Financial education is essential for the future of young people.
Being able to consciously manage money allows individuals to take control of their lives, including on an economic level.
It is also important to consider that new generations, even before fully entering adulthood, are increasingly exposed to lifestyles that require a certain familiarity with the basics of personal finance.
Think of all those teenagers who spend a lot of time away from home and must independently decide how to spend their money, whether from an allowance or, for the more enterprising, from an after-school job.
How are they doing?
Unfortunately, according to the latest OECD – PISA 2022 report on students’ financial education, the situation in our country is not promising: Italian youth still have much to learn.
Survey Results: A Summary
The study involved 20 countries, with a total of approximately 98,000 students. The Italian sample included over 6,200 students from 343 high schools.
Based on the results, Italian students remain poorly literate in economic matters (despite some improvements compared to the past): they scored 484 points, below the OECD average of 498.
Only 5% of Italian students reached the highest level of financial competence, compared to an OECD average of 11%.
There are also significant regional differences: students in northern Italy scored statistically higher than those in other regions and the national average.
The worst—and most anomalous—data concerns the performance of girls, who appear to struggle compared to their male peers.
Money Is Discussed Too Little, Especially at Home
In Italian schools, financial education still plays a minor role, but the main issue lies within families, which tend to assign less financial responsibility to young people compared to other countries.
In Italy, only 37% of young people have a bank or postal account, and 29% own a prepaid card, compared to averages of 63% and 62%, respectively, in other OECD countries.
Moreover, the family plays a crucial role in transmitting financial knowledge (https://www.museodelrisparmio.it/genitori-e-figli-quanto-conta-la-famiglia-nellapproccio-alluso-del-denaro/); this means that poorly educated adults will pass on their ignorance to their children, perpetuating social and economic inequalities even as the children grow into adulthood.
Schools, through financial education in the classroom, can therefore serve as a mitigating factor against inequalities tied to family conditions, providing all students with the same foundational tools.
Is Money Still Considered a “Man’s Thing”?
According to the survey data, adolescent girls in Italy lag 20 points behind their male peers—a gap far wider than the OECD average of just 5 points.
The situation worsens further when considering that the level of disparity has grown significantly over the years: in 2012, the gap was only 8 points.
This is because boys have significantly improved their financial literacy over time, while girls, despite being more mindful of spending and less influenced by peer behavior in purchasing decisions, have not kept pace.
Teenage girls also tend to discuss financial management and economic news less with their parents, which, as seen earlier, can negatively affect financial education levels.
Overall, only 40% of 15-year-olds say they feel comfortable talking about money (compared to an OECD average of 50%), but this discomfort is primarily observed among females.
It is therefore reasonable to assume that girls’ difficulties with financial topics are still partly tied to persistent stereotypes, which produce psychological barriers that are not easy to overcome.
It is no coincidence that more effort is needed in our country to promote women’s economic independence—a fundamental achievement to help eliminate violence against women, especially economic violence.
In general, the OECD–PISA 2022 report on students’ financial education confirms that Italy still has a long way to go in terms of financial literacy.
For this reason, the Museum of Saving is constantly working to promote financial education in increasingly engaging ways through events, webinars, and various activities aimed at schools, families, and adults.
To learn more, visit our website, follow our social media channels, and check out our blog.
July 17, 2024