries have become concerned about the level of financial literacy amongst their citizens, and particularly amongst young people. This concern initially stemmed from worries about the potential impact of shrinking welfare systems and employment-related benefits, shifting demographics, and the increased sophistication and expansion of financial services. The indirect impact of the Covid-19 crisis on individuals’ income and savings (both current and future) and heightened uncertainty in the economic and financial landscape make financial literacy even more crucial for ensuring that citizens are financially resilient.Many 15-year-olds face financial decisions and are already consumers of financial services. They are likely to face growing complexity and risks in the financial marketplace as they move into adulthood. Since better knowledge and understanding of financial concepts and risks could help improve financial decision making amongst adults and young people, financial literacy is now globally recognised as an essential life skill.A growing number of countries provide financial education in school. To minimise curriculum overload, countries typically integrate financial literacy into other subjects and existing courses, rather than introducing an additional subject into an already crowded programme of study. Students may improve their financial skills by acquiring transversal competencies, such as problem solving and critical thinking, in other subjects; at the same time, financial problems can be used as a real-life context for teaching mathematics and other subjects.Thirteen OECD countries and economies and seven partner countries participated in the PISA 2018 assessment of financial literacy. Some 117 000 15-year-old students sat the test, representing around 13.5 million students.
This powerpoint providing highlights of data and analysis from the OECD PISA 2012 financial literacy assessment of 15-year-olds was presented at a launch event in Paris on the 9 July 2014 by Adrian Blundell-Wignall, Flore-Anne Messy and Michael Davidson in the presence of H.M. Queen Máxima of the Netherlands, UN Secretary General’s Special Advocate for Inclusive Finance for Development and Honorary Patron of the G20 Global Partnership on Financial Inclusion and OECD Secretary-General Angel Gurría.
Find out more and access the full results at http://www.oecd.org/pisa/keyfindings/pisa-2012-results-volume-vi.htm or http://www.oecd.org/daf/fin/financial-education/2014-launch-pisa-financial-literacy-students.htm
This presentation provides an overview of PISA 2015 Results (Volume IV): Students’ Financial Literacy. This assessment 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. Find the publication here http://www.oecd.org/education/pisa-2015-results-volume-iv-9789264270282-en.htm
7 May 2020 - This PPT presents the results of the third OECD PISA assessment of the financial literacy of 15-year-old students. Find out more at http://www.oecd.org/finance/launch-pisa-financial-literacy-results-2018.htm
This presentation by Flore-Anne Messy was made at the first session of the 2nd OECD-GFLEC Global Research Symposium to Advance Financial Literacy on 6 November 2014, which addressed cutting-edge policy issues and research ideas to advance the global financial literacy agenda. Find out more at http://www.oecd.org/daf/fin/financial-education/oecd-infe-gflecsymposiumfinancialliteracy.htm
Brian Nelson
Business Department Chair
Arvin High School
Bakersfield, CA
Presentation will discuss teaching high school students how to manage their finances, a skill rarely taught in school yet all of us need to use in the "real world." In light of the current financial crisis, the need to teach students personal finance could not be more relevant.
PISA 2018 - Are Students Smart About Money?EduSkills OECD
Over the past decades, both developed and developing countries have become concerned about the level of financial literacy amongst their citizens, and particularly amongst young people. This concern initially stemmed from worries about the potential impact of shrinking welfare systems and employment-related benefits, shifting demographics, and the increased sophistication and expansion of financial services. The indirect impact of the Covid-19 crisis on individuals’ income and savings (both current and future) and heightened uncertainty in the economic and financial landscape make financial literacy even more crucial for ensuring that citizens are financially resilient.Many 15-year-olds face financial decisions and are already consumers of financial services. They are likely to face growing complexity and risks in the financial marketplace as they move into adulthood. Since better knowledge and understanding of financial concepts and risks could help improve financial decision making amongst adults and young people, financial literacy is now globally recognised as an essential life skill.A growing number of countries provide financial education in school. To minimise curriculum overload, countries typically integrate financial literacy into other subjects and existing courses, rather than introducing an additional subject into an already crowded programme of study. Students may improve their financial skills by acquiring transversal competencies, such as problem solving and critical thinking, in other subjects; at the same time, financial problems can be used as a real-life context for teaching mathematics and other subjects.Thirteen OECD countries and economies and seven partner countries participated in the PISA 2018 assessment of financial literacy. Some 117 000 15-year-old students sat the test, representing around 13.5 million students.
