OECD last report points out the low level of adult financial literacy, 12 October 2016
Thirty countries (including 17 OECD countries) participated in the last OECD international survey of adult financial literacy competencies. In total, 51,650 adults aged 18 to 79 were interviewed.
The survey points out the low level of adult financial literacy. It underlines the important gender differences in financial knowledge. In fact, 61% of men participating in the survey achieved the minimum target score compared with 51% of women. Financial behaviour appears to be also problematic, with the weakest areas being budgeting, planning ahead, choosing products and using independent advice. According to the OECD survey, financial resilience, i.e. the ability to cope with external shocks, is a concern in some countries. It is, for instance, relatively uncommon to have a household budget.
Therefore, OECD draws a set of policy conclusions. It underlines the importance of starting financial education early and in schools. It calls public authorities to seek ways to strengthen knowledge, skills and behaviours of adults with a combination of financial education and other policies. In addition, financial resilience and long-term planning could be further promoted, and regulation and consumer protection framework should be combined with financial education.
