PISA 2012 is the first large-scale international survey that has ever assessed the financial literacy (FL) of 15-year-olds. For Italy, the picture that emerges is negative, with average FL scores that are about 7 per cent lower than the OECD average.
After controlling for a number of factors usually used to explain the students’ performance – such as gender, immigration status, school type and socio-economic status – Italy’s gap remains wide. The FL score is positively correlated with math and reading as well.
However, the relationship between FL and basic skills is weaker in Italy than elsewhere, and it declines more markedly moving from low- to high-performers. For Italians, the direct impact on FL of a family’s socio-economic and cultural conditions is also weaker. Indeed, a significant proportion (about 40 per cent) of Italy’s gap is attributable to students who, despite coming from relatively affluent families, are characterized by moderate FL levels.
Based on students’ responses, this gap may also be traced back to a lack of involvement of Italian students in money and financial matters.