Addressing a call by G20 Leaders to develop practical tools for financial literacy measurement, the OECD/INFE has conducted an international data collection exercise to measure financial literacy and financial inclusion. A total of 51,650 adults aged 18 to 79 from 30 countries and economies participated in the survey. This presentation provides an overview of the survey results. It was presented at the Global Symposium on Financial Education in Auckland, New Zealand, on 12 October 2016.
Access the full survey results http://www.oecd.org/finance/financial-education/oecd-infe-survey-adult-financial-literacy-competencies.htm
Keynote: Preparing for the unexpected, avoiding financial vulnerability - Ann...Wijzer in geldzaken
Symposium: Financial Resilience throughout Life
Keynote by Annamaría Lusardi: Preparing for the unexpected, avoiding financial vulnerability
Wednesday 20th of April 2016
Beurs van Berlage - Amsterdam
Presentation at the Brussels launch event of European Money Week by Prof. Annamaria Lusardi of the George Washington School of Business, Academic Director, Global Financial Literacy Excellence Centre (GFLEC).
This self-paced course is designed to provide you with a basic understanding of personal financial management to help you meet life's challenges and opportunities in college and in life. Major topics covered include: financial planning; budgeting; information on the various sources of financial aid; credit use; standards of progress for financial aid eligibility; affording the loan debt that you have borrowed; using your maximum credit wisely; and retirement planning. Students will be provided with information that will enhance their knowledge and skills to assist them with making more informed decisions that are related to various practices as they pursue their education at Madison College.
Skills on the Move - Migrants in the Survey of Adult SkillsEduSkills OECD
Migration has been at the centre of political debate across the OECD in recent years. Drawing on data from the OECD Survey of Adult Skills (PIAAC), this report provides new evidence on differences in migrants’ characteristics and contexts and considers how these relate to the skills migrants possess. It also examines the relationship between migrants’ skills and their labour and non-labour market outcomes in host countries. Finally, it sheds new light on how migrants’ skills are developed, used and valued in host country labour markets and societies. Results and lessons gleaned from analysis highlight the way forward for future research on this topic.
The report represents an invaluable resource for policy makers across different sectors as they design and implement strategies aimed at promoting the long-term integration of foreign-born populations in the economic and social life of their countries. The analyses presented allow us to identify the skill composition of foreign-born populations, the labour market and broader social outcomes associated with such skills, and the factors that can promote skill acquisition and skill use.
The Effect of Outstanding Student Loan Debt on Asset AccumulationKadar Amek
In this study, the authors use the 2013 Survey of Consumer Finances (SCF) to determine whether outstanding student loan debt is associated with financial asset and non-financial asset.
Many financial advisers will more argue that if you look at the last twenty years Canadian stocks have seen an average growing of 6.1% per year vs Canadian real estate values
Addressing a call by G20 Leaders to develop practical tools for financial literacy measurement, the OECD/INFE has conducted an international data collection exercise to measure financial literacy and financial inclusion. A total of 51,650 adults aged 18 to 79 from 30 countries and economies participated in the survey. This presentation provides an overview of the survey results. It was presented at the Global Symposium on Financial Education in Auckland, New Zealand, on 12 October 2016.
Access the full survey results http://www.oecd.org/finance/financial-education/oecd-infe-survey-adult-financial-literacy-competencies.htm
Keynote: Preparing for the unexpected, avoiding financial vulnerability - Ann...Wijzer in geldzaken
Symposium: Financial Resilience throughout Life
Keynote by Annamaría Lusardi: Preparing for the unexpected, avoiding financial vulnerability
Wednesday 20th of April 2016
Beurs van Berlage - Amsterdam
Presentation at the Brussels launch event of European Money Week by Prof. Annamaria Lusardi of the George Washington School of Business, Academic Director, Global Financial Literacy Excellence Centre (GFLEC).
