Brussels, 09/07/2014 (Agence Europe) - The results of the first PISA assessment of financial skills were published on 9 July. They indicate that many young people have poor skills when it comes to dealing with financial questions. In the 18 countries and economies of the OECD (including 11 member states, the Dutch speaking community of Belgium, Croatia, Czech Republic, Estonia, France, Italy, Latvia, Poland, Slovakia and Spain) that took part in the Programme for International Student Assessment (PISA), approximately one in seven 15-year-olds is unable to make very simple spending-related decisions and only one in ten can solve complex financial tasks.
The assessment evaluated young people's knowledge and skills on financial issues, such as being able to read a bank statement, calculate the long-term cost of a loan or how insurance operates. China (Shanghai) is the country with the highest level in financial culture, followed by the Flemish community of Belgium, Estonia, Australia, New Zealand, Czech Republic and Poland. The disparity between boys and girls is insignificant, except in Italy. On the other hand, social class differences are important, with those from better off backgrounds being more successful than students from poorer backgrounds when it comes to financial questions. According to Angel Gurria, the secretary general of the OECD, it is important that young people are able to master financial questions because individuals are responsible at a much younger age with regard to financial risks that could affect their futures. (IL)