Posted 12/18/2023, 9:54:36 AM
OECD: Just 34% of Adults Meet Minimum Financial Literacy Levels, Ireland and Germany Top EU
- Only 34% of adults in 39 countries have minimum financial literacy according to OECD report
- Ireland and Germany only EU countries to reach minimum 70 pt financial literacy threshold
- Higher financial literacy correlates with higher income/education levels and ages 30-59
- 63% understand 'time value of money' concept and 42% understand compound interest
- 59% would be able to pay major expense equal to 1 month's income without external support