Canadian students scored an average of 519 points in financial literacy, surpassing the OECD average of 498 points. Thirteen percent of students in the eight participating Canadian provinces did not reach the baseline proficiency level (Level 2) in financial literacy, compared to 18% across OECD countries. Those below Level 2 proficiency can identify basic financial products and terms, recognize the difference between needs and wants, and make simple spending decisions.
For many 15-year-olds, financial management is a crucial part of daily life, involving bank accounts, online shopping, or earning money through various jobs. Insights from the PISA assessment highlight students’ financial skills, their attitudes towards money, their behaviors, and their educational environments concerning financial matters. The results from PISA 2022 show how student performance in financial literacy compares with their performance in reading and mathematics.
Canadian students’ financial literacy insights
The assessment also examines the variations in financial literacy across different student characteristics. Interactions with parents about money matters and the extent to which financial education is embedded in school curriculums were considered.
The assessment sheds light on students’ access to financial services, their usage of money, and their overall financial attitudes. PISA 2022 findings aim to improve young people’s readiness to make informed financial decisions as they transition into adulthood, preparing them to handle financial challenges effectively. The consolidated data and insights are vital for policy-makers and educators looking to enhance financial literacy education and ensure students are equipped with essential life skills.
Caution is advised when interpreting these results due to some PISA sampling standards not being fully met for Canada. Additional details can be found in the PISA 2022 Reader’s Guide and Annexes A2 and A4 of Volume IV.
