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Financial literacy of 15 years-old in Portugal: Evidence from PISA 2018

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This paper analyses the results for Portugal in the PISA 2018 financial literacy assessment, comparing with other countries and, in particular, with two countries often studied in this literature: Italy and the US. The results for the average Portuguese with 15 years-old are similar to the US and better than Italy. Still, 14% of Portuguese teenagers show severe difficulties in financial literacy, with special prevalence in those with a history of school retention, immigrants, coming from disadvantaged socio-economic backgrounds or whose parents have low educational attainment. The access to financial products among teenagers is lower in Portugal than in the US or Italy and a regional analysis shows lower financial literacy scores in Alentejo and in the islands of Açores and Madeira.
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