A new study finds that people in Finland have very good economic skills and knowledge compared with those of other countries.
Finland is the second most economically literate country in the world, according to the Organisation for Economic Cooperation and Development (OECD).
An International Survey of Adult Financial Literacy Competencies by the OECD found that only France fared better in the study, which involved some 51,650 people across 30 countries.
The portion of the survey concerning economic behaviour was carried out with the help of questions on how people budget and pay their bills.
To determine peoples’ economic attitudes, questions were asked about their saving and future economic planning measures.
Economic knowledge in general was measured by answers to questions about interest rates and inflation.
France had an average score of 14.9. Finland scored 14.8 and received generally strong scores in all of the areas.
The overall average score of the study – which assessed financial knowledge, attitudes and behaviour – was 13.2 out of a possible 21.
The study was carried out in Finland by researchers from the University of Tampere and the University of Vaasa.
The OECD said weak economic skills and knowledge is a global problem.In particular, peoples have difficulties understanding issues like interest rates and the diversification of investments.
The OECD canvassed that financial literacy skills be taught in school and government officials – as well as consumer protection agencies – take note that people can find economic matters challenging.
