Students’ financial literacy:

results from PISA 2015

Wednesday 24 May 2017
OECD, Paris
PISA 2015 Financial Literacy:
Results in Brief
Too many students lack basic financial skills

• On average across OECD countries and

economies, 22% of students do not
have basic financial skills
22% • Only about 12% of students across
participating OECD countries and
economies are top performers, as they
can tackle the most difficult tasks
Young people are already financial consumers and will soon
encounter complex financial decision, like student loans

Some 56% of 15-year-olds in participating OECD

countries and economies have a bank account,
19% have a prepaid debit card 56%
64% Some 64% earn money from some type of work
activity

But fewer than one in three students have the

skills to manage a bank account 31%
Students acquire financial skills from their parents…
But up to what their parents can transmit them

• On average across participating OECD countries and

economies, 84% discuss money matters with their
84% parents at least once a month
• Students who do so tend to perform better in financial
literacy

• But financial skills are strongly related to the

socio-economic background of their family 89 score
• Advantaged students score 89 points higher in
financial literacy than disadvantaged students
points
Schools are well positioned to teach students what they may
not be able to learn from their parents or by themselves

• PISA data reveal that 38% of the variation

in financial literacy is not explained by
mathematics and reading skills
• Many features of financial literacy are
unique to the subject
38%
• The symposium this afternoon will
discuss several school programmes
PISA 2015 Financial Literacy:
Framework, Rationale
and Results in Detail
PISA in brief – 2015
In 2015, over half a million students…
- representing 28 million 15-year-olds in 72 countries/economies
… took an internationally agreed 2-hour test in science, mathematics,
reading, collaborative problem-solving and financial literacy …
- Goes beyond testing whether students can reproduce what they were taught…
… to assess students’ capacity to extrapolate from what they know and creatively apply
their knowledge in novel situations
- Total of 390 minutes of assessment material
… and responded to questions on…
- their personal background, their schools, their well-being and their motivation
Parents, principals, teachers and system leaders provided data on:
- school policies, practices, resources and institutional factors that help explain
performance differences
- 89,000 parents, 93,000 teachers and 17,500 principals responded
 Financial literacy in PISA

“knowledge and understanding of

financial concepts and risks, and the
skills, motivation and confidence to apply
such knowledge and understanding in
order to make effective decisions across
a range of financial contexts, to improve
the financial well-being of individuals and
society, and to enable participation in
economic life”
What does financial literacy mean
for the lives of 15-year-olds?

Balance their priority and plan • …if they go to the cinema, will they still have enough money for the bus
what to spend money on fare home? Or would it be better to buy pizza and invite friends home?

Remember that some of the • …a games console will need new games, a motorbike will need fuel, tyres
purchases have ongoing costs and services

Being alert • …Some emails that look like they came from their bank might not be
to possible fraud legitimate, they should know what to do if they are not sure

Knowing what risk is and what • …If their phone gets stolen, they should ask their parents if it is covered
insurance is meant for by their household insurance

Make an informed decision • …they should know that if they buy a computer on credit they will have
about credit to pay interest on the loan, on top of the advertised price for the compute
Financial literacy content, context and processes

Content Processes Contexts

Identifying financial Education and work
Money and transactions
information

Planning and managing Analyse information in a Home and family

finances financial context

Risk and reward Evaluate financial issues Individual

Apply financial knowledge

Financial landscape Societal
and understanding
Financial literacy content

Content •
•
Coins and notes
Different ways of making payments
• Understanding bank statements
Money and
transactions • Saving and spending
• Credit and debt
• Financial decision making
Planning and
managing finances • Investment and saving
• Diversification
• Using credit
Risk and reward • Volatility of the market
• Exchange rates
• Consumer rights and responsibilities
Financial landscape • Understanding of the wider financial, econom
ic and social system
The PISA financial literacy test
• In 2015, around 48 000 students were assessed in financial
literacy, representing about 12 million 15-year-olds in the
schools of the 15 participating countries and economies

• Students in countries and economies that participated in the

financial literacy answered
– a two-hour combination of tasks in science, reading and mathematics
– A one-hour test in financial literacy (43 items) after the core assessment
– Questions about their experience with money such as discussing money
matters with parents, basic financial products and sources of money
(through a ‘money management questionnaire’)
– … in addition to the standard questions about their personal background
15 Sample Question: INVOICE
The main taskSara receives
is to knowthis
theinvoice in the
purpose maildemonstrate a
and
basic understanding of an invoice
Content: Money and transactions, it involves awareness of the different
forms and purposes of money and handling simple monetary
transactions such as everyday payments

This is an easy item – Level 1 on the financial

literacy scale (below baseline)

Question 1: Why was this invoice sent to Sarah?

