Financial education, the countries where kids know more (and less) — idealista/news

Italian fifteen-year-olds are still poorly literate in economic matters, despite some slight progress compared to the past. And girls in particular are the most disadvantaged. This is one of the results that emerged from the latest OECD Pisa survey on “financial literacy”, which involved almost one hundred thousand students from 20 countries, including 6,200 Italian kids from 343 high schools. The picture that emerges is worrying: the Italian studentsalthough improved compared to the first survey in 2012, remain below the OECD average and are among the last in Europe, with a score of 484 points, surpassing only Bulgaria.

The investigation highlights a reality in which the girls, although proving to be more cautious in saving and comparing prices with their peers, they are less informed and generally more uncomfortable dealing with financial matters. This discomfort manifests itself not only in school settings, but also in family discussions.

The gap with other countries is significant. Young Italians are less involved in managing personal finances than their international peers. In OECD countries, almost two out of three young people (63%) have a bank account or postal, while in Italy only 37%. The difference is also evident in the use of prepaid cards, used by 62% of OECD adolescents compared to 29% of Italians.

One of the most critical aspects concerns the low presence of students with high financial skills. In Italy, only 5% of students reach the maximum level of financial competence, compared to an OECD average of 11%. The problem, therefore, is not so much the presence of students with low financial skills, which stands at around 18%, in line with the OECD average, but rather the lack of excellent students in this subject.

Another element that emerges from the survey is the lack of attention to economic education in Italian schools, particularly in high schools. With the exception of Economic and Social High School (LES)economic issues are little addressed. Furthermore, the recent attempt to introduce a new Made in Italy high school has not had the hoped-for success, risking further overshadowing the LES without bringing concrete benefits.

The OECD Pisa survey on “financial literacy” involved a smaller number of countries than the traditional survey on basic skills in Italian, mathematics and science, which has over 80 participating countries. In fact, countries such as France, Germany and the United Kingdom are missing from the roll call, having chosen not to participate.