A new survey found that 15 year olds all over the world don’t know much about money and finance. Most teenagesr are financially illiterate and aren’t prepared to manage their own money when they start to earn some.
Students at the lowest level of financial literacy “cannot even recognize the value of a simple budget or understand the relationship between how much a vehicle is used and the costs incurred,” Angel Gurria, the secretary-general of the OECD, wrote in the preface of the report.
Teenagers in the U.S. finished just above the middle of the pack. But international comparisons are difficult because in some countries only a relatively well-educated segment of the population took the test. In China, whose students scored highest, the test was administered in Beijing, Shanghai, Jiangsu, and Guangdong. Second was the Flemish Community of Belgium, followed by the participating Canadian provinces (British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, and Prince Edward Island), Russia, the Netherlands, and Australia.