Assessing Financial Literacy Among the Young
Luis Oberrauch, Tim Kaiser, and Annamaria Lusardi
Abstract: Since 2012, the Programme for International Student Assessment (PISA), an initiative of the Organisation for Economic Co-operation and Development (OECD), conducted triennial tests to evaluate the financial literacy of 15-year-old students in various countries. These data provide an opportunity to study the determinants of financial literacy among the young and how it evolves over time. This article examines the data collected so far (2012, 2015, 2018), documents stylized facts across waves, and provides guidance on using the test scores estimated from psychometric models.