Flanders’ 15-year-olds score highest among their international peers on financial literacy, according to the results of the PISA study of pupils in 20 countries. However, their scores are declining.
The survey, carried out in 2022, shows that Denmark and the Netherlands are the only countries to score as highly. Compared to 10 years ago, however, there has been a 14-point decline in Flemish performance, while most other countries have remained at the same level.
PISA is a three-yearly study commissioned by the OECD since 2000 to test skills such as mathematical and scientific literacy among 15-year-olds in 81 countries and regions. The 2022 survey looked at financial literacy in 20 countries. A total of 1,189 Flemish pupils born in 2006 were tested.
Flanders’ share of low achievers (12 per cent) increased between 2012 and 2022, while the share of top performers (16.5 per cent) remained consistent. The study does not indicate a reason, but the results are in line with scores for reading and mathematics, which are also falling.
We see if it allows them to make financial decisions independently in everyday life
According to the researchers, financial literacy is not just a combination of knowledge and understanding of financial concepts and risks.
“In addition to that knowledge, we see if it allows them to make financial decisions independently in everyday life,” says researcher Cloë Finet of Ghent University. “For example, we check whether they know whether they need insurance to protect them against theft and whether they know it costs money if they take out a loan to buy a bike.”
Children from more affluent families tend to score more highly than children from poorer families. The gap between these groups in Flanders is larger than in other OECD countries and regions.
Children with a migration background also score lower, but the language spoken at home is not a factor, Finet says. “The results show that pupils with a migration background who also speak Dutch at home score just as high as pupils who speak another language at home.”
These are things we have been putting a lot of effort into in recent years
However, French-speaking children in Brussels and the Flemish periphery around the capital in Dutch-language education score significantly lower than pupils who speak Dutch at home.
Financial literacy, according to Education minister Ben Weyts of Flemish nationalists N-VA, is strongly linked to reading and mathematical literacy. “These are things we have been putting a lot of effort into in recent years,” he said. “We clearly need to continue if we want to maintain our leading position and improve.”