The PISA report ranks 25% of Spanish students at the highest levels of financial competence

The Organisation for Economic Co-operation and Development (OECD) released its PISA 2022 report on Thursday on the assessment of the financial competence of 15-year-old students, according to which 25% of Spanish students are at the highest levels of performance (4 and 5), while 58% are at an average level.

According to the study, Spanish students have an estimated average financial literacy score of 486 points, twelve points below the OECD average performance of 498 points.

Of the 14 OECD member countries and the 6 partner countries that participated in the evaluation, Belgium topped the table with 527 points, followed by Denmark (521) and Canada (519). Spain ranks between Norway (489) and Italy (484), showing stability in financial competence performance compared to previous years' studies.

According to the report, Spain is one of the countries with the least inequality in financial competition between disadvantaged and advantaged students. With a difference of 73 points, this is 14 points lower than the OECD average, and significantly lower than countries such as the United States (92), Belgium (104) or the Netherlands (97).

The study also looks at the exposure to financial education that students have had in the 12 months prior to the assessment. In this respect, Spanish students are slightly below the OECD average, reporting that they had learned and knew almost 7 of the 16 financial concepts presented to them.

The concepts they had learned the most were salary (75%), budget (70%), employer (68%) and bank loan (66%). In contrast, compound interest (21%), exchange rate (21%), diversification (19%), return on investment (18%), and depreciation (9%) were the least known.

Regarding interaction with parents on money-related issues, Spanish students talk to their parents at least once a week about issues related to money for shopping (49%), allowance (39%), savings (38%), spending (37%) and online shopping (36%).

On the latter issue, 85% of Spanish students made an online purchase in the 12 months prior to the assessment, in line with the OECD average (86%). Some 58% of Spanish students used their mobile phone to pay in the year prior to the survey. The OECD average was 66%.

Moreover, fewer than half of Spanish 15-year-old students (47%) report having a bank account, compared to the OECD average of 63%. The percentage of pupils in Spain who reported owning a payment or debit card was even lower (24%). The OECD average is 62%, with countries such as Denmark, the Netherlands and Norway exceeding 90%.

Nevertheless, the percentage of students who like to talk about money matters in Spain stands at 51%, very similar to the OECD average of 50%. Only 38% of the Spanish student population say that money matters are not important to them.

In Spain, the financial literacy of more than 2,000 students born in 2006 in a total of 206 schools was assessed. Most of the students participating in the evaluation were in the 4th year of ESO.

Non official translation