Student financial literacy gap closed
Australia has closed the gender gap in teenage financial literacy, which identified girls outperforming boys, according to a report released by the Australian Council for Educational Research (ACER).
ACER’s report analysed the student achievement and questionnaire responses in the latest Organisation for Economic Co-operation and Development (OECD) Programme for International Student Assessment (PISA) Financial Literacy survey.
Conducted every three years since 2012, it measured 15-year-olds’ personal financial knowledge, and ACER’s report covered the 2018 survey results released by the OECD in May.
Dr Sue Thomson, ACER deputy chief executive (research), said while there were no gender differences in financial literacy achievement, there were gender differences in their financial experiences and attitudes.
More boys reported they enjoyed talking about money matters, while more girls believed money matters were not currently personally relevant.
“While Australian girls outperformed boys in the 2018 PISA reading literacy assessment, and boys outperformed girls in mathematical literacy, it is encouraging to see that there is no gender gap in the financial literacy of Australia’s 15-year-olds,” Thomson said.
Australian students had the fourth-highest exposure to financial education in school, behind Indonesia, Finland and Russia.
Australia also had the highest percentage of students using a mobile app to access their money, at 55%.
Australia’s participation in the PISA 2018 Financial Literacy survey was managed by ACER and conducted with funding from the Australian Securities and Investments Commission (ASIC).
AUTHOR
Chris Dastoor
Recommended for you
The ongoing adviser shortage is a key driver behind advisers’ increased use of ETFs and managed accounts, according to an industry expert, fuelled by the need for cost and efficiency savings.
A business consultant believes there is a proven correlation between advice businesses that develop and commit to a clear business plan and those that see higher profit outcomes, but only when done correctly.
Advice technology solution intelliflo has launched an integration with fintech firm FAYBL to introduce AI capabilities across the intelliflo office offering to boost efficiency.
ASIC’s court case with Interprac is causing advisers to explore the possibility of self-licensing, according to My Dealer Services, as they observe the reputational damage it can bring to a practice.
