How does your level of financial literacy compare to the UK average? Take the Claro Money financial literacy test to find out.
The questions are modelled on a pilot study of adult financial literacy by the OECD International Network on Financial Education in 2020, so your score will be as accurate as possible. The study was carried out in 26 countries, focusing on the financial knowledge, behaviour and attitude of the general public.
During the test, we look at three areas:
The questions have been modelled on the OECD International Network on Financial Education, so your score is as accurate as possible.
More about the OECD International Network on Financial Education:
26 countries and economies (including 12 OECD member countries) from Asia, Europe and Latin America participated in this second international survey of financial literacy competencies using the globally-recognised OECD/INFE toolkit. The results provide information about financial literacy that go beyond knowledge, covering aspects of financial behaviour and attitudes.
Particular attention has been paid to elements that provide insights into the financial resilience of people, which is particularly relevant during times of economic and financial unpredictability. Financial education, financial consumer protection and financial inclusion are recognised as three main factors that make up a person’s financial empowerment. The report also seeks to identify potential target groups within the populations by differentiating financial literacy scores by individuals’ characteristics (such as gender, age, digital use and level of savings as an approximation of financial stability).
The results of the study highlighted a significant lack of financial knowledge, considerable room for improvement with regards to financial behaviour and varying attitudes towards finance across the 26 countries.
Assessing the financial literacy competencies of the population is a key component of a successful national strategy. Collecting data using an internationally-relevant method further increases its value by enabling economies to gauge their performance, identify common patterns and work together to find solutions for improving financial literacy and wellbeing within their populations.
Read the full report here.