When it comes to financial literacy around the world, American teens are middling.
The United States may fuel the world’s largest economy and operate its most robust financial system. But compared to the financial prowess of teenagers in 17 other countries, U.S. teens come off downright mediocre.
That’s according to a new study published Wednesday by the Organization for Economic Cooperation and Development as part of its Program for International Student Assessment, conducted once every three years.
The OECD, a 34-nation organization based in Paris, surveyed 15-year-old students in 13 member nations and five other nations throughout 2012 to ascertain their level of familiarity with the financial system as they neared adulthood.
“Finance is part of everyday life for many 15-year-olds, who are already consumers of financial services, such as bank accounts,” the report said. “As they near the end of compulsory education, students will face complex and challenging financial choices, including whether to join the labor market or continue with formal education and, if so, how to finance such study.”
The OECD report.