SOME 30
countries and economies collected data using a core questionnaire
available in the OECD/INFE Toolkit, measuring their levels of financial
knowledge, behaviours and attitudes. In total, 51,650 adults aged 18 to 79
were interviewed for this study.
Adults in many countries around the world display low levels of financial knowledge,
fail to engage in financial behaviours that could improve their financial security
and have financial attitudes orientated towards the short-term.
Key
findings from the Survey include:
++ There are large variations in levels of financial knowledge by country.
Over four out of every five (84%) adults in Hong Kong, China were able to
answer at least five out of seven knowledge questions correctly. However,
in stark contrast, fewer than one in two adults achieved such a high score
in Albania, Belarus, Brazil, the British Virgin Islands, Croatia, Jordan,
Malaysia, the Russian Federation, South Africa, Thailand and the United Kingdom.
++ Low levels of understanding of the accumulation of interest on savings
are a particular concern. Even the highest scoring countries, at least one
in five respondents could not calculate the balance of an account after 2%
interest had been added. And, with the exception of adults in Hong Kong,
China (52%), the Netherlands (56%) and Norway (58%), only a minority were
also able to correctly identify the impact of compounding on such interest
payments over time.
++ Financial knowledge also varies by gender. In 18 of the 30 participating
countries and economies, men are statistically significantly more likely
than women to achieve a high score on the financial knowledge questions.
++ In 15 countries and economies, fewer than half of adults set long-term
financial goals and strive to achieve them, a behaviour that is essential
for longer-term financial security and well-being.
Borrowing to make ends meet was reported by at least four in 10 respondents
in Thailand (45%), Georgia (45%), Turkey (42%), Albania (41%) and Belarus
(41%), indicating a high level of financial fragility in these countries,
possibly due to low and/or fluctuating incomes and lack of a savings net.
Countries that took part were: Albania; Austria; Belarus; Belgium; Brazil;
British Virgin Islands; Canada; Croatia; Czech Republic; Estonia; Finland;
France; Georgia; Hong Kong, China; Hungary; Georgia; Jordan; Korea; Latvia;
Lithuania; Malaysia; Netherlands; New Zealand; Norway; Poland; Portugal;
Russian Federation; Thailand; Turkey; United Kingdom.
|