This self-paced course is designed to provide you with a basic understanding of personal financial management to help you meet life's challenges and opportunities in college and in life. Major topics covered include: financial planning; budgeting; information on the various sources of financial aid; credit use; standards of progress for financial aid eligibility; affording the loan debt that you have borrowed; using your maximum credit wisely; and retirement planning. Students will be provided with information that will enhance their knowledge and skills to assist them with making more informed decisions that are related to various practices as they pursue their education at Madison College.
Skills on the Move - Migrants in the Survey of Adult SkillsEduSkills OECD
Migration has been at the centre of political debate across the OECD in recent years. Drawing on data from the OECD Survey of Adult Skills (PIAAC), this report provides new evidence on differences in migrants’ characteristics and contexts and considers how these relate to the skills migrants possess. It also examines the relationship between migrants’ skills and their labour and non-labour market outcomes in host countries. Finally, it sheds new light on how migrants’ skills are developed, used and valued in host country labour markets and societies. Results and lessons gleaned from analysis highlight the way forward for future research on this topic.
The report represents an invaluable resource for policy makers across different sectors as they design and implement strategies aimed at promoting the long-term integration of foreign-born populations in the economic and social life of their countries. The analyses presented allow us to identify the skill composition of foreign-born populations, the labour market and broader social outcomes associated with such skills, and the factors that can promote skill acquisition and skill use.
The Effect of Outstanding Student Loan Debt on Asset AccumulationKadar Amek
In this study, the authors use the 2013 Survey of Consumer Finances (SCF) to determine whether outstanding student loan debt is associated with financial asset and non-financial asset.
Many financial advisers will more argue that if you look at the last twenty years Canadian stocks have seen an average growing of 6.1% per year vs Canadian real estate values
Participate in a discussion regarding financial literacy program components designed for your community as well as an introduction to a proven financial literacy curricula - MoneySmarts.
Financial Literacy: The Challenges of Objectives, Conceptualization and Measu...EconomicEducator.eu
Prof. Robert Holzmann, the University of Vienna and the World Bank, presentation from the workshop launching the Financial Education Financial Literacy Program in the Russian Federation, Moscow, April 4, 2011
Empowering Financial Inclusion through Financial Literacy - Part - 7Resurgent India
Financial Literacy is one of the biggest components of financial inclusion. It comprises of three elements- financial knowledge, financial attitudes and financial behavior. As per a recent Standard & Poor's survey, only 24% of Indian adults are financially literate, the lowest score among the Brics (Brazil, Russia, India, China, and South Africa) nations. The need for financial literacy and its importance for financial inclusion has been acknowledged by all possible stakeholders - policymakers, bankers, practitioners, researchers and academics across the globe. The government and the RBI have been working incessantly towards this end, and while some progress has been made, there is more to be done.
In a society where a large chunk of people are financially excluded, financial literacy would play a game changing role in promoting financial inclusion. In March 2010, Hon’ble Finance Minister of India during RBI-OECD Workshop on Financial Literacy mentioned: “ Financial literacy, and education, plays a crucial role financial inclusion, inclusive growth and sustainable prosperity”.
Don Rudisuhle's 2016 presentation at the 28th Annual Conference of the Colorado Organization for Victim Assistance (COVA) Elder Financial Abuse: An Advocate's Guide to Proactive Intervention
After the nationalization of banks, the financial sector has become an important factor in reducing poverty, increasing employment and increasing economic growth of the country. But this sector has not been able to contribute to its utmost because of its unawareness about formal financial institutions among certain sectors of society. Those sectors are mainly the rural population of the country who are illiterate and who are unaware of the facilities provided by the Government of India in the field of finance which can help them maintain their income in an efficient way and introduce them to the investment schemes that are coming up to manage their income properly. Financially excluded people mostly include rural poor, low-income underprivileged people. Some of the authors carried out a survey in few states of India because these states have well-developed financial facilities available, but still there is a need for financial inclusion services in some areas because the available services are not utilized by the general public. For this reason, they went on and asked relevant questions about why the people are not interested in approaching formal financial institution and whether they are aware of these services and facilities or not. The data were collected and reported in a systematic manner. This author focused on whether the financial inclusion has really been implemented in the regions which the banks claimed to be completely financially inclusive. Survey of researchers concluded that more than half of the population from rural India are unaware of the financial facilities and services provided by formal institutions. Our empirical focus is on financial literacy that is needed to increase financial inclusion in rural sectors of India. The literature review done talks about the studies done by various researchers in this field and the strategies and approaches adopted by the government, RBI and NGOs to spread the awareness in order to involve them in contributing their part to the economic growth of the country. A detailed study is done by means survey by the help of a questionnaire and the data collected are worked on with the help of statistical tools which ultimately gave us the relation between various parameters considered for financial inclusion. This analysis and interpretation gave us the relation between financial literacy and financial inclusion and we were able to conclude that financial literacy has a role to play in the process of financial inclusion.
