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