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How U.S. teens compare with their global peers in financial literacy

CBS News – Aimee Picchi

“With an increasingly complex universe of financial products and services, how are America’s high-school students prepared to manage their money as they enter adulthood? Not all that well, according to a new assessment of financial literacy from the Organisation for Economic Co-Operation and Development (OECD). The Programme for International Student Assessment (PISA) test measures the financial knowledge and skills needed to make the jump from high school to college and on into the workforce. The results raise several red flags given that one in five American teens fail to meet the level to be considered financially literate. By comparison, only about one in 10 Chinese and Russian students fail to meet that benchmark. American teens haven’t improved their scores since 2012. On top of that, teens who continue on to college often must make complex decisions about student loans that can impact their lives for decades. The results should be a wake-up call to the American education system, said Andreas Schleicher, education director of the OECD.”(more)

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