A. Because Sarah needs to pay the money to Breezy Clothing.
B. Because Breezy Clothing needs to pay the money to Sarah.
C. Because Sarah has paid the money to Breezy Clothing.
D. Because Breezy Clothing has paid the money to Sarah.
16 Sample Question: PAY SLIP
Each month, Jane’s salary is paid into her bank account. This is Jane’s pay slip for July

The main task is read the pay slip and to recognise that
Jane’s employer will only pay net salary into her bank

Content: Money and transactions and the context is education and work

Process: Identify financial information

Question 1: How much money did Jane’s employer pay into her bank account
on 31 July?
A. 300 zeds
B. 2500 zeds This is a relatively hard item – Level 4 on
C. 2800 zeds the financial literacy scale
D. 19600 zeds
17 Sample Question: INVOICE
Sara receives this invoice
This isina the mail
hard item – Level 5 on the
financial literacy scale
Content: Money and transactions

This item focuses on students’ ability to apply

financial knowledge and understanding

Question 3: 131
Sara notices that Breezy Clothing made a mistake in the
invoice. Sara ordered and received two T-shirts, not three. The postage fee is Zeds
a fixed charged.
What will be the total of the new invoice?
18 Sample Question: BANK ERROR
David banks with ZedBank. He receives this e-mail message
Content:
Dear financial
ZedBank member,landscape,
because
There Internet
has been banking
an error on theisZedBank server andThisyour
is a Internet
hard item
login– details
Level 5
haveof
part been
whatlost.
students are likely
Astoaexperience
result, you have
nowno oraccess
in the to Internet banking.
Most importantly your account is no longer secure.
near
Please click future.
on the This
link below and follow the item focuses
instructions on students’
to restore ability
access. You
to evaluate financial issues
will be asked to provide your Internet banking details.
https://ZedBank.com/

Question 1: Which of these statements would be good advice for David?

Reply to the e-mail message and provide his Internet banking details Yes / No
Contact his bank to inquire about the e-mail message Yes / No
If the link is the same as his bank’s website address, click on the link and follow Yes / No
the instructions
 Students increasingly need
financial skills
Many young people face financial decisions and are
consumers of financial services. They are likely to face
growing complexity and risks in the financial marketplace as
they move into adulthood.
 Table IV.5.13b
More than 70% of students hold a bank account in Australia,
Belgium (Flemish), the Canadian provinces and the Netherlands

At Level 4, students can

Students holding a bank account
apply their understanding of
Students holding a bank account who perform below proficiency Level 4
100
less common financial
90 concepts and terms to
80 contexts that will be
70 relevant to them as they
60 move towards adulthood,
50
40
such as bank account
30 management […]. They can
20 interpret and evaluate a
10 range of detailed financial
0 documents, such as bank
Chile

Spain

United States

Netherlands
Poland

Lithuania
Italy

B-S-J-G (China)
Slovak Republic

Belgium (Flemish)

Australia
Russia

OECD average-10

Canadian provinces
% statements […]

Students who have a bank

account but do not reach
proficiency Level 4
 Table IV.5.15
Some 64% of students earn money from some formal
or informal work activity on average across OECD

Percentage of students who receive money from:

Working outside school hours (e.g. a holiday job, part-time work)
Working in a family business
Occasional informal jobs (e.g. baby-sitting or gardening)
Any work activity (working outside school hours and/or working in a family business and/or occasional informal jobs)
%

90
80
70
60
50
40
30
20
10
0

Slovak Republic

Netherlands
Chile
Spain

United States

Lithuania

Poland
Italy

Australia

Belgium (Flemish)
Russia

B-S-J-G (China)
Canadian provinces

OECD average-10
 In some countries, students nearing the end of compulsory education will soon
decide whether to take a student loan