This presentation on the G20/OECD High-Level principles on Financial Consumer Protection and sectoral guarantee arrangements by Sebastian Schich addresses the role of guarantee arrangements to protect consumer assets in the financial service sector, such as pension and insurance claims and bank deposits.
More information is available on the OECD website at http://www.oecd.org/finance/financialsectorguarantees.htm
http://www.oecd.org/finance/financialconsumerprotection.htm
Providing high-quality financial education in school - MalaysiaWijzer in geldzaken
Symposium: Financial Resilience throughout Life
Breakout session Thursday 21st of April 2016
Providing high-quality financial education in school - Malaysia
Beurs van Berlage - Amsterdam
This Investor awareness presentation will throw light in to the Indian perspective on investment and savings.I have added inputs from various sources with my research findings.Hope this will help you in matters when it comes to investment!!!
Stephen Cagnassola | Presenting few templates on financial literacy Stephen Cagnassola
Stephen Cagnassola explaining here few templates on financial literacy & basic strategies. Most people are thinking about growth in longevity in terms of an aging population’s burden on society. But we have the opportunity to look at it another way to reshape current models so that we live decades longer than our ancestors in a way that improves quality of life at all ages
T. Rowe Price’s 2020 Parents, Kids & Money Survey found that parents who try to keep up a financial façade are more reluctant to discuss money with their kids. To help parents discuss money with their kids, the firm created MoneyConfidentKids.com.
FP 100 T Enhance teaching / snaptutorial.comHarrisGeorg53
FP 100T Week 1 WileyPLUS Weekly Exam
In this graded assignment, you are assessed on the content covered in this weeks’ readings, activities, and assignments. To help you prepare, it is recommended that you first complete this week’s Learning Path and Self-Test Learning Activities prior to completing this exam.
Complete the Week 1 Exam covering this week’s assigned readings:
The free Your Money Your Goals (YMYG) Toolkit designed by the Consumer Financial Protection Bureau (CFPB) makes it easy and customizable to set client financial goals, choose financial products and build money management skills for social service providers who aren’t experienced with such things. Neighborhood Partnerships is part of a team charged with getting the toolkit in the hands of more Oregonians.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Andreas Schleicher presents at the launch of What does child empowerment mean...EduSkills OECD
Andreas Schleicher presents at the launch of ‘What does child empowerment mean today? Implications for education and well-being’ on the 15 May 2024. The report was launched by Mathias Cormann, OECD Secretary-General and can be found here: https://www.oecd-ilibrary.org/education/what-does-child-empowerment-mean-today_8f80ce38-en
Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...EduSkills OECD
Andreas Schleicher, Director for Education and Skills at the OECD, presents at the webinar
No Child Left Behind: Tackling the School Absenteeism Crisis on 30 April 2024.
AI & cheating on high-stakes exams in upper secondary - Introduction by Shivi...EduSkills OECD
Shivi Chandra, Analyst at the OECD, presents slides to set the scene at the OECD Education Directorates Webinar 'AI and cheating in education: How can we safeguard the integrity of exams?' on 17 April 2024
Advancing Gender Equality The Crucial Role of Science and Technology 4 April ...EduSkills OECD
Eric Charbonnier, Analyst in the Innovation and Measuring Progress Division, OECD presents at the webinar 'Advancing Gender Equality: The Crucial Role of Science and Technology' on 4 April 2024.
