Only one in ten young people polled in the Pisa survey understood complex concepts such as tax on earnings
Do young people need better financial training in Luxembourg?
The director of Luxembourg’s statistics gathering body Statec has spoken out in favour of greater financial education for young people.
In a blog post published on Paperjam on Wednesday, Serge Allegrezza cited a recently published OECD study on financial literacy which found around a quarter of students in 15 countries were unable to make any decisions about current spending and only one in ten understood complex concepts such as tax on earnings.
Allegrezza's words were an effort to put into perspective the priorities of families in light of a petition launched by parents and teachers against their children singing in several languages in kindergarten.
“In a country with an important financial sector, should we not be more concerned about the incompetence of adolescents in matters of financial matters, such as managing a bank account and a debit card, or understanding interest rates on a loan or the conditions of their mobile subscription...” he wrote.
Luxembourg was not among the 15 countries included in the Pisa survey, which did however include the Flemish-speaking part of Belgium and the Netherlands.
Allegrezza proposed that further surveys be carried out in Luxembourg to assess young peoples’ financial literacy. If nothing changes, he said he would propose his own petition calling for a survey to be conducted and introducing better financial literacy training for young people.