Date
20 November 2017
Shanghai teens have the tightest grip on basic financial concepts compared with their peers around the world, according to an OECD study. Photo: Bloomberg
Shanghai teens have the tightest grip on basic financial concepts compared with their peers around the world, according to an OECD study. Photo: Bloomberg

Shanghai teens lead world in financial literacy

When the numbers were added up, teens in China’s financial capital were streets ahead of their peers in other countries.

The Financial Times reported Wednesday that an OECD study of financial knowledge among youth revealed that a group of Shanghai 15-year-olds outperformed other teens around the world on understanding of basic financial concepts such as bank accounts, savings rates and tax.

The Shanghai group had a mean score of 603 points, 103 above the OECD average and 62 points ahead of Flemish Belgium in second place, the report said. 

Andreas Schleicher, OECD education and skills director, said the study revealed a disappointing ignorance of concepts among the teens. He said a lack of understanding of interest rates, for example, means “you’re much more likely to get ripped off with your credit card”.

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