Managing Choice, Coherence and Specialisation in Upper Secondary Education - ...EduSkills OECD
Camilla Stronati, Junior Policy Analyst, Transitions in Upper Secondary Education project, Directorate for Education and Skills, OECD, presents at the webinar 'The art of balancing curricular choice in upper secondary education' on 29 February 2024
Andreas Schleicher - 20 Feb 2024 - How pop music, podcasts, and Tik Tok are i...EduSkills OECD
Andreas Schleicher presentation at the OECD webinar 'Lights, Camera, Fluency: How pop music, podcasts, and Tik Tok are impacting English language learning' on 20 February 2024 which launched the OECD report 'How 15-Year-Olds Learn English: Case Studies from Finland, Greece, Israel, the Netherlands and Portugal'
Andreas Schleicher - Making learning resilient in a changing climate - 8 Febr...EduSkills OECD
Andreas Schleicher presents at the OECD webinar 'Making learning resilient in a changing climate ' on 8 February 2024. The discussion was based on the OECD Skills Outlook 2023 publication, ‘Skills for a Resilient Green and Digital Transition’.
Jordan Hill - Presentation of Engaging with education research- With a little...EduSkills OECD
Jordan Hill from the OECD Strengthening the Impact of Education Research project presents at the OECD webinar 'Engaging with education research- With a little help from the system' on 26 January 2024.
RETHINKING ASSESSMENT OF SOCIAL AND EMOTIONAL SKILLS by Adriano Linzarini OEC...EduSkills OECD
Adriano Linzarini (Lead Analyst, Rethinking Assessment of Social and Emotional Skills project, OECD) presents at the OECD webinar 'Social and Emotional Learning – does it make a difference in children’s lives?' on 17 January 2024
Moving up into upper secondary by Hannah Kitchen - OECD Education Webinar 23N...EduSkills OECD
Hannah Kitchen, Project Leader of Above and Beyond: Transitions in Upper Secondary Project at the OECD presents at the webinar Moving up into upper secondary on the 23 November 2023
Ana Carrero -European year of skills – EU updateEduSkills OECD
Ana Carrero, Deputy Head of Unit, DG EMPL, European Commission, presents European year of skills – EU update at the webinar Charting the Future of Vocational Education and Training: Insights and Strategies for Tomorrow’s Workforce on 26 October 2023
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2. 2 PISA in brief
• Over half a million students…
– representing 28 million 15-year-olds in 65 countries/economies
… took an internationally agreed 2-hour test…
– 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
– Mathematics, reading, science, problem solving (financial literacy)
… and responded to questions on…
– their personal background, their schools
and their engagement with learning and school
• Parents, principals and system leaders provided data on…
– school policies, practices, resources and institutional factors that
help explain performance differences .
…“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 enable
participation in economic life”.
29 000 of these students in 18 economies took
the PISA test on financial literacy
3. 3
Why is financial literacy relevant for
15-year-old students?
Why is financial literacy relevant for
15-year-old students?
More students are
enrolling into
higher education.
In the US young
adults owed more
in 2012 than before
the financial crisis
And they were
more likely to be
falling into arrears
(% of all loans- some of
which are not yet in
repayment phase)
4. 0 20 40 60 80 100
Poland
Slovak Republic
Israel
Italy
Croatia
Czech Republic
Latvia
United States
Shanghai-China
OECD average-13
Spain
Flemish Community (Belgium)
France
Australia
Estonia
New Zealand
Slovenia
Percentage of students with a bank account
4 % of students with a bank account
%
5. 0 20 40 60 80 100
Shanghai-China
Poland
Israel
Latvia
United States
Flemish Community (Belgium)
Croatia
Italy
Slovak Republic
OECD average-10
France
Slovenia
Russian Federation
Estonia
Czech Republic
Percentage of students with a prepaid debit card
5 % with a prepaid debit card
%
6. PISA financial literacy
assessment framework
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
8
8
7. 12 Examples of what this might mean for 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 and tyres and services and so on.
