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Title page

Contents

Foreword 3

Executive Summary 6

1. Introduction 9

Background 9

The OECD/INFE Toolkit to measure financial literacy and previous assessments 9

About this Report 10

2. Financial literacy and its components 12

Overall levels of financial literacy 13

Financial knowledge 17

Financial behaviour 21

Financial attitudes 25

Financial literacy levels across socio-demographic groups 27

Context for understanding financial literacy levels: financial product holding and experiences in the financial marketplace 29

3. Digital financial literacy 36

Digital financial literacy 37

Digital financial literacy questions 39

Digital financial literacy levels across socio-demographic groups 41

Context for understanding digital financial literacy levels: digital activities and digital financial services 42

4. Financial well-being 47

Levels of financial well-being 48

Responses to individual financial well-being questions 50

Financial well-being levels across socio-demographic groups 53

Financial well-being and financial literacy 55

5. Policy suggestions 56

References 59

Annex A. Information on data collection 62

Annex B. Descriptive statistics 66

Annex C. Notes on methodology 67

Annex D. Tables 75

Figures

Figure 2.1. Overall financial literacy 14

Figure 2.2. Minimum target financial literacy 16

Figure 2.3. Minimum target financial knowledge 18

Figure 2.4. Financial knowledge questions 20

Figure 2.5. Changes in financial knowledge 21

Figure 2.6. Minimum target financial behaviour 23

Figure 2.7. Financial behaviour questions 25

Figure 2.8. Financial attitude questions 27

Figure 2.9. Variation in financial literacy 28

Figure 2.10. Financial product holding and financial literacy 32

Figure 2.11. Holding savings, investment or retirement products and financial knowledge 33

Figure 2.12. Having been a victim of a financial fraud or scam and financial literacy 35

Figure 3.1. Digital financial literacy 38

Figure 3.2. Minimum target score on digital financial literacy 39

Figure 3.3. Digital financial literacy questions 41

Figure 3.4. Holding crypto-assets and digital financial literacy 44

Figure 3.5. Managing financial products and services online and digital financial literacy 45

Figure 3.6. Shopping online and digital financial literacy 46

Figure 4.1. Financial well-being 49

Figure 4.2. Financial well-being questions 51

Figure 4.3. Changes in financial resilience 53

Figure 4.4. Variation in financial well-being 54

Figure 4.5. Financial well-being and financial literacy 55

Boxes

Box 2.1. Changes in financial knowledge 21

Box 2.2. Sustainable finance products 30

Box 3.1. Crypto-assets 43

Box 4.1/Box 2. Changes in financial resilience over time 52