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

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