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Financial Literacy: Proficiency Levels


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Excel File 2012 Financial Literacy Proficiency Levels Description

Table FL1. Percentage distribution of 15-year-old students on PISA financial literacy scale, by proficiency level and education system: 2012
Education system Below level 2   Level 2   Level 3   Level 4   Level 5
Percent s.e.   Percent s.e.   Percent s.e.   Percent s.e.   Percent s.e.
OECD average (FL) 15.3   0.38   22.9   0.48   30.2   0.50   21.9   0.43   9.7   0.30
Australia 10.4   0.72   19.5   1.29   29.4   1.12   24.9   0.88   15.9   0.80
Belgium (Flemish Community) 8.7   1.02   15.1   1.42   26.2   1.54   30.4   1.67   19.7   1.35
Colombia 56.5   2.01   26.1   1.84   13.1   1.32   3.7   1.04   0.7 ! 0.31
Croatia 16.5   1.38   30.8   1.67   31.6   1.71   17.4   1.73   3.8   0.75
Czech Republic 10.1   1.50   21.2   1.92   32.8   1.89   26.0   1.71   9.9   0.99
Estonia 5.3   0.82   19.1   1.53   36.0   2.12   28.3   1.98   11.3   1.22
France 19.4   1.45   22.6   2.13   30.4   2.08   19.4   1.53   8.1   1.12
Israel 23.0   1.96   22.9   2.14   27.0   2.05   18.6   1.45   8.5   1.22
Italy 21.7   0.95   29.5   1.01   31.7   0.93   14.9   0.82   2.1   0.26
Latvia 9.7   1.25   26.8   1.75   36.2   2.13   22.7   1.89   4.6   0.94
New Zealand 16.1   1.17   18.0   1.37   23.4   1.53   23.3   1.74   19.3   1.33
Poland 9.8   1.23   23.2   1.73   34.2   1.81   25.6   1.78   7.2   1.05
Russian Federation 16.7   1.43   25.4   1.47   33.1   1.75   20.5   1.61   4.3   0.82
Shanghai-China 1.6   0.36   5.1   0.92   18.6   1.44   32.2   1.60   42.6   1.75
Slovak Republic 22.8   2.00   26.5   2.11   28.1   1.90   16.9   1.58   5.7   1.00
Slovenia 17.6   1.63   27.4   2.18   31.3   2.34   18.0   1.45   5.8   0.99
Spain 16.5   1.18   26.4   1.58   34.6   1.61   18.6   1.50   3.8   0.89
United States 17.8   1.51   26.2   1.79   27.1   1.80   19.4   1.78   9.4   1.17
NOTE: To reach a particular proficiency level, a student must correctly answer a majority of items at that level. Students were classified into financial literacy levels according to their scores. Exact cut scores are as follows: below level 1 (a score less than or equal to 325.57); level 1 (a score greater than 325.57 and less than or equal to 400.33); level 2 (a score greater than 400.33 and less than or equal to 475.10); level 3 (a score greater than 475.10 and less than or equal to 549.86); level 4 (a score greater than 549.86 and less than or equal to 624.63); and level 5 (a score greater than 624.63). Proficiency levels below 1 and level 1 have been collapsed into a below level 2 category for this table, in order to provide descriptive and meaningful proficiency levels for the financial literacy assessment. Scores are reported on a scale from 0 to 1,000. The OECD average (FL) is the average of the national percentages of the 13 OECD member countries that participated in the financial literacy (FL) assessment, with each country weighted equally. The following OECD countries participated in the financial literacy assessment: Australia, Belgium-Flemish Community, Czech Republic, Estonia, France, Israel, Italy, New Zealand, Poland, Slovak Republic, Slovenia, Spain and the United States. Standard error is noted by s.e. Detail may not sum to totals because of rounding. Italics indicate non-OECD countries and education systems.
SOURCE: Organization for Economic Cooperation and Development (OECD), Program for International Student Assessment (PISA), 2012.

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