HOMEPAGE

Business

 

Czech teenagers rank sixth in international financial literacy survey

 
photo:  (radio.cz)
 

Czech 15-year-olds ranked sixth in the first international test of students’ financial literacy by the OECD, according to the results released by the international organization this week. Around 29,000 students from 18 countries took part in the survey which assessed their skills in dealing with financial issues. The Czech Republic ranked second best of the post-communist nations, after Estonia, outranking countries like the US, France, and Russia.

 
 

The survey, part of the OECD’s PISA project, took place two years ago in 13 OECD member states and five partner countries and economies including Russia, Colombia, and Shanghai. The students were given 40 questions ranging from real-life tasks such as deciphering an invoice and determining the best value-for-money deal at the grocery store to understanding financial products like loans and stocks.

Some 1,200 Czech secondary school students from 300 schools took part in the test. They finished sixth with 513 points, ranking above Poland, the US, Russia, France, Spain and others. Shanghai, with 603 points, finished first, followed by Belgium’s Flemish community, Estonia, Australia and New Zealand.

In total, around 9.7 percent of the students performed at the top level of proficiency which means they were able to solve non-routine financial tasks such as the implications of income-tax brackets. In the Czech Republic, less than 10 percent of the students reached the top level. The Czech share of lowest-ranked performers also reached some 10 percent, compared to the overall average of 15.3 percent. The Czech Republic was among the five countries included in the survey which performed better than expected based on their results in the OECD’s mathematics and reading assessment.

The final report, released by the Paris-based international organization on Wednesday, suggests that students in the Czech Republic have very good access to financial education. After several years of preparation, the Czech government launched its financial education strategy in 2010, targeting mainly students of primary and secondary schools. Other government bodies as well as the Czech National Bank and representatives of the financial sector and consumers’ associations are all involved in the programme, the report said.

In a reaction to the result, Education Minister Marcel Chládek told the news website ihned.cz the Czech Republic was one of the first countries to start a comprehensive financial education programme. “The results of Czech pupils in these tests show that the government has not underestimated these issues. And we’ll continue to focus on them in the future,” Mr Chládek said.

 
Author: Český rozhlas Radio Praha
 
Added: 10.07.2014
 
 
 

Related articles

 
Business
 
 

Taxi drivers want firmer action...

Uber has signed a deal with the Czech tax authorities committing its drivers to registering their...

 
 
Business
 
 

Czech food banks record sharp...

The Czech Federation of Food Banks has recorded a sharp increase in the amount of food donated to...

 
 
Business
 
 

Czech hotels report record number of...

Czech hotels and other accommodation facilities saw a record number of tourists in May, the daily...

 
 
Business
 
 

Drought and pesticides ban compound...

This summer, aphids – those small, sap-sucking insects which infest potatoes and other key agricultural...

 
Most favourite

History of Czech fine art

What happened in the realm of fine art at the very beginning of the Czech…

Climate

The Czech Republic is a landlocked country located in moderate geographical…

The most significant current discoveries

During the last decade, Czech science has made many revolutionary discoveries…

Czech language

The Czech language belongs to the group of West Slavic languages. From another…