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

Author

Listed:
  • Dolores Moreno-Herrero
  • Manuel Salas-Velasco
  • José Sánchez-Campillo

Abstract

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.

Suggested Citation

  • Dolores Moreno-Herrero & Manuel Salas-Velasco & José Sánchez-Campillo, 2018. "The Knowledge and Skills That Are Essential to Make Financial Decisions: First Results From PISA 2012," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 74(3), pages 293-339, September.
    • Handle: RePEc:mhr:finarc:urn:sici:0015-2218(201809)73:3_293:tkasta_2.0.tx_2-n
    DOI: 10.1628/fa-2018-0009
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    Citations

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    Cited by:

    1. Francisco J. Oliver-Márquez & Almudena Guarnido-Rueda & Ignacio Amate-Fortes & Diego Martínez-Navarro, 2024. "Regional Comparative Analysis on the Determinants of the Spaniards’ Financial Knowledge," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 4203-4238, March.
    2. Adam Ndou, 2023. "The Impact of Parental Financial Socialisation on Financial Decision-Making of Young Black African Adults in Rural and Low-Income Area in South Africa," International Journal of Economics and Financial Issues, Econjournals, vol. 13(4), pages 84-91, July.
    3. Moreno-Herrero, Dolores & Salas-Velasco, Manuel & Sánchez-Campillo, José, 2018. "Factors that influence the level of financial literacy among young people: The role of parental engagement and students' experiences with money matters," Children and Youth Services Review, Elsevier, vol. 95(C), pages 334-351.

    More about this item

    Keywords

    PISA 2012; financial literacy; multilevel analysis; the teaching of financial education;
    All these keywords.

    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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