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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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Keywords: PISA 2012, financial literacy, multilevel analysis, the teaching of financial education

Appeared or available online: 28 May 2018

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