The Knowledge and Skills That Are Essential to Make Financial Decisions: First Results From PISA 2012

Dolores Moreno-Herrero, Manuel Salas-Velasco and José Sánchez-Campillo

FinanzArchiv: Public Finance Analysis, 2018, vol. 74, issue 3, 293-339

Abstract: Using a multilevel analysis with data from PISA 2012, we find that the differences in financial literacy of 15-year-old students are explained by both individual and school characteristics. This paper finds that the financial education is positively related to students' financial literacy scores when it is taught as a cross-curricular subject and as part of business or economics courses, and to a lesser extent as part of mathematics and as an extracurricular activity. Also, math and reading abilities, and holding a bank account and a prepaid debit card, contribute positively to the development of financial literacy, while financial unfamiliarity contributes negatively.

Keywords: PISA 2012; financial literacy; multilevel analysis; the teaching of financial education (search for similar items in EconPapers)
JEL-codes: G10 I21 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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DOI: 10.1628/fa-2018-0009

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