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 as well as paying the
advertised price for the computer
• …and they will realise that the less they repay of that loan each
month, the more they will pay in interest
Make an informed
decision about credit
12
9. Strong performance in
financial literacy
Low performance in financial literacy
Average performance
of 15-year-olds in
financial literacy
Figure VI.2.2
14
Shanghai-China
Flemish
Community
(Belgium)
EstoniaAustralia
New Zealand
Czech Republic Poland
Lativa
United States
France
Russian
FederationSlovenia Spain
Croatia
Israel
Slovak Republic
Italy
Colombia375
385
395
405
415
425
435
445
455
465
475
485
495
505
515
525
535
545
555
565
575
585
595
605
Mean score
10. 18%
26%
27%
19%
9%
United States
Distribution of performance
2%
5%
19%
32%
43%
Shanghai-China
Level 5
Level 4
Level 3
Level 2
Level 1
or below
Financial literacy
Performance levels
Top performers
Baseline
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.
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.
15
11. 18%
26%
27%
19%
9%
United States
Distribution of performance
2%
5%
19%
32%
43%
Shanghai-China
Level 5
Level 4
Level 3
Level 2
Level 1
or below
Financial literacy
Performance levels
Top performers
Baseline
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.
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.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.
Students can only 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.
16
12. 18
Sara receives this invoice in the mail
Sample Question: INVOICE
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.
13. 19
Sara receives this invoice in the mail
Sample Question: INVOICE
Question 2: How much has Breezy Clothing charged for
delivering the clothes?
Delivery charge in zeds:
…….............................……………………………………………...
10 zeds
14. 20
Sara receives this invoice in the mail
Sample Question: INVOICE
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
15. 23
NEW OFFER
Mrs Jones has a loan of 8000 zeds with FirstZed Finance. The annual interest rate on
the loan is 15%. Her repayments each month are 150 zeds.
After one year Mrs Jones still owes 7400 zeds.
Another finance company called Zedbest will give Mrs Jones a lona for 10 000 zeds
with an annual interest rate of 13%. Her repayments each month would also be 150
zeds
NEW OFFER- Question 1.
If she takes the Zedbest loan, Mrs Jones will immediately pay off her existing loan.
What are two other financial benefits for Mrs Jones if she takes the Zedbest loan?
1. …………………………………………………………………………………………………
2. …………………………………………………………………………………………………
Sample Question: NEW OFFER
She will be paying lower interests
She will have more money available
18. Skill gaps within countries
190
290
390
490
590
690
Colombia
Israel
SlovakRepublic
France
Italy
NewZealand
UnitedStates
Slovenia
RussianFederation
Spain
OECDaverage-13
Croatia
Australia
CzechRepublic
Poland
Latvia
FlemishCommunity(Belgium)
Estonia
Shanghai-China
95%
90%
75%
50%
25%
10%
5%
Top
Bottom
Countries ranked by 10th percentile of financial literacy performance
29
20. 200
300
400
500
600
700
800
200 300 400 500 600 700 800
Patterns of relative performance in financial literacy
Financial literacy performance relative to mathematics performance
Mathematics performance
Average relationship
between financial literacy
and mathematics
performance
Australia performs better-than-expected in financial literacy.
The difference between observed and expected performance is
larger among strong performers in mathematics
The Czech Republic perform better-
than-expected in financial literacy. The
difference between observed and
expected performance is larger among
low achievers in mathematics
France’s performance is lower-than-expected in
financial literacy. The gap between observed
and expected performance is similar at all
levels of mathematics performance.
34
Italy’s performance is lower-than-
expected in financial literacy. The gap
between observed and expected
performance is wider among high
achievers in mathematics.
Students in Israel perform as
expected in financial literacy at all
levels of mathematics performance
24. What can be done
to enhance financial literacy
Improving the quantity/quality of teaching of…
…financial literacy as a cross-curricular domain ?
…financial literacy education as a separate subject ?
…conceptual foundations of math ?
…applied math ?
…other types of education?
…or is it all about out-of-school experiences?