Percentage of 15-year-old students

who perform at Level 4 and above
At Level 4, students […] can
• Percentage of students make financial at
in Australia decisions
bachelor’s,
79% taking into account
master’s or doctoral levels who had a public longer- Australia
student loan in 2013/14term consequences, such as
understanding the overall
• Percentage of bachelor’s-degree students
cost implication in the
of paying
62% United States who had a public student loan in
back a loan over a longer
United States
2013/14
period […].
USD • Average amount of debt students graduate with Netherlands
18 000 in the Netherlands

USD • Average amount of debt students graduate with in

Participating
Canadian
12 000 Canada provinces

0 10 20 30 40 50 %
Source: Education at a Glance 2016
Many young people use digital financial products

Percentage of young people age 15-24 who have:

Made payments online using the Internet Made a transaction using a mobile phone
United States
Australia
Netherlands
Canada
Spain
Poland
Belgium
Italy
China
Slovak Republic
Russian Federation
Lithuania
Chile
Brazil
Peru
0 10 20 30 40 50 60 70 80 90 %
Source: World Bank Global Findex, 2014
What the results tell us?
 5 research questions and a policy goal

1. What are the current needs and gaps in financial literacy of

students across countries and within countries?
2. What are the main factors explaining the wide inequalities
within country?
3. Is financial literacy only about mathematics and reading ?
4. What are students’ current experiences with money matters ?
Is it related to financial literacy?
5. How is financial literacy related to students’ financial behaviors
and future expectations?

→ Goal : Evidence to support effective policy action

 Students’ performance
in financial literacy
What are the needs and gaps across and within countries?
 Mean score Figure IV.3.2
Mean performance in
580
financial literacy
B-S-J-G (China)
560

540 Belgium (Flemish)

Canadian
provinces

520
Russia
Netherlands
Australia
500

Poland United States

480 Italy

Spain
460
Lithuania
Slovak Republic
440
Chile

420

Peru
400
Brazil

380
 Figure IV.3.6
Students’ financial literacy by proficiency levels

100 33 24 22
At Level 4, students can apply their
11
17 15 6 8 At Level 5, students can apply their
80 10 12 6 understanding of less common financial
4 understanding of a wide range of
6 3 concepts and terms to contexts that will be
60 1 financial
At relevant
Level 3, to terms and
students can concepts
apply their to contexts
3 them as they move towards
40 that may only
understanding become relevant
of commonly to their
used financial
adulthood,
At Level 2, students such as bank
begin to account
apply their
lives in
concepts, the long
terms term. They
and compound
products can
tointerest analyse
situations
% 20 management
knowledge of common and financial products in
and
that complex
are relevant financial
to them. products
They and can
begin to take
savingused
commonly products.financial They can and
terms interpret and
concepts.
0 Below into2,account
Level
consider thestudents features
consequences can ofof
identifyfinancial
common
financial
Theyevaluate
can use
documents
agiven
range of detailed
information
that are tofinancial
significant make
20
13 22 22 13 financial products
decisions
documents, andand they
such terms
can
as bank simplebut
and interpret
make statements, financial
and
19 20 20 20 22 22 financial decisions
unstated or in contexts
not immediately that areevident,
25 information
plans inrelating
familiar
explain the to basic
contexts.
functions financial
They
of less concepts.
can make
commonly
40 32 35 38 immediately
such relevant
as transaction to them. costs.They Theycancan
48 Theystraightforward
can recognise
used financial the difference
interpretations
products. They between
of a
can range
make of
60 recognisework the value
withand a highof a simple
level budget
ofsimple
accuracy andand can
53 needs and
financialwants
financial documents
decisions can make
and
takingcan apply
into account of
a range
interpret prominent
solve non-routine features of
financial everyday
problems,
80 decisions
basic on everyday
numerical
longer-term spending.
operations,
consequences, They
suchcan
including as
financial documents. They can apply single
Chile

Peru
Netherlands

Spain

Lithuania

Brazil
Australia

Italy

United States
B-S-J-G (China)

Poland
Belgium (Flemish)

Canadian provinces

Slovak Republic
Russia

OECD average-10

recognise and
the
calculating they
purpose can describe
percentages. of everyday
They thecanpotential
financial
choose
basicunderstanding
numerical
outcomes of
the overall
operations,
financial
cost implication
including
decisions, division,
documents such
theofnumerical
paying as
back an a invoice
operations loan and
needed
over a apply single
to solve
longer period,
to answer financial
showing questions.
anoperations
understanding They show
of the wideran
and basic
routine numerical
problems
and they can in
solve relatively (addition,
common
routine problems in less
understanding
financial oflandscape,
the relationships
such as between
income tax.
subtraction
financial
common or multiplication)
literacy
financial contexts, in
contexts. financial
such as budget
different financial elements, such as the
contexts that they are likely to have experienced
calculations.
amount of use and the costs incurred.
personally.
 Figure IV.3.6
Students’ financial literacy by proficiency levels

