May 2018
Summary: Youth today confront an economic climate that imposes individual financial responsibility at levels greater than in the past. The financial literacy assessment within the Programme for International Student Assessment (PISA) provides an international measure of students’ preparedness for the financial decisions they will face on a daily basis. This assessment was launched in 2012 with 18 participating countries and economies. The most recent wave, in 2015, covers 15 countries and provides an unprecedented opportunity to explore changes in and influences on the financial literacy of young people. The data reveal a persistent lack of financial literacy among 15-year-olds in most of the participating countries and economies. Italy is the only OECD country to show a marked improvement in financial literacy performance between the 2012 assessment and the 2015 wave. Many factors influence students’ financial skills and knowledge, among them financial access, family background, the support and participation of parents, and the educational environment of schools. Actions taken by parents, schools, and teachers can help improve the financial literacy of the student population in Italy, equipping the next generation with the knowledge and skills it needs to independently navigate the financial landscape toward a financially sound future.