Flemish teenagers among Europe’s most financially savvy
8 in 10 15-year-olds in Flanders earn some money through occasional work, putting the region high above the OECD average and preparing them for later financial independence
Important consumers
The figures come from the OECD’s latest international Pisa study on financial literacy, carried out in Flanders by Ghent University in 2015.
On average, 64% of 15-year-olds in OECD countries earn money themselves – significantly lower than the Flemish figure. The OECD sees it as a positive trend, which better prepares young people for later financial independence.
The study also shows that three-quarters of 15-year-olds in Flanders have their own bank account and seven out of 10 get pocket money. “Young people are an important group of consumers,” Flemish education minister Hilde Crevits said. “It’s very important that they learn how to deal with pocket money, what it means to have a loan, to save money and to manage a budget.”
The Flemish participants also scored well on tests concerning financial knowledge, which included questions on banking, invoices and insurance. Flanders was in second place in the ranking of 15 participating regions.
However, 12% did not have a sufficiently high level of knowledge, and Crevits wants to improve that by making financial literacy part of the basic literacy attainment for every student.
Photo: Ingimage
