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      Personal financial literacy among high school students in New Zealand, Japan and the United States

      Cameron, Michael Patrick; Calderwood, Richard John; Cox, Ashleigh; Lim, Steven; Yamaoka, Michio
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      Cameron, M. P., Calderwood, R. J., Cox, A., Lim, S. & Yamaoka, M. (2013). Personal financial literacy among high school students in New Zealand, Japan and the United States. (Department of Economics Working Paper Series, Number 13/04). Hamilton, New Zealand: University of Waikato.
      Permanent Research Commons link: https://hdl.handle.net/10289/7715
      Abstract
      Personal financial literacy is becoming increasingly important in the modern world, especially for young people. In this paper we compare financial literacy of high school students in Hamilton, New Zealand, with samples from Japan and the United States. We compare not only overall financial literacy, but also literacy across five dimensions (or ‘themes’) of financial literacy, and across three cognitive levels. We find that financial literacy is poor overall in all three countries, but is substantially worse in New Zealand and the United States than in Japan. The performance is similar across themes and cognitive levels for U.S. and New Zealand students, but Japanese students perform better mostly in terms of their greater knowledge of terminology and definitions, rather than better comprehension and ability to apply their knowledge. This suggests that all three countries should work harder to develop the financial literacy of their high school students.
      Date
      2013-03
      Type
      Working Paper
      Series
      Department of Economics Working Paper Series
      Report No.
      13/04
      Publisher
      University of Waikato
      Rights
      ©2013 The Authors
      Collections
      • Management Papers [1082]
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