Abstract
ABSTRACTThis paper investigates the gap in Financial Literacy (FL) between native and immigrant 15-year-old school students using data from the 2012 PISA Financial Literacy Assessment. The size of the gap is about 0.15 standard deviations, going up to 0.3 for first-generation immigrants. This is partly because immigrants have poorer economic background, parents that work in lower-skilled jobs, do not speak the test language at home and are placed in later student cohorts. Controlling for this via OLS or matching reduces the unexplained gap, but it still remains significant and displays considerable country-level heterogeneity. It ceases to be significant when the Math score is partialled out.
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