A new report says teenagers in wealthier countries Missing Financial literacy.
meanwhile More than two-thirds of students Their level of financial literacy is too low to make daily use of financial products and services. confirm Financial risks can be avoided, Organization for Economic Cooperation and Development The OECD announced this on Thursday, June 27th.
“These findings, coupled with the increased incidence and complexity of and The potential impact of financial fraud and scams highlights the need to better equip young people with the knowledge and skills they need to make safe and informed financial decisions,” said the OECD Secretary-General. Matthias Cormann This was stated in a news release.
“We hope to broaden the scope of this evaluation to provide robust evidence base for countries’ financial education policies and strategies to ensure that their education systems are as effective as possible, including preparing young people for their financial futures.”
OECD PISA 2022 Volume 4 Financial Literacy Assessment A study of the financial skills of 15-year-olds in 14 OECD member countries and six partner countries found that: Among them Engage in basic financial activities from a young age.
For example, on average, 80% of students had purchased something online in the past 12 months; Two thirds I used my mobile phone to make the payment.
“However, many still lack the skills and knowledge they need to make sound financial decisions, with one in five students on average across OECD countries not achieving basic proficiency in financial literacy,” the statement said.
of Top performance About 11% of students surveyed were able to solve non-routine financial problems and discuss their potential outcomes. Finance They make decisions while demonstrating their understanding of matters such as income tax.
According to a PYMNTS Intelligence survey, many consumers are seeking financial expertise. Finance We asked financial institutions (FIs) for guidance.
PYMNTS Intelligence Research “How CU can help young consumers in a struggling economy.” It shows that around 60% of financial institution customers expect their financial institution to help them improve their financial situation.
The report was completed in collaboration with PSCU and is currently BelleraAccording to the research, the need for financial advice is especially pronounced among younger consumers, with 29% of Gen Z consumers surveyed admitting to not knowing their credit score.
“This may not be surprising. 79% of Gen Z “And millennials say they get financial advice through social media,” PYMNTS writes. “Only 11% say they use a financial advisor to get the guidance they need.”
