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Canada ranks among top three countries worldwide for youth financial literacy

Posted in Education, Youth Corner

Published on May 25, 2017 with No Comments

Canadian youth are among the world’s top-performing students in terms of financial literacy, according to a global report published by the Organisation for Economic Co-operation and Development (OECD). The financial literacy results of the OECD’s Programme for International Student Assessment (PISA), a triennial worldwide survey measuring competencies among 15-year-olds, were released this week.

Canadian students exceeded the OECD average in performing tasks associated with advanced levels of financial literacy. Compared to the OECD average of 78 percent, 87 percent of Canadian students performed tasks associated with at least the minimum level of financial literacy required to participate fully in modern society. Overall, Canada ranked second, tied with Belgium, out of all 15 countries and economies participating in the PISA financial literacy assessment.

Canadian youth are forming good saving and spending habits early in life, which correlates to positive behaviour in young adulthood and beyond. For instance, the majority of Canadian students reported saving money regularly.

The survey focused on knowledge and skills gained, for the most part, in schools. However, the results also indicate extracurricular factors that help strengthen financial literacy. Students with experience handling their own money matters—for example, those who work odd jobs or have their own bank account—demonstrated stronger financial literacy skills.

 

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