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

Large-scale Assessments in Education

An IERI – International Educational Research Institute Journal

Table 2 Descriptive statistics of the used variables

Variables	N	Min	Max	M	SD	Cronbach’s α
Financial learning factors
Financial education in school lessons (WLE)^a	4050	− 1.56	2.32	0.474	0.896	0.883
Parental involvement in matters of financial literacy (WLE)^a	4027	− 1.99	2.40	− 0.151	0.870	0.819
Dispositional factors
Competitiveness (WLE)^a	4134	− 2.35	2.01	− 0.041	0.977	0.800
Work mastery (WLE)^a	4065	− 2.74	1.82	− 0.312	0.964	0.746
Meta-cognition: understanding and remembering (WLE)a	4060	− 1.64	1.50	− 0.112	1.020
Meta-cognition: summarizing (WLE)a	4032	− 1.72	1.36	0.006	1.010
Meta-cognition: assess credibility (WLE)a	4007	− 1.41	1.33	0.196	1.002
Control variables
Gender
Female	2129
Male	2199
Student international grade (Derived)	4328	7	10	8.860	0.357
Highest education of parents—alternate definition (HISCED)	4233	0	6	5.370	0.969
Family wealth (WLE)^a	4272	− 4.65	4.14	0.216	0.743	0.552

This table presents descriptive statistics for the variables used. The scales of these variables were defined in Table 1. First, the number of participating students on each variable is presented, then minimum and maximum values followed by mean and standard deviation are provided. Cronbach’s alpha presents the internal consistency of the scale variables
^aWarm’s Mean Weighted Likelihood Estimates (WLE) are computed for the PISA indices used in our study. These values are drawn from the PISA data repository. The WLE estimates are standardized across OECD countries and have a mean of zero and standard deviation of one