Many high school students graduate without basic financial knowledge.
Financial literacy entails having the knowledge and comprehension of financial concepts and risks, along with the skills and attitudes needed to apply this understanding to make effective decisions across a range of financial contexts. Its aim is to improve the financial well-being of individuals and society, enabling active participation in economic life.
What students can do in financial literacy
At a minimum, these students can apply their knowledge of common financial products and commonly used financial terms to situations that are immediately relevant to them, and can recognise the value of a simple budget. Some 10% of students attained the highest level of proficiency, across OECD countries and economies. These students can apply their knowledge to contexts that may only become relevant to their lives later on, can analyse complex financial products, and can take into account features of financial documents that are not immediately obvious.
