First International Study of Youth Financial Literacy to Set National Strategies

The OECD Programme for International Student Assessment (PISA) is evaluating 15-year-ods regarding their understanding of personal financial concepts in the first global study of its kind. More than sixty countries or regions are participating in the PISA study and financial literacy professionals contend that the results of this research, which will be released next month in Paris, will help identify best practices and serve as the foundation for national financial literacy strategies.

Industry observers are watching this assessment closely, particularly as young people are very likely to have exposure to highly complex financial products and services as they get older. Moreover, given that those being tested are aged eighteen and younger, they will soon be facing the extremely important financial decision of whether to attend college. With the cost of college education skyrocketing and the levels of student debt soaring, financial literacy has come to be seen by many as a means to better understand the financial issues relating college tuition and student debt.

Over 500,000 students participated in the latest PISA survey, representing approximately 28 million 15-year-olds globally. A broad range of financial education topics are being covered by the PISA, including budgeting, saving, credit cards, consumer rights and overall management of personal financial affairs.

Results will be presented via live webcast on July 9, 2014. The results will be presented in the presence of Mr. Angel Gurría, OECD Secretary-General, and H.M. Queen Máxima of the Netherlands, UN Secretary General’s Special Advocate for Inclusive Finance for Development and Honorary Patron of the G20 Global Partnership on Financial Inclusion, and Mr. Francisco González, Chairman and CEO of BBVA. More information can be found here.