Predictors of Russian Students’ Financial Literacy: The PISA 2018 Results

Based on the OECD PISA financial literacy data released in 2020, Russian students’ strengths and deficits are analyzed to examine the relationship between financial literacy and a variety of factors. Regression analysis shows that both individual and school-related characteristics are significant predictors of students’ performance in financial literacy. In particular, when controlling for socioeconomic status (SES), non-cognitive factors, and school climate, 15-year-old girls score lower on financial literacy than boys of the same age (b = –7.04, p <.05). Family SES is positively associated with financial literacy scores (b = 15.24, p <.01), and school SES demonstrates an even stronger association (b = 35.78, p <.01). Among non-cognitive factors, interest in money matters (categorical variable) and confidence in dealing with money matters (b = 7.95, p <.01) play a significant role. Teacher behavior hindering learning has a negative effect on financial literacy (b = –4.72, p <.05). The findings are used to develop practical recommendations for promoting financial literacy, addressed to both teachers and parents.

Abstract licence: CC BY-NC

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