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Learning difficulties and socio-economic background of 15 years-old in Portugal significantly affect their financial literacy


Economics in a picture: Learning difficulties and socio-economic background of 15 year olds in Portugal significantly affects their financial literacy


PISA 2018 data suggests that the Portuguese 15 years-old students have an average financial literacy level close to the observed in the US and Spain, higher than in Italy but lower than the ones for Estonia or Finland. In Portugal, the islands of Açores and Madeira, taken together, and Alentejo are the regions with lower levels of financial literacy in the country.

Students that repeated a grade have a negative gap in financial literacy of around 100 score points (equivalent to one standard deviation) vis-à-vis the rest of the students. This result is not surprising taking into account the interconnection between financial literacy and numerical and reading skills. The gaps according to immigrant status, the numbers of books at home (an indirect measure of the resources available at home, socio-economic family background and parenting style), parents’ education and gender are also relevant.



For more details see article “Financial literacy of 15 years-old in Portugal: Evidence from PISA 2018”, published in the Banco de Portugal Economic Studies, Vol.8, Nº 2.


Prepared by Hugo Reis and Lara Wemans. The analyses, opinions and findings expressed above represent the views of the author and not necessarily those of Banco de Portugal or the Eurosystem.


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