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PISA data on financial literacy: Unanswered questions on developing financial skills for the broad student population

Margaret Miller's picture

A few weeks ago, the results of the OECD’s PISA (Programme for International Student Assessment) module on financial literacy were revealed, with Shanghai taking top honors in this category – just as it has in the last two rounds (in 2009 and 2012) on the traditional academic curriculum (reading, math and science).
 
This is no coincidence, as the OECD results and many other studies suggest a close relationship between education levels and academic performance in math and reading comprehension and scores on financial literacy tests.
 
In the PISA report, the correlation coefficients between financial literacy scores and performance in mathematics and reading were 0.83 and 0.79 respectively across 13 OECD countries in the survey sample. For high performers like Shanghai and New Zealand, these correlations were even stronger: 0.88 for mathematics, 0.86 for reading.

While waiting for general improvement in academic performance is one path to improved financial literacy, the urgency of addressing financial skills for today’s youth has led many educators and policymakers to look for more immediate steps that can be taken, including financial education interventions at school. The PISA results, however, don’t include an assessment of the value of possible financial literacy curricula, due to the “limited and uneven provision of financial education in schools.” That factor makes comparisons across countries difficult, as described in the report.

Do we have any idea how to get kids into school?

Donald Baum's picture
 Arne Hoel/ World Bank
In the seven years between 2000 and 2007, the world undertook a massive push to increase enrollments for all children in primary school. This organized effort was successful in reducing the worldwide number of out-of-school children by 40%. Surely, for many, the hope (and even the expectation) at that time was for a fast-approaching elimination of this global dilemma.
 
So, what of our progress in the last seven years?

Are Great Teachers Born or Made?

Claudia Costin's picture



Did you have a favorite teacher at school? What made that teacher so special? Teachers are the single most important resource we have to ensure that children learn. But the reality is that many kids across the world don’t get a good quality education.

Pensioners Paying for Projects: A new meaning for PPP in Latin America?

Daniel Pulido's picture
Follow the author on Twitter: @danpulido
 
Public-Private Partnership (PPP) projects in infrastructure have traditionally been financed by banks. However, interest in new funding sources is increasing as long-term money from banks has become more difficult and expensive to get, while the assets held by pension funds and other institutional investors have continued to soar. In a context of low bond yields, pension funds are looking for attractive long-term investment opportunities to diversify their holdings and meet their long-term payment obligations. Realizing an opportunity to match supply and demand, governments and investors in the developed and developing world have turned their attention to Project Bonds, debt instruments issued by PPP project companies in the capital markets as a way to fund infrastructure investments.

These “Project Bonds” mostly target institutional investors - including pension funds, and have generated a great deal of interest among investment bankers, lawyers and investors. All this hype raises a number of questions: Are these “Project Bonds” really living up to expectations? Can governments really rely on Pensioners Paying for Projects (a newfound meaning for PPPs!)? What do we need to do to turn these instruments into a significant source of financing and close the infrastructure investment gap?

Promising uses of technology in education in poor, rural and isolated communities around the world

Michael Trucano's picture
don’t worry: your solutions -- and possibly your salvation – have finally arrived!
don’t worry: your solution (salvation?)
has finally arrived!

One persistent challenge for educational policymakers and planners related to the potential use of informational and communication technologies (ICTs) in remote, low income communities around the world is that most products, services, usage models, expertise, and research related to ICT use in education come from high-income contexts and environments.

One consequence is that technology-enabled 'solutions' are imported and 'made to fit' into what are often much more challenging environments. When they don't work, or where they are too expensive to be replicated at any scale, this is taken as 'evidence' that ICT use in education in such places is irrelevant -- and possibly irresponsible.

That said, lessons are being learned as a result of emerging practices, both good and bad, in the use of ICTs in education in low resource, poor, rural and isolated communities in Africa, Asia, Latin America and the Pacific that may be useful to help guide the planning and implementation of educational technology initiatives in such environments. (It may even turn out that the technological innovations that emerge from such places many have a wider relevance …. but that is a topic for another discussion.)

