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

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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.
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Document Type: Research Article

Publication date: 01 September 2018

This article was made available online on 28 May 2018 as a Fast Track article with title: "The Knowledge and Skills That Are Essential to Make Financial Decisions: First Results From PISA 2012".

More about this publication?
  • As one of the world's oldest professional journals in public finance, founded in 1884, FinanzArchiv (FA) publishes original work from all fields of public economics which are of interest to an international readership, e.g. taxation, public debt, public goods, public choice, federalism, market failure, social policy, and the welfare state. Special emphasis is on high-quality theoretical and empirical papers on current policy issues.

    FA is a peer-reviewed journal commited to a prompt turnaround of submissions.

    FA is listed in the Social Science Citation Index (SSCI), in Current Contents/Social and Behavioral Sciences, in Econ Lit, in the Journal of Economic Literature, in IDEAS and RePEc and in the International Bibliography of the Social Sciences.

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