27. 0 20 40 60 80 100
Not at all
1-4 hours a year
5-19 hours year
20-49 hours a year
50 or more hours a year
School curriculum
Financial literacy taught as a
separate subject
(100) (80) (60) (40) (20) 0
Poland
Spain
Estonia
Latvia
Croatia
Slovenia
Italy
Slovak Republic
Israel
OECD average-13
Shanghai-China
France
Czech Republic
Flemish Community…
Australia
Russian Federation
Colombia
New Zealand
United States
Financial education taught as a
cross-curricular subject
47
28. Exposure and financial literacyPerformanceinfinancialliteracy51
Australia
Colombia
Czech Republic
Flemish Community
(Belgium)
Latvia
New Zealand
OECD average-13
Poland
Russian Federation
Shanghai-China
Slovak Republic
United States
375
425
475
525
575
625
40 50 60 70 80 90 100
% of students in schools where the principal reports that financial literacy is available for at least 2 years
29. Australia
Colombia
Croatia
Czech Republic
Estonia
Flemish Community
(Belgium)
France
Israel
Italy
Latvia
New Zealand
OECD
average-13
Poland
Russian Federation
Shanghai-China
Slovak Republic
Slovenia
Spain
United States
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
0 10 20 30 40 50 60 70 80 90
% of students in schools where the principal reports that financial literacy is available
for at least 2 years
Exposure and relative performance
Students' performance in
financial is higher than their
expected performance
Students' performance
in financial literacy is
lower than their
expected performance
Relativeperformanceinfinancialliteracy,taking
performanceinmathematicsandreadingintoaccount52
32. Thank you !
Find out more about PISA at www.pisa.oecd.org
• All national and international publications
• The complete micro-level database
Email: Andreas.Schleicher@oecd.org
Editor's Notes
I need to remind you that the material remains under embargo until Wednesday 9 July 2014, 10AM Paris Time.
“Financial literacy in PISA is primarily conceived of as personal financial literacy, distinguished from economic literacy, which includes both broader concepts, such as the theories of demand and supply, market structures and so on. Financial literacy is concerned with the way individuals understand, manage and plan their own and their households’ financial affairs, and with their awareness and understanding of the overall financial and economic landscape they live in. It is also recognised that good understanding, management and planning on the part of individuals has some collective impact on the wider society in contributing to national and even global stability, productivity and development.”
And many have a phone contract or pay as you go to manage
In practice a 15-year-olds’ might…
- Estimate the amount of change they should get when they pay for something in cash, and remember to check
- Make decisions about what to spend their money on, taking into account the things that they might really need to pay for. For example, if they go to the cinema, will they still have enough money for the bus fare home? If not, maybe they should buy pizza and invite friends round to theirs to watch a DVD instead?
- Remember that some of the things that they buy will have ongoing costs. A games console will need new games, a motorbike will need fuel and tyres and services and so on.
- Some emails that look like they came from their bank might not be legitimate , but they will know what to do if they are not sure.
- If their phone gets stolen, they will ask their parents if it is covered by their household insurance
- Make an informed decision about credit: (those with higher levels of proficiency) …will know that if they use credit to buy a computer, they will have to pay interest on the loan as well as paying the advertised price for the computer. ..and they will realise that the less they repay of that loan each month, the more they will pay in interest
- Understand risk diversification …they will be able to explain why the saying ‘don’t put all your eggs in one basket’ might apply to investment.
Realise that buying something on credit is likely to make an item cost more in the long run. They will understand why the saying ‘don’t put all your eggs in one basket’ might apply to investment.
This chart illustrates the financial literacy scale, from below the OECD average, marked in red, to around the OECD average, marked in yellow, to high performance, marked in green
And, among students with comparable performance in mathematics and reading, boys perform better than girls in financial literacy in 11 out of 18 countries and economies.
DELETED NOTE WHICH WAS ALL PROBLEM SOLVING
Note these are based on reports from school principals in the schools that participated and decided to answer the school questionnaire.
Note these are based on reports from school principals in the schools that participated and decided to answer the school questionnaire.
Some countries that have introduced financial education in the curriculum using a cross-curricular approach. This means integrating financial literacy into other subjects and existing courses. This approach makes it possible to use financial literacy to reinforce other skills, such as reading and mathematics, and provides a real-life application for other learning areas.
Some countries that have introduced financial education in the curriculum using a cross-curricular approach. This means integrating financial literacy into other subjects and existing courses. This approach makes it possible to use financial literacy to reinforce other skills, such as reading and mathematics, and provides a real-life application for other learning areas.
% of students in schools where the principal reports that financial literacy is available for at least 2 years
Average % of students in schools where principals report students receive no instruction in financial literacy as a separate course or in other courses
Note these are based on reports from school principals.