100 33 11 24 22
BANK ERROR - Evaluate a potential financial
17 15 6 8
80 10 12 6 fraud and respond appropriately to a financial
4 6 3 scam e-mail message – Level 5
60 1
3
40
PAY SLIP - Read a pay slip and recognise that
% 20 the employer will only pay net salary into the
0 employee’s bank – Level 4
13 22 22 13
20 20
19 20 20 22 22
25 INVOICE Question 3 (partial credit) - Interpret
40 32 35 38 various elements on the same invoice to correct a
48
60 53 mistake in the billing – Level 3
80

Chile

Peru
Netherlands

Spain

Brazil
United States

Lithuania
Australia

Italy
B-S-J-G (China)

Poland
Belgium (Flemish)

Canadian provinces

Slovak Republic
Russia

OECD average-10

INVOICE Question 2 - Identify a delivery cost that

is explicitly stated on an invoice – Level 2

INVOICE Question 1 – Recognise the purpose of

an invoice - Below Level 2
 Figure IV.4.1
Variation within each country is wider than the variation between
countries at the mean

Percentage of students at various percentiles on the financial literacy scale

25th - 10th percentile 50th - 25th percentile 75th - 50th percentile 90th - 75th percentile

Brazil 302
Peru 276
Chile 274
Slovak Republic 311
Lithuania 266
Spain 265
Italy 249
Poland 262
United States 280
OECD average-10 285
Australia 309
Netherlands 312
Russia 232
Canadian provinces 295
Belgium (Flemish) 291
B-S-J-G (China) 312

Score-point200 300 400 500 600 700

difference between
90th and 10th
 Varying opportunities to improve
students’ financial literacy
What are the main factors (gender, socio-economic and immigrant background)
explaining the wide inequalities within country?
 Figure IV.4.4
In most countries/economies there are no differences in
financial literacy between boys and girls at the mean…

Difference between boys and girls

Gender differences in
Before accounting for performance in other subjects
financial literacy may be
After accounting for performance in mathematics and reading related different
15 opportunities for learning,
10 different contexts in
Boys perform better
Score-point difference

5 which men and women

0 grow up and live, and to
-5 a possible variation of
-10 these factors across
-15 generations.
-20 Girls perform better
-25
-30

Chile
Peru
Lithuania

Poland

Spain

Brazil

Netherlands

United States
Australia

Russia

Belgium (Flemish)

Italy
B-S-J-G (China)
Slovak Republic

Canadian provinces
OECD average-10
 Students below Students at
Level 2 Level 5

60
50
40
30
20
10
0
10
20
30
40
50
60

%
%
Peru

Brazil

Lithuania
are low performers

Chile

Slovak Republic

Spain

Italy

Poland

Russia

United States

OECD average-10

Australia

Netherlands

Canadian provinces

Belgium (Flemish)

B-S-J-G (China)
… but in 9 countries and economies out of 15, more boys than girls

Girls
Girls

Boys
Boys
Figure IV.4.5
Socio-economically advantaged students score 89 points higher Table IV.4.11
than disadvantaged students, on average across OECD,
equivalent to more than one PISA proficiency level
Mean score, by quarters of the PISA index of economic, social and cultural status (ESCS)
650
Top quarter of ESCS
600
Third quarter of ESCS
550 Second quarter of ESCS
500 Bottom quarter of ESCS
Score points

450
400
350
Difference
300 between
students in the
46

107

60

79
104

103

117
78
132

110

73

71
89

97
77

80
top quarter and

Spain

Brazil
United States
Poland

Lithuania
Italy
Canadian provinces

Slovak Republic
Russia

OECD average-10
students in the

Chile

Peru
Netherlands

Australia
B-S-J-G (China)

Belgium (Flemish)

bottom quarter
of this index
Parents play a role in developing their children’s financial literacy not Figure IV.5.1
only through the resources that they make available to them but also
through direct engagement

Mean score, by students’ answers to the question:

“How often do you discuss money matters (e.g. talk about spending, saving, banking, investment) with your parents?”

