Predictors of Russian Students’ Financial Literacy: The PISA 2018 Results

Abstract

Based on the OECD PISA financial literacy data released in 2020, Russian students’ strengths and deficits are analyzed to examine the relationship between financial literacy and a variety of factors. Regression analysis shows that both individual and school-related characteristics are significant predictors of students’ performance in financial literacy. In particular, when controlling for socioeconomic status (SES), non-cognitive factors, and school climate, 15-year-old girls score lower on financial literacy than boys of the same age (b = –7.04, p < .05). Family SES is positively associated with financial literacy scores (b = 15.24, p < .01), and school SES demonstrates an even stronger association (b = 35.78, p < .01). Among non-cognitive factors, interest in money matters (categorical variable) and confidence in dealing with money matters (b = 7.95, p < .01) play a significant role. Teacher behavior hindering learning has a negative effect on financial literacy (b = –4.72, p < .05). The findings are used to develop practical recommendations for promoting financial literacy, addressed to both teachers and parents.