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Financial Literacy: Proficiency Levels


High and Low Performers

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Excel File 2012 Financial Literacy Proficiency Levels Description

Figure FL1a. Percentage of 15-year-old students performing at PISA financial literacy proficiency level 5 and below level 2, by education system: 2012


data in this figure can be found in the table below

* p<.05. Significantly different from the U.S. percentage at the .05 level of statistical significance.
NOTE: Education systems are ordered by 2012 percentages of 15-year-olds in level 5. 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 figure, 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. 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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Excel File 2012 Financial Literacy Proficiency Levels Description

Table FL1b. Percentage of 15-year-old students performing at PISA financial literacy proficiency level 5 and below level 2, by education system: 2012
Education system Below level 2   Level 5
Percent s.e.   Percent s.e.
OECD average (FL) 15.3   0.38   9.7   0.30
Shanghai-China 1.6 * 0.36   42.6 * 1.75
Belgium-Flemish Community 8.7 * 1.02   19.7 * 1.35
New Zealand 16.1   1.17   19.3 * 1.33
Australia 10.4 * 0.72   15.9 * 0.80
Estonia 5.3 * 0.82   11.3   1.22
Czech Republic 10.1 * 1.50   9.9   0.99
United States 17.8   1.51   9.4   1.17
Israel 23.0 * 1.96   8.5   1.22
France 19.4   1.45   8.1   1.12
Poland 9.8 * 1.23   7.2   1.05
Slovenia 17.6   1.63   5.8 * 0.99
Slovak Republic 22.8 * 2.00   5.7 * 1.00
Latvia 9.7 * 1.25   4.6 * 0.94
Russian Federation 16.7   1.43   4.3 * 0.82
Spain 16.5   1.18   3.8 * 0.89
Croatia 16.5   1.38   3.8 * 0.75
Italy 21.7 * 0.95   2.1 * 0.26
Colombia 56.5 * 2.01   0.7 !* 0.31
* p<.05. Significantly different from the U.S. percentage at the .05 level of statistical significance.
NOTE: Education systems are ordered by 2012 percentages of 15-year-olds in level 5. 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. Italics indicate non-OECD countries and education systems.
SOURCE: Organization for Economic Cooperation and Development (OECD), Program for International Student Assessment (PISA), 2012.