Financial education and student financial literacy: A cross-country analysis using PISA 2012 data

Ferrera, José Manuel Cordero; Izquierdo, María Gil; Chaparro, Francisco Pedraja

doi:10.1016/j.soscij.2019.07.011

Cited by 33 publications

(49 citation statements)

References 78 publications

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“…Based on the sector (public or private university), there is a significant difference in the FIL level of university students. Mean ranks of private sector universities are higher than those of public sector universities, which is further confirmed by the study of Cordero, Gil-Izquierdo, and Pedraja-Chaparro (2020). This finding implies that, despite having limited resources, private universities in Pakistan are better in providing practical exposure and financial education to their students than public sector universities.…”

Section: Resultssupporting

confidence: 53%

“…Students who took a finance course are more knowledgeable than others (Ergün, 2018). This is confirmed by Cordero, Gil-Izquierdo, and Pedraja-Chaparro (2020), who employed a difference-in-differences approach and found that students who received a finance course are more literate than others. Nidar and Bestari (2012) suggested that Indonesian universities introduced finance courses as a minor in all disciplines to improve the financial knowledge of students.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 66%

“…Therefore, it is crucial to gauge any difference in the FIL level based on the sector of the university. A study conducted by Cordero, Gil-Izquierdo, and Pedraja-Chaparro (2020) has found that students enrolled in private institutions and non-governmental organizations (NGOs) have more financial knowledge than others. The nexus between the level of education (qualification) and financial literacy is found significant and positive, as evidenced by existing literature (e.g., Albeerdy and Gharleghi, 2015;Kiliyanni and Sivaraman, 2018).…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

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Demographic and socio-economic differences in financial information literacy among university students

Liaqat

Mahmood

Ali

2020

Information Development

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Financial information literacy helps to manage earnings, especially among those students who study non-commerce subjects. Thus, this study attempts to explore the differences in such literacy through their demographic and socioeconomic characteristics. A well-structured instrument was used to gather data from 382 non-commerce students in universities in Pakistan using a multi stage sampling technique. Analyses were conducted through percentage of correct response technique and group comparisons. The findings indicate an average level of financial knowledge among university students. The demographic differences reveal that most of the students are male, graduate, with age above 26, enrolled in a private university, residing in dormitories, and score higher in academic subjects are more financially literate. While the socioeconomic differences indicate that those students who follow family advice, study minor finance courses, maintain a bank account, and have higher parental income are more knowledgeable about finance. The study recommends arranging awareness sessions to impart financial knowledge to students.

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Section: Resultssupporting

confidence: 53%

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 66%

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

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Demographic and socio-economic differences in financial information literacy among university students

Liaqat

Mahmood

Ali

2020

Information Development

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“…In the recent meta-analysis of 126 studies, Kaiser and Menkhoff (2017) found that financial education significantly predicted financial literacy and financial behavior. Based on the PISA 2012 results, the availability of financial education has a significant and positive relation with adolescents' financial literacy scores (Cordero et al, 2019). This positive link was persistent regardless of the educational strategy applied (e.g., financial literacy classes being compulsory or not, courses taught separately or within other subjects, being taught by school teachers, or being taught by people outside the school).…”

Section: Factors Of Financial Learning and Financial Literacymentioning

confidence: 99%

Financial literacy among Finnish adolescents in PISA 2018: the role of financial learning and dispositional factors

Šilinskas

Ahonen

Wilska

2021

Large-scale Assess Educ

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The aim or the present study was to examine the relative importance of financial education in school and families and dispositional factors (competitiveness, work mastery, meta-cognition) in predicting financial literacy among Finnish adolescents. The data on the 4328 Finnish 15-year-olds was drawn from the PISA 2018 assessment. Financial literacy was measured by tests, and financial education and dispositional factors were assessed by adolescent questionnaires. First, the results showed that financial education in school was positively associated with adolescents’ financial literacy skills, whereas parental involvement in financial matters did not relate or related negatively to financial literacy scores. Second, dispositional factors, such as competitiveness, work mastery, and meta-cognition (effective strategies to understand/remember information, to summarize information, and to evaluate source credibility) were the strongest positive predictors of the financial literacy scores. Overall, the present study emphasizes that certain social factors (schools and families) and especially dispositional characteristics (personality/motivation and critical thinking/learning strategies) may shape the development of the financial skills of adolescents.

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“…In these countries, financial concepts are linked to other areas of learning, such as mathematics, humanities, or social sciences. However, although it is less common for FE to be taught as a separate subject, some countries have adopted this strategy such as China (Shanghai), Colombia, and the Russian Federation (Cordero, Gil, & Pedraja, 2016; OECD/INFE, 2015). But, simply introducing FE is not a panacea.…”

Section: Introductionmentioning

confidence: 99%

Teaching financial education in schools and students' financial literacy: A cross‐country analysis withPISAdata

2020

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In the last decade, developed and emerging economies have become increasingly aware of the importance of ensuring that their citizens are financially literate. Eighteen countries and economies, including 13 OECD countries, participated for the first time in 2012 on the financial literacy assessment of 15‐year‐old students. Financial literacy scores varied according to the participating countries, and they were determined by factors related to the teaching‐learning process, especially those related to the delivery of financial education in schools. This paper assesses the effectiveness of the provision of financial education in the school curriculum across all the countries that participated in PISA 2012—data from 2015 did not allow such analysis. We measured the direct effect of different ways of financial education delivery on students' financial literacy scores, after controlling for math and reading performance, and individual characteristics of students and their schools. The majority of the countries have introduced financial education topics in the curriculum somehow. But only in the Flemish Community of Belgium, the United States, and Latvia—and to a lesser extent in Australia, Estonia, France, Israel, Poland, Spain, the Czech Republic, the Russian Federation, and the Slovak Republic—the way how financial education (FE) is delivered is positively correlated with students' financial literacy scores: FE taught as part of business or economics courses in Belgium, FE taught as part of a cross‐curricular subject in the U.S., and FE taught as part of mathematics in Latvia. Our main findings pose fundamental challenges for educational policy regarding school‐based FE. The first is to decide at what age (grade) interventions should be introduced into the education system so that students are not only financially literate but also financially competent. The second is to devise instructional approaches that more effectively lead young people to put pertinent financial knowledge into practice and to do so correctly when they make financial decisions.

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Financial education and student financial literacy: A cross-country analysis using PISA 2012 data

Cited by 33 publications

References 78 publications

Demographic and socio-economic differences in financial information literacy among university students

Demographic and socio-economic differences in financial information literacy among university students

Financial literacy among Finnish adolescents in PISA 2018: the role of financial learning and dispositional factors

Teaching financial education in schools and students' financial literacy: A cross‐country analysis withPISAdata

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