South Africa was recently ranked last in the world for its level of financial literacy in a new international survey by the OECD.
According to the survey, adults in many countries around the world have low levels of financial literacy, are not engaged in financial behaviors that could improve their financial security, and have short-term financial attitudes.
On average, only 56% of adults in participating countries and economies scored at least 70%, which is considered the minimum expected score.
South Africa was at the bottom of the list with around 30%.
The official survey is divided into three main categories: financial literacy (contains all seven questions), financial behavior and financial attitude, giving the survey a total score of 21.
For the purposes of the questionnaire below, the last two sections of the OECD survey have been simplified to better match the format of the questionnaire and the additional question has been included for a total of 15.
Thomas Hardy