Skip to main content

Table 1 Description of measures used in the present study to predict financial literacy (see OECD, 2019, 2020a, b)

From: Financial literacy among Finnish adolescents in PISA 2018: the role of financial learning and dispositional factors

Variable # items Item stimulus/used indices Response categories Items
Financial learning factors
 Financial education in school lessons 6 How often have you encountered the following types of tasks or activities in a school lesson in the last 12 months? 3-point scale:
1 = Never
2 = Sometimes
3 = Often
Describing the purpose and uses of money
Exploring the difference between spending money on needs and wants
Exploring ways of planning to pay an expense
Discussing the rights of consumers when dealing with financial institutions
Discussing the ways in which money invested in the stock market changes value over time
Analyzing advertisements to understand how they encourage people to buy things
 Parental involvement in matters of financial literacy 4 How often do you discuss the following matters with your parents (or guardians or relatives)? 4-point scale:
1 = Never or hardly ever
2 = Once or twice a month 3 = Once or twice a week
4 = Almost every day
Your spending decisions
Your savings decisions
The family budget
Money for things you want to buy
Dispositional factors
 Competitiveness 3 How much do you agree with the following statements about yourself? 4-point scale:
1 = Strongly disagree
2 = Disagree
3 = Agree
4 = Strongly agree
I enjoy working in situations involving competition with others
It is important for me to perform better than other people on a task
I try harder when I’m in competition with other people
 Work mastery 3 How much do you agree with the following statements about yourself? 4-point scale:
1 = Strongly disagree to
4 = Strongly agree
I find satisfaction in working as hard as I can
Once I start a task, I persist until it is finished
Part of the enjoyment I get from doing things is when I improve on my previous performances
Meta-cognition (3 scenarios)   
 1. Understanding and remembering 6 You have to understand and remember the information in a text. How do you rate the usefulness of the following strategies for understanding and memorizing the text? The adolescents were asked to give a score for each category between 1–6:
1 = Not useful at all to
6 = Very useful
Six strategies were presented:
I concentrate on the parts of the text that are easy to understand
I quickly read through the text twice
After reading the text, I discuss its content with other people
I underline important parts of the text
I summarize the text in my own words
I read the text aloud to another person
 2. Summarizing 5 You have just read a long and rather difficult two-page text about fluctuations in the water level of a lake in Africa. You have to write a summary. How do you rate the usefulness of the following strategies for writing a summary of this two-page text? The adolescents were asked to give a score between 1–6 for each strategy:
1 = Not useful at all to
6 = Very useful
Five strategies were presented:
I write a summary. Then I check that each paragraph is covered in the summary because the content of each paragraph should be included
I try to copy out accurately as many sentences as possible
Before writing the summary, I read the text as many times as possible
I carefully check whether the most important facts in the text are represented in the summary
I read through the text, underlining the most important sentences. Then I write them in my own words as a summary
 3. Assessing credibility 5 You have received a message in your inbox from a well-known mobile phone operator telling you that you are one of the winners of a smartphone. The sender asks you to click on the link to fill out a form with your data so they can send you the smartphone. In your opinion, how appropriate are the following strategies in reaction to this email? The adolescents were asked to give a score between 1 and 6 for each category:
1 = Not useful at all to
6 = Very useful
Five strategies were presented:
Answer the email and ask for more information about the smartphone
Check the sender’s email address
Click on the link to fill out the form as soon as possible
Delete the email without clicking on the link
Check the website of the mobile phone operator to see whether the smartphone offer is mentioned
Socio-demographic factors
 Gender 1   1 = female
2 = male
 
 Grade level 1   1 = Grade 7
2 = Grade 8
3 = Grade 9
4 = Grade 10
 
 Family wealth possessions 4 WEALTH Family wealth possessions index:
Which of the following are in your home?
0 = No
1 = Yes
Availability of household items:
A room of your own
A link to the Internet
Laptop
Alarm system
  7 How many of these are there in your home? 0 = None
1 = One
2 = Two
3 = Three or more
Televisions
Cars
Rooms with a bath or shower
Cell phones with Internet access (e.g., smartphones)
Computers (desktop computer, portable laptop, or notebook)
Tablet computers (e.g., iPad®, BlackBerry® PlayBook™)
E-book readers (e.g., KindleTM, Kobo, Bookeen)
 Parental education 1 HISCED The index of highest educational level of parents ISCED1 to ISCED 6  
  1. This table presents descriptions of the items used in the study. All the items are drawn from PISA 2018 assessment and analytical framework document (OECD, 2019). Table presents variable names, number of items, the stimulus used, response categories and the exact items