510

500

490
Score points

480
Discussing money matters with parents at
470 least sometimes is associated with higher
financial literacy than never discussing the But discussing very
460 subject, after accounting for students’ socio- often may mean
economic status something else….
450

440
Never or hardly ever Once or twice a month Once or twice a week Almost every day
 Figure IV.4.10
Immigrant students score 26 points lower in financial literacy than
native-born students of similar socio-economic status

After accounting for ESCS Before accounting for ESCS

120
100
Score-point difference

80
60
40
20
0
Percentage of
-20 7 students with an
25

8
23

11
13
34

11

14
immigrant
background

Italy
Russia

Spain
United States

Netherlands
Australia

Belgium (Flemish)
Canadian provinces

OECD average-10
Is financial literacy only about
mathematics and reading?
 Table IV.3.10a
Student performance in financial literacy is correlated with performance
in mathematics and reading, but around 38% of the score reflects factors
that are uniquely captured by the financial literacy assessment
Variation uniquely associated with mathematics performance
Variation uniquely associated with reading performance
Variation associated with more than one domain
Variation uniquely captured by the financial literacy assessment
Australia 71
Netherlands 71
Belgium (Flemish) 70
United States 70
B-S-J-G (China) 69
Peru 68
Chile 62
Poland 62
OECD average-10 62
Spain 58
Lithuania 58
Canadian provinces 53
Italy 52
Slovak Republic 48
Brazil 47
Russia 45
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Total explained
variation
Financial literacy skills may go beyond or Figure IV.3.12
fall short of the ability to use the knowledge that students acquired
in compulsory education
Difference between the actual financial literacy score and the score predicted by students’
performance in mathematics and reading
40
Students’ performance in
30 financial literacy is higher
than the performance of
20
Score-point difference

students with similar scores

10 in mathematics and reading

0
-10 Students’ performance in
financial literacy is lower
-20 than the performance of
-30 students with similar scores
in mathematics and reading
-40

Peru
Chile
Spain

Netherlands

Brazil

United States
Lithuania

Poland
Slovak Republic

Italy

Australia

Belgium (Flemish)

B-S-J-G (China)
Canadian provinces
OECD average-10

Russia
Highest performing
countries/economies
 Learning by doing

What are students’ current experiences with

money matters ?
Are these related to financial literacy?
 Figure IV.2.1
Many students hold basic financial
products or earn money from work
Student has both a bank account and a prepaid debit card Student has a bank account but no prepaid debit card
Student has a prepaid debit card but no bank account Student earns money from a work activity
100
90
80
70
60
50
40
30
20
10
0

Chile
Spain
Netherlands

United States

Lithuania

Poland
Australia

Belgium (Flemish)

Italy

B-S-J-G (China)

Russia
Canadian provinces

Slovak Republic
OECD average-10

%
On average, students who hold a bank account perform better in Figure IV.5.5
financial literacy than students of similar socio-economic status
who do not have a bank account

Difference between students who have a bank account and students who do not
After accounting for socio-economic status Before accounting for socio-economic status
100
Score-point difference

80
60
40
20
0
-20

Belgium (Flemish)
Chile

Spain
Lithuania

Poland

United States

Netherlands
Italy

Australia
B-S-J-G (China)
Slovak Republic

Canadian provinces
Russia

OECD average-10
 Table IV.5.10
Advantaged students are more likely to have a bank account

Increased likelihood of socio-economically advantaged students to hold a bank account

7
6 Six times more likely to have a bank account
Odds ratios

5
4 More than twice as likely to have a bank account
3
2
1
0
Chile

Spain

Netherlands

United States
Lithuania

Poland
Italy

B-S-J-G (China)
Slovak Republic

Australia

Belgium (Flemish)
Canadian provinces
Russia

OECD average-10
 Financial literacy and
financial decisions and life aspirations
How is financial literacy related to students’
financial behaviors and future expectations?
 Figure IV.6.1
Most students would save if they want to buy something for which
they do not have enough money

Percentage of students who gave the following replies to the question:

“Likelihood of students' response to the question “If you don’t have enough money to buy something you really want
(e.g. an item of clothing, sports equipment) what are you most likely to do?”

