A recent study conducted by the OECD revealed that financial literacy among students is crucial, but nearly 18% lack basic proficiency in managing money. The Secretary-General of the OECD emphasized the need for better equipping young people with the skills necessary to make informed financial decisions. The study, which included nearly 100,000 15-year-olds across various countries, found that students in the Flemish community of Belgium excelled in financial literacy.
However, there were disparities between genders, with no clear correlation between gender and financial literacy skills. Boys tended to outperform girls in some countries, while the economic background of students significantly influenced their ability to manage money. Advantaged students generally performed better than disadvantaged students, highlighting the need for financial education programs to reduce inequalities.
Despite some positive habits like saving money and checking for correct change, many students reported overspending. The OECD emphasized the importance of financial literacy not only for day-to-day purchases but also for recognizing fraud and preparing for the future in an increasingly digitalized world.
Experts stress the need for increased government support to boost financial literacy among students, particularly targeting the least capable individuals. As financial services evolve and become more complex, young people must be equipped with the necessary skills to make sound financial decisions and plan for their futures effectively.
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