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A comparison of financial literacy between native and immigrant school students

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  • Iulian Gramațki

Abstract

This paper investigates the gap in Financial Literacy (FL) between native and immigrant 15-year-old school students using data from the 2012 PISA Financial Literacy Assessment. The size of the gap is about 0.15 standard deviations, going up to 0.3 for first-generation immigrants. This is partly because immigrants have poorer economic background, parents that work in lower-skilled jobs, do not speak the test language at home and are placed in later student cohorts. Controlling for this via OLS or matching reduces the unexplained gap, but it still remains significant and displays considerable country-level heterogeneity. It ceases to be significant when the Math score is partialled out.

Suggested Citation

  • Iulian Gramațki, 2017. "A comparison of financial literacy between native and immigrant school students," Education Economics, Taylor & Francis Journals, vol. 25(3), pages 304-322, May.
    • Handle: RePEc:taf:edecon:v:25:y:2017:i:3:p:304-322
    DOI: 10.1080/09645292.2016.1266301
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    References listed on IDEAS

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    1. Johannes S. Kunz, 2016. "Analyzing Educational Achievement Differences between Second-Generation Immigrants: Comparing Germany and German-Speaking Switzerland," German Economic Review, Verein für Socialpolitik, vol. 17(1), pages 61-91, February.
    2. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    3. repec:iza:izawol:journl:y:2015:p:146 is not listed on IDEAS
    4. Koenker, Roger W & Bassett, Gilbert, Jr, 1978. "Regression Quantiles," Econometrica, Econometric Society, vol. 46(1), pages 33-50, January.
    5. Horst Entorf, 2015. "Migrants and educational achievement gaps," IZA World of Labor, Institute of Labor Economics (IZA), pages 146-146, April.
    6. Alberto Abadie & Guido W. Imbens, 2006. "Large Sample Properties of Matching Estimators for Average Treatment Effects," Econometrica, Econometric Society, vol. 74(1), pages 235-267, January.
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