What Is Financial Literacy?
The OECD definition combines awareness, knowledge, skills, attitudes and behaviors.
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In this lesson you learn to
- Explain what financial literacy means using the OECD definition
- Name the five core tools: planning, interest, inflation, risk and reading your own numbers
- Calculate net worth as what you own minus what you owe
- Check common claims about financial literacy against survey evidence
Check yourself: sample questions
Think about each question, pick what you would answer if you like, then select “Show answer” to see the solution and why. Nothing is graded or sent to us. Example numbers are worked examples, not predictions.
1.How does the OECD describe financial literacy?
The OECD definition combines awareness, knowledge, skills, attitudes and behaviors.
2.True or false: financial literacy means knowing which stocks to buy.
Financial literacy is about understanding money, not stock tips.
3.Which of these are named in the OECD definition of financial literacy? Select all that apply.
Several answers can be correct.
The OECD definition names awareness, knowledge, skills, attitudes and behaviors.
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Sources (4)
- OECD (2023): OECD/INFE 2023 International Survey of Adult Financial Literacy
- Olivia S. Mitchell, Annamaria Lusardi: Financial Literacy and Economic Outcomes: Evidence and Policy Implications (4.6.2015, Vorabfassung fuer Journal of Retirement)
- Eigene Berechnung (synthetische Rechenbeispiele)
- Investor.gov (US SEC): Net worth (Glossar/Rechner)
Education only. Not financial advice.