Why is Australian 15-year-olds’ financial literacy declining?

By Emmanuel Elias Kehogo -
Around a fifth of 15-year-olds in Australia do not have basic financial literacy, according to a new OECD Programme for International Student Assessment (PISA) financial literacy assessment results report.
Financial literacy is defined by the OECD as:
Knowledge and understanding of financial concepts, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve the financial wellbeing of individuals and society, and to enable participation in economic life.
This topic has an elevated status in the Australian curriculum, particularly within maths and humanities.
However, the report showed that young people are doing worse in this area now than previously. In particular, students struggled to read payslips and detect financial scams.
Low socioeconomic background, attending a rural and remote school, and Indigeneity influenced students’ financial literacy performance. Interestingly, girls outperformed boys.
So why the gaps and why is performance declining?

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