100%
90% Not buy it
80%
70% Save up to buy it
60%
50% Try to borrow money from a friend
40%
30% Try to borrow money from a family
member
20%
10% Buy it with money that really should
be used for something else
0%

Chile
Poland

Lithuania

Netherlands

Spain
Italy

provinces

United States
Australia

B-S-J-G (China)
Slovak Republic

Belgium (Flemish)

Canadian
OECD average-10

Russia
 Figure IV.6.2
Students' financial literacy is associated with
understanding the value of saving

Level 2 or 3 Level 4 or 5

3.50
High performing students are
more than twice as likely as low-
3.00 performing students in financial
literacy to choose the statement
"Save up to buy it" rather than
Odds ratio

2.50
"Buy it with money that really
should be used for something
2.00 else“, after accounting for
performance in mathematics
1.50 and reading and other
characteristics.
1.00
Try to borrow money Try to borrow money Save up to buy it Not buy it
from a family from a friend
member
Top-performing students in financial literacy are more likely than low- Figure IV.6.5
performing students to report that they expect to complete university
education – in some countries

Increased likelihood of students at various proficiency levels in financial literacy to expect to complete education at ISCED
Level 5A or 6, after accounting for students performance in mathematics and reading and other characteristics

4
Level 2
3.5
Level 3
3
Level 4
2.5
Level 5
Odds ratio

2
1.5
1
0.5
These students
0
may be more likely
Belgium (Flemish)

Chile

Peru
Poland

Brazil

Spain
United States

Netherlands

Lithuania

Italy

Australia
B-S-J-G (China)
Canadian provinces

Russia

OECD average-10
to see the value of
investing in higher
education
 Top-performing students in financial literacy are more likely than low- Figure IV.6.6
performing students with similar characteristics to report that they
expect to have a high-skilled occupation when they are 30 years old

2
Level 2

1.8 Level 3
Level 4
1.6 Level 5
Odds ratio

1.4

1.2

1 These students may

be more likely to see
0.8
the value of investing

Chile
Peru

Brazil

Spain

United States

Lithuania

Netherlands
Australia
B-S-J-G (China)

Poland

Italy
Canadian provinces

Slovak Republic

OECD average-10

Russia
in higher education to
work in a high-skilled
occupation
What do the results mean for policy?
A multifaceted policy agenda
Address the
Evaluate the needs of low-
impact of performing Tackle socio-
initiatives in students economic
and outside of inequalities
school early on
Financial
Provide young literacy Provide equal
people with safe skills for opportunities for
opportunities to all learning to boys
learn by experience students and girls
outside of school
Help students
make the most of
Target parents at available learning
the same time as opportunities at
young people school
What are countries already doing?

An increasing number of countries is developing

targeted initiatives in and out of school
National strategies for financial education

• 10 out of the 15 participating countries and economies

are implementing a national strategy for financial
education specifically addressing young people among
their target audiences:
… Australia, Brazil, Canada, Italy, the Netherlands, the
Russian Federation, Spain, Peru and the United States
.. And over 65 countries these days
Initiatives in school
• Several countries started introducing some financial literacy
elements in the school curriculum into existing subjects
(Australia, Brazil, Flemish Community of Belgium, Lithuania,
Peru, Slovak Republic, Spain – Canada and the United
states, depending on province/state)
… but to what extent is the curriculum implemented?

• Some examples of evaluation of financial education

programmes in school (Brazil, Italy, Russia, Spain, US)
…is it effective? evaluation needs to become systematic
Out of school initiatives

• Videos, competitions, interactive tools, events

(money weeks, savings day), museums, serious
games
…complementary to school initiatives
…can reach out-of-school young people
… participation of non-profits and private sector to be monitored
…again their impact needs to be evaluated more regularly
Next steps

• Continue to collect and share evidence on policy

effectiveness through the OECD/International
Network on Financial Education (INFE)
• PISA 2018 financial literacy: 21 countries
Australia, Brazil, Bulgaria, Canada, Chile, Estonia, Finland, Georgia,
Indonesia, Italy, Latvia, Lithuania, Netherlands, Peru, Poland, Portugal,
Russian Federation, Serbia, Slovak Republic, Spain, United States
• Possibility of a further assessment in 2021
 Thank you

Find out more about our work at www.oecd.org/pisa

All publications and the complete micro-level database

www.oecd.org/finance/financial-education
SecretariatINFE@oecd.org