Global Survey Reveals Financial Literacy Gaps

A recent survey conducted by the Organisation for Economic Co-operation and Development (OECD) and the International Network on Financial Education (INFE) has highlighted significant gaps in financial literacy across various countries.

Key Findings

The survey, which polled over 140,000 adults from 44 countries, revealed that:

• Only 12.1% of respondents in Luxembourg hold cryptocurrency assets, ranking second-highest globally.
• A staggering 71.2% of Luxembourgers understand the difference between crypto-currencies and bank notes, compared to an OECD average of 45.5%.
• Only 1 in 10 adults in Luxembourg are able to meet their current financial needs comfortably, with a score of 12 out of 100. This is significantly lower than the OECD average of 58.

The survey defines financial well-being as the extent to which individuals can:

• Meet their current financial needs and commitments
• Cope with negative financial shocks
• Feel secure about their own financial future
• Make choices that allow them to meet their future financial goals

Gaps in Financial Literacy

Some of the key findings from the survey include:

• Only 5% of respondents in France know that crypto-currencies do not have the same legal tender as banknotes and coins.
• 42.1% of adults in Poland report having too much debt, compared to an OECD average of 21.4%.
• 73% of respondents in Germany understand the difference between crypto-currencies and bank notes.

Call to Action

The results highlight a need for improved financial education and literacy globally. In an effort to promote financial inclusivity and stability, the OECD and INFE are urging governments to implement policies that support financial education and literacy among citizens.

Accessing the Full Survey Results

The full survey results can be accessed on the OECD website.

Source: OECD/INFE (2023) International Survey of Adult Financial Literacy - December 2023