Products like the BRCK (a connectivity device designed and prototyped in Nairobi, Kenya by many of the people behind Ushahidi to better address user needs in places where electricity and internet connections are, for lack of a better word, ‘problematic’) and MobiStation (a solar-powered 'classroom in a suitcase' which features a projector and lots of off-line educational content developed by UNICEF Uganda) remain notable exceptions to the lamentable reality that, for the most part, ‘solutions’ touted for use in schools in e.g. rural Africa, or in isolated communities in the Andes, are designed elsewhere, with little understanding of the practical day-to-day realities and contexts in which such technologies are to be used. Many people who have lived and worked in such environments are quite familiar with well-meaning but comparatively high cost efforts often informed more by the marketing imperatives embedded in many corporate social responsibility efforts than by notions of cost-effectiveness and sustainability over time or the results of user-centered design exercises.

São Paulo and Mumbai: Improving Mass Transit in Two BRIC Megacities

Jorge Rebelo's picture
Mumbai and São Paulo are two mega metropolitan regions (MMR and SPMR) in the BRICs with about 20 million inhabitants each. They are the economic engines of their respective countries and act as a magnet for rural, low-income populations seeking employment opportunities, growing at a rate that puts tremendous pressure on their transport infrastructure and other public utilities.

As population and income rise, car and motorcycle ownership quickly increased in both megacities while mass transit is not developing fast enough, with serious consequences on traffic congestion, accidents and pollution. São Paulo has 150km+ traffic queues daily and losses of productivity, wasted fuel, health impacts and accidents estimated at around 2% of Brazil’s GDP in 2013, with three fatal deaths daily in motorcycle accidents alone. Mumbai, in addition to all-day road traffic jams, have an astounding six deaths daily from riders hanging and falling from packed trains which circulate with open doors to avoid reducing carrying capacity. The city comes to a standstill when the rail right-of-way is flooded by heavy monsoon rains. 

Access to jobs and basic services in both mega-cities is extremely difficult – particularly for the poor, who often live far from major employment centers. The two cities need to act quickly and take drastic measures to improve mobility and access... But this is easier said than done: expanding the transport infrastructure in these megacities requires careful planning, massive investment,  and may also involve relocating large numbers of people and businesses.

Sticky Feet: How Workers’ Reluctance to Move Can Reduce Gains from Trade

Elizabeth Ruppert Bulmer's picture

When economists think about price shocks, they consider how a change in price will affect the supply and demand of a product. But when that product is human – i.e., a worker – interpreting the impact of a price – or wage – shock is no longer cut and dried.

Just consider: If your wage was suddenly cut, would you remain in your current job despite the loss in earnings? Would you quit immediately, or look for a new job while continuing to work? How long could you survive on your lower earnings? Would you be forced to sell your house or other assets? How much money and effort would you invest in finding a better job? Would your personal circumstances allow you to take a better job in a distant location? Would you uproot your family for this job? 

Boosting Malaysia's Performance in the World Cup of Trade

Miles McKenna's picture
Trade issues can seem quite complex. Sometimes it's nice to boil concepts down to simpler terms-- terms more familiar, more beloved by many of us. So, let's talk futbol.

The latest Malaysia Economic Monitor reviews aome key developments in 2013, while also providing in-depth analysis of strutural trends in the country's trade competitiveness. But how competitive is Malaysia (or its trade) on the football pitch? Check out the video below to find out.
Malaysia's Trade (in Futbol Terms)

Adding up the Local Benefits of Climate-Smart Development

Sameer Akbar's picture

Authors Sameer Akbar | Gary Kleiman

Adding Up the Benefits report


​When President Barack Obama announced that the United States would cut CO2 emissions from its coal power plants by 30 percent below 2005 levels by 2030, he didn’t just talk about climate change – he was equally forceful about the local benefits that the regulations could bring.  He stressed that those regulations would reduce pollutants that contribute to soot and smog by over 25 percent, reductions that could avoid up to 6,600 premature deaths and 150,000 asthma attacks in children; and that the regulations would build jobs, benefit the economy, and be good for the climate. 

According to the U.S. Environmental Protection Agency, the plan will cost up to $8.8 billion annually but bring climate and health benefits of up to $93 billion per year by 2030. The economic case for the proposed regulation speaks for itself.

Demonstrating the value of multiple benefits that result from many policies and projects can provide a compelling economic rationale for action. It can speak to broad constituencies, local and global, and demonstrate the climate-smart nature of good development. A new report prepared by the World Bank in partnership with the ClimateWorks Foundation – Climate Smart Development: Adding up the benefits of actions that help build prosperity, end poverty and combat climate change – sets out to do just that.

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