A First Look at the 2015 Program for International 

Student Assessment Financial Literacy Results

Peggy G. Carr, Ph.D.

Acting Commissioner

Institute of Education Sciences, National Center for Education Statistics

U.S. Department of Education

May 24, 2017
Roughly 1 in 5 U.S. 15-yearolds don’t understand basic 

financial concepts.

2
45% of students in higher income 

schools were top performers, 

compared to just 3% of students in 

lower income schools.

3
Financial literacy is: 

the knowledge and understanding of financial 

concepts and risks, and

the skills, motivation, and confidence to apply such 

knowledge and understanding. 

4
Why assess financial literacy at age 15?

Many young people already face complex financial 

decisions, and are consumers

15-year-olds are beginning to consider continuing 

education, and how to pay for it

5

Will soon perform more financial operations and 

activities
Content

Money and 

transactions

Planning and 

managing 

finances

Risk and 

reward

Financial 

landscape

Processes

Identify financial 

information

Analyze 

information in a 

financial context

Evaluate 

financial issues

Apply financial 

knowledge and 

understanding

Contexts

Education and 

work

Home and 

family

Individual

Societal

PISA FINANCIAL LITERACY ASSESSMENT 

FRAMEWORK

NCES.ED.GOV 6
Overview of U.S. Results
U.S. AVERAGE SCORE

8

No measurable change 

in U.S. score since 2012 492

NCES.ED.GOV

487

2012 2015
PISA LEVELS OF PROFICIENCY

9

Identify common 

financial products 

and terms and 

interpret information 

relating to basic 

financial concepts.

Make simple 

decisions on 

everyday spending.

1 Apply knowledge of 

common products,

terms and concepts.

Make financial 

decisions in contexts 

that are immediately 

relevant to them. 

Recognize value of a 

simple budget and 

interpret features of 

everyday financial 

documents. 

2 Apply understanding

of common products,

terms and concepts.

Begin to consider the 

consequences of 

financial decisions 

and make simple 

financial plans in 

familiar contexts. 

3

Apply understanding 

of a wide range of 

financial terms and 

concepts to contexts 

that may only 

become relevant to 

their lives in the long 

term. Analyze 

complex financial 

products and take 

into account 

significant but not

immediately evident 

features of financial 

documents (e.g., 

transaction costs).

Apply understanding 

of less common 

financial concepts 

and terms to contexts 

that will be relevant 

to them as they move 

towards adulthood, 

such as bank account 

management and 

compound interest in 

saving products. 

4

5

NCES.ED.GOV

Low Performers

Top Performers

0 400 475 550 625 1000

Scale Score

326
PISA LEVELS OF PROFICIENCY

10

Identify common financial 

products and terms and interpret 

information relating to basic 

financial concepts. Make simple 

decisions on everyday spending.

1

NCES.ED.GOV
PISA LEVELS OF PROFICIENCY

11

Apply understanding of a wide range of 

financial terms and concepts to contexts 

that may only become relevant to their 

lives in the long term. Analyze complex 

financial products and take into account 

significant but not immediately evident 

features of financial documents (e.g., 

transaction costs).

5

NCES.ED.GOV
SAMPLE PISA FINANCIAL LITERACY LEVEL 1 ITEM: 

AT THE MARKET

12

You are at the 

market. 

You can buy 

tomatoes by the 

kilogram or by 

the box.

NCES.ED.GOV
SAMPLE PISA FINANCIAL LITERACY LEVEL 1 ITEM: 

AT THE MARKET

13

Give a reason to support this statement:

Sample full credit response:

• It is 2.75 zeds per kg for the loose tomatoes but only 2.20 zeds per kg 

for the boxed tomatoes.

Sample no credit response:

• The box is always better value.

NCES.ED.GOV
SAMPLE PISA FINANCIAL LITERACY LEVEL 5 ITEM: 

BANK ERROR

14

David banks with ZedBank. He receives this e-mail message:

Dear ZedBank member,

There has been an error on the ZedBank server and your Internet login details have been lost. 

As a result, you have no access to Internet banking. 

Most importantly your account is no longer secure. 

Please click on the link below and follow the instructions to restore access. You will be asked to 

provide your Internet banking details.

https://ZedBank.com

NCES.ED.GOV
SAMPLE PISA FINANCIAL LITERACY LEVEL 5 ITEM: 

BANK ERROR

15

Which of these statements would be good advice for David?

Circle “Yes” or “No” for each statement. 

Statement Is this statement good advice 

for David?

Reply to the e-mail message and provide his Internet banking 

details.

Yes / No

Contact his bank to inquire about the e-mail message. Yes / No

If the link is the same as his bank’s website address, click on the 

link and follow the instructions.

