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School students have flown the flag for Australia, ranking highly in the first international study of students’ financial literacy.
An OECD study that assessed the financial skills and knowledge of 15-year-olds ranked Australia fourth out of the 18 participating countries.
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Miles Larbey, ASIC’s senior executive leader for financial literacy, welcomed the fact that 16 percent of Australian students were top performers in the study.
“On the other hand, one in 10 Australian students performed below the baseline, which suggests they are less likely to be prepared to deal with the financial decision-making demands of everyday life,” he said.
The research also found that 79 per cent of Australian students agreed that it is important for them to learn money management at school.
“Understanding concepts such as how to budget and value for money are important for financial wellbeing from a young age and throughout life,” Mr Larbey said.
Shanghai-China ranked highest in the study, closely followed by Belgium and Estonia. New Zealand finished in fifth place, while Colombian students were the least financially literate.
[Related: Give our kids finance lessons, govt urged]
