Proficiency Levels

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Table FL13. Percentage distribution of U.S. 15-year-old students on PISA financial literacy scale, by proficiency level and race/ethnicity: 2015
Race/ethnicity—United States	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.
U.S. average	21.6		1.27	23.3		0.91	25.7		1.07	19.2		0.93	10.2	**	0.74
White	11.7	*	0.92	18.5	*	1.09	28.1	*	1.37	26.0	*	1.30	15.7	*	1.30
Black	41.2	*	2.86	29.8	*	2.33	20.0	*	2.11	7.5	*	1.43	1.4	*	0.53
Hispanic	28.1	*	2.32	27.9	*	1.78	24.9		1.53	13.7	*	1.20	5.4	*	1.03
Asian	14.2	*	3.77	18.9		3.72	22.4		3.78	24.9		4.18	19.6	***	4.17
Multiracial	18.1		2.95	23.4		2.98	29.1		2.71	19.5		2.70	10.0		2.09
OECD average	22.3		0.36	21.8		0.27	24.9		0.28	19.2		0.27	11.8	***	0.24
Race/ethnicity—Massachusetts	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.
Massachusetts average	12.1	*	1.72	18.7	*	1.48	27.6		1.51	25.6	*	1.65	16.0	*	1.96
U.S. average	21.6		1.27	23.3		0.91	25.7		1.07	19.2		0.93	10.2	**	0.74
White	6.9	*	1.33	16.5	*	1.61	29.2	**	1.74	29.1	*	1.93	18.3	*	2.31
Black	32.5		7.18	20.7		6.03	26.6		7.31	16.4		6.44	‡		†
Hispanic	29.1		4.04	26.1		3.49	23.8		3.48	13.8		3.02	7.2	!	2.63
Asian	‡		†	20.8		6.28	24.8		5.94	26.3		5.35	24.1	*	5.92
Multiracial	12.7		5.55	19.2		5.71	25.1		7.48	27.9		6.40	15.1		4.83
OECD average	22.3		0.36	21.8		0.27	24.9		0.28	19.2		0.27	11.8	***	0.24
Race/ethnicity—North Carolina	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.
North Carolina average	18.7	**	1.61	23.7		1.47	25.9		1.36	20.4		1.53	11.3		1.24
U.S. average	21.6		1.27	23.3		0.91	25.7		1.07	19.2		0.93	10.2	**	0.74
White	11.8	*	1.23	19.1	***	1.70	27.9		1.87	25.8	*	1.95	15.6	*	1.71
Black	36.1	*	3.83	29.8	*	2.90	21.5		2.93	10.4	*	2.32	2.2	*	1.05
Hispanic	20.7		3.90	31.0	**	4.52	24.8		3.55	15.4		2.91	8.1		2.30
Asian	‡		†	‡		†	‡		†	‡		†	‡		†
Multiracial	20.1		4.17	27.8		4.25	26.2		4.52	17.7		3.83	8.1	!	2.98
OECD average	22.3		0.36	21.8		0.27	24.9		0.28	19.2		0.27	11.8	***	0.24

† Not applicable. ! Interpret data with caution. Estimate is unstable due to high coefficient of variation (>30 percent and ⩽50 percent). ‡ Reporting standards not met due to coefficient of variation over 50 percent. * p<.05. Significantly different from both the U.S. and OECD averages at the05 level of statistical significance. ** p<.05. Significantly different from the OECD average at the05 level of statistical significance. *** p<.05. Significantly different from the U.S. average at the05 level of statistical significance. 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 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. Scores are reported on a scale from 0 to 1,000. Reporting standards were not met for American Indian/Alaska Native and Native Hawaiian/Other Pacific Islander. Black includes African American, and Hispanic includes Latino. Students who identified themselves as being of Hispanic origin were classified as Hispanic, regardless of their race. Although data for some race/ethnicities were not shown separately because the reporting standards were not met, they are included in the U.S., Massachusetts, and North Carolina totals. 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. Standard error is noted by s.e. Results for Massachusetts and North Carolina are for public school students only. Detail may not sum to totals because of rounding. SOURCE: Organization for Economic Cooperation and Development (OECD), Program for International Student Assessment (PISA), 2015.