Posted on 07/10/2014 7:16:45 AM PDT by SeekAndFind
In the first ever international assessment of financial nous among the young, China’s most populous city leads the field “by a wide margin” compared with teenagers in the US, France, Italy, Australia and elsewhere, informs “Armenpress”, in reference to Financial Times.
The study was made by the OECD, the club of mostly rich nations, which tested 15- year-olds on basic financial concepts such as bank accounts, savings rates, managing finances and tax.
Shanghai teens clocked a mean score of 603 points, 103 above the OECD average and 62 points ahead of the next best performer, Flemish Belgium. Five other economies – Estonia, Australia, New Zealand, Czech Republic and Poland – were above average, with the US, France, Spain and Italy falling below.
The research revealed a worrying lack of knowledge in the young about elementary money matters. More than 15 per cent performed “below the baseline level of proficiency” on the simplest financial ideas, such as an interest rate.
(Excerpt) Read more at armenpress.am ...
Wonder how the Shanghai sophisticates do against their peers in the Guangzhou/Hong Kong area...
***The research revealed a worrying lack of knowledge in the young about elementary money matters.***
If Common Core is allowed to take root there will be a ‘worrying lack of knowledge’ in most everything else that’s necessary to function as a productive and independent citizen in today’s world.
Except matters of a sexual or otherwise politically correct nature, of course.
yes, and not biblically-based financial principles...like Nigeria’s, end justifies the means...not good.
RE: yes, and not biblically-based financial principles.
Who teaches that in public schools anymore?
Yes, but those million truly rich, and their kids, control much of the world’s wealth. So I would expect them to be pretty financially literate. I doubt the polled too many of the billion + coolies for this survey.
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