High and Low Performers

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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

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* 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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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.