Program for International Student Assessment (PISA): Financial Literacy Brief
The Program for International Student Assessment (PISA), coordinated by the Organization for Economic Cooperation and Development (OECD), is a triennial international instrument that assesses three core subject areas: math, reading, and science skills and knowledge, and additional subject areas, like financial literacy. This CFPB research brief is intended to help stakeholders understand how the PISA financial literacy data about the United States may be used to identify effective approaches to financial education and better define the metrics for success. The CFPB hopes this analysis will help to identify and address gaps in youth financial literacy. To that end, this brief examines the association between socioeconomic status and financial literacy gaps and how financial socialization and school characteristics may affect financial literacy. It also takes a deeper dive into the data to explore gaps in youth bank account ownership and potential connection to financial literacy scores.