Financial Literacy, Numeracy, and Schooling: Evidence from Developed Countries

Sara Lamboglia () and Massimiliano Stacchini ()
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Sara Lamboglia: Bank of Italy
Massimiliano Stacchini: Bank of Italy

Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, 2025, vol. 11, issue 2, No 4, 547-569

Abstract: Abstract Financial literacy is low among young people and their uninformed choices may have costly and long lasting consequences. This paper uses data from the 2018 and 2012 OECD Programme for International Student Assessment (PISA) to provide evidence on two drivers of young peoples’ financial skills: math abilities and financial education in school. Our results are twofold. First, financial skills tend to be higher among individuals with stronger mathematical abilities, especially when math teachers employ strategies that stimulate ‘cognitive activation’. Second, students’ exposure to financial education in school varies across countries, and financial outcomes are better among students who have this opportunity, particularly when financial activities are integrated into math classes.

Keywords: Financial literacy; Schooling (search for similar items in EconPapers)
JEL-codes: G53 H52 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s40797-025-00314-9

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