Program for International Student Assessment (PISA): 2015 Results

Financial Literacy: Proficiency Levels

Overall High and Low Performers Trend Level Descriptions

Overall

Table FL3. Percentage distribution of 15-year-old students on the PISA financial literacy scale, by proficiency level and education system: 2015

Education system	Below level 2			Level 2			Level 3			Level 4			Level 5
Education system	Percent		*s.e.*	Percent		*s.e.*	Percent		*s.e.*	Percent		*s.e.*	Percent		*s.e.*
OECD average	22.3		0.36	21.8		0.27	24.9		0.28	19.2		0.27	11.8	*	0.24
Australia	19.7		0.57	19.0	*	0.53	24.4		0.51	21.5	*	0.55	15.4	*	0.56
B-S-J-G (China)	9.4	*	1.00	13.3	*	0.92	20.3	*	1.08	23.6	*	1.12	33.4	*	2.03
Belgium (Flemish Community)	12.0	*	0.94	15.0	*	0.71	22.3	*	1.04	26.7	*	0.84	24.0	*	1.00
Brazil	53.3	*	1.39	22.2		0.58	14.8	*	0.74	7.1	*	0.50	2.6	*	0.35
Canadian provinces	12.7	*	0.96	17.1	*	0.91	24.5		0.76	23.9	*	1.07	21.8	*	1.25
Chile	38.1	*	1.51	26.5	*	1.00	21.8	*	0.82	10.5	*	0.85	3.1	*	0.41
Italy	19.8		1.07	25.2		0.92	29.3	*	0.91	19.2		0.81	6.5	*	0.54
Lithuania	31.5	*	1.26	27.3	*	0.89	24.8		0.85	12.6	*	0.77	3.7	*	0.49
Netherlands	19.2		1.18	18.5	*	1.01	23.0		0.92	21.8	*	0.89	17.5	*	0.81
Peru	48.2	*	1.45	25.8	*	0.89	17.9	*	0.95	6.9	*	0.59	1.2	*	0.20
Poland	20.1		0.97	24.5		0.81	28.4		0.90	19.0		0.77	8.0	*	0.76
Russian Federation	10.9	*	0.90	22.7		1.09	32.2	*	0.97	23.6	*	0.99	10.5		0.89
Slovak Republic	34.7	*	1.50	23.6		0.97	22.0	*	0.74	13.4	*	1.05	6.3	*	0.58
Spain	24.7		1.15	25.9	*	0.76	27.3		0.95	16.4	*	0.72	5.6	*	0.48
United States	21.6		*1.27*	23.3		*0.91*	25.7		*1.07*	19.2		*0.93*	10.2		*0.74*

U.S. state education systems
Massachusetts	12.1	*	1.72	18.7	*	1.48	27.6		1.51	25.6	*	1.65	16.0	*	1.96
North Carolina	18.7		1.61	23.7		1.47	25.9		1.36	20.4		1.53	11.3		1.24

* p<.05. Significantly different from the U.S. percentage at the .05 level of statistical significance.
NOTE: Education systems ordered alphabetically. 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 2 (a score less than 400); level 2 (a score of 400 and less than 475); level 3 (a score of 475 and less than 550); level 4 (a score of 550 and less than 625); and level 5 (a score greater or equal to 625). Proficiency level 1 and below is shown as below level 2 in this table to provide consistency across data tables. The OECD average is the average of the national percentages of the 10 OECD member countries that participated in the financial literacy assessment, with each system weighted equally. B-S-J-G (China) refers to the four PISA participating China provinces: Beijing, Shanghai, Jiangsu, and Guangdong. Canadian provinces refers to the seven provinces that participated in the financial literacy assessment: British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, and Prince Edward Island. Standard error is noted by s.e. Italics indicate non-OECD countries and education systems. Results for Massachusetts and North Carolina are for public school students only.
SOURCE: Organization for Economic Cooperation and Development (OECD), Program for International Student Assessment (PISA), 2015.