Yes / No

NCES.ED.GOV
PISA LEVELS OF PROFICIENCY

16

1

2

3

4

5

NCES.ED.GOV

Low Performers

Top Performers

10%

22%

Below

1
U.S. PISA Financial Literacy 

Results in More Depth
0 5 10 15 20 25 30 35 40 45 50

0-24.9%

25-49.9%

50-74.9%

75-100%

Percentage of U.S. Top and Low Performers by Percent of 

Students in School Eligible for Free or Reduced-Price Lunch

Top Performers Low Performers

18

3%

13%

PISA FINANCIAL LITERACY: U.S. PERFORMANCE 

BY SOCIOECONOMIC STATUS

7%

38%

26%

14%

45%

16%

NCES.ED.GOV

Category 2015 Avg

Score

75-100% 433

50-74.9% 470

25-49.9% 512

0-24.9% 543

U.S. 

Average

487

Lower 

Income 

Schools

Higher 

Income 

Schools
0 5 10 15 20 25 30 35 40 45 50

Asian

White

Hispanic

Black

Percentage of U.S. Top and Low Performers by Race/Ethnicity

Top Performers Low Performers

PISA FINANCIAL LITERACY: U.S. PERFORMANCE 

BY RACE/ETHNICITY

19

Category 2015 Avg

Score

Black 

Students

422

Hispanic 

Students

460

White 

Students

524

Asian 

Students

525

U.S. Average 487

1%

5%

16%

20%

41%

28%

12%

14%

NCES.ED.GOV
U.S. 15-year-olds report: 

88% discuss money matters with parents

Students who discuss money with parents almost every day scored 

41 points higher on average vs. those who did monthly or weekly

53% have a bank account 

Students with a bank account scored 42 points higher on average 

vs. those who did not

Students with a bank account scored 42 points higher than those who did not.

67% of students in higher income schools reported having a bank 

account vs. 18% of students in lower income schools

20
International Comparisons
PISA FINANCIAL LITERACY: PARTICIPATING 

COUNTRIES

NCES.ED.GOV

Key

Participating 

Countries

Regional 

Participation

NOTE: The provinces of Beijing, Shanghai, Jiangsu and 

Guangdong participated in China. The provinces of British 

Columbia, Manitoba, New Brunswick, Newfoundland and 

Labrador, Nova Scotia, Ontario, and Prince Edward Island 

participated in Canada.
FINANCIAL LITERACY: PISA 2015 AVERAGE 

SCORES

23

Note: Italics indicate non-OECD countries and education systems.

Average Score

B-S-J-G (China) 566

Belgium (Flemish 

Community) 541

Canadian provinces 533

Russian Federation 512

Netherlands 509

Australia 504

United States 487

Poland 485

Italy 483

Spain 469

Lithuania 449

Slovak Republic 445

Chile 432

Peru 403

Brazil 393

p<.05. Average score is higher than U.S. average score

p<.05. Average score is lower than U.S. average score

OECD average (489)

U.S. 15-year-old students’ 

average score not different 

than OECD average

NCES.ED.GOV

Massachusetts (523)

North Carolina (496)
FINANCIAL LITERACY: PISA 2015 TOP 

PERFORMERS

12*

10

33*

24*

22*

17*

15*

11

8*

6*

6*

6*

4*

3*

3*

1*

0 10 20 30 40 50 60

OECD Average

United States

B-S-J-G (China

Belgium (Flemish Community)

Canadian Provinces

Netherlands

Australia

Russian Federation

Poland

Italy

Slovak Republic

Spain

Lithuania

Chile

Brazil

Peru

PISA 2015 Percentage of Top Performers (At Level 5)

Massachusetts

North Carolina

16*

11

10 percent of U.S. 

15-year-olds 

scored at

Proficiency Level 5 

B-S-J-G (China)

Russian Federation

Lithuania

Brazil

NCES.ED.GOV Peru

* p<.05. Significantly different from U.S. percentage

Note: Italics indicate non-OECD countries and education systems.

Countries ranked by 2015 average score.
22

22

9*

12*

13*

19

20

11*

20

20

35*

25

32*

38*

53*

48*

0 10 20 30 40 50 60

OECD Average

United States

B-S-J-G (China

Belgium (Flemish Community)

Canadian Provinces

Netherlands

Australia

Russian Federation

Poland

Italy

Slovak Republic

Spain

Lithuania

Chile

Brazil

Peru

PISA 2015 Percentage of Low Performers (Below Level 2)

FINANCIAL LITERACY: PISA 2015 LOW 

PERFORMERS

22 percent of U.S. 

15-year-olds 

scored below

Proficiency Level 2 

* p<.05. Significantly different from U.S. percentage

Note: Italics indicate non-OECD countries and education systems.

Countries ranked by 2015 average score.

Massachusetts

North Carolina

12*

19

B-S-J-G (China)

Russian Federation

Lithuania

Brazil

NCES.ED.GOV Peru
Contact:

Patrick Gonzales

NCES

415-920-9229

Patrick.Gonzales@ed.gov

PISA at NCES:

http://nces.ed.gov/surveys/pisa/

26

FOR MORE INFORMATION

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