School and family environments promote adolescents’ financial confidence: Indirect paths to financial literacy skills in Finnish PISA 2018

Kirjoittajat: Gintautas Silinskas, Arto K. Ahonen, Terhi-Anna Wilska

Julkaisu: Journal of Consumer Affairs, Volume 57, Issue 1 p. 593-618

First published: 28 January 2023

Nuorten taloustaitojen parantaminen, Tärkein taloustaito


This study investigates the associations of adolescents’ financial socialization factors—financial education in school and families—with financial confidence (i.e., confidence in using financial and digital financial services). In addition, we examine how financial socialization factors indirectly relate to financial literacy skills through financial confidence and the role of demographic factors (adolescent gender, grade level, parental education, family wealth) on financial socialization, financial confidence, and financial literacy scores.

We used data on the 4328 Finnish 15-year-olds participating in the 2018 Programme for International Student Assessment (PISA). We measured financial literacy by cognitive test items and assessed financial socialization and financial confidence by adolescent questionnaires.

The results showed:

That financial education in school positively predicted adolescents’ confidence in using financial and digital financial services.

Financial education at schools and in families indirectly predicted students’ financial literacy through confidence in using digital financial services.

Older adolescents were more exposed to financial education at school and in families, whereas adolescents from wealthier families and girls (vs. boys) were exposed to a more frequent discussion of financial matters with parents at home.

Furthermore, the boys were more confident in using financial services than the girls, although the financial literacy score did not differ by gender; older adolescents were more confident in using financial services and achieved better financial literacy than younger ones.

Finally, higher parental education in the family related to higher financial literacy but not to higher financial confidence, whereas family wealth was related to higher financial confidence but not financial literacy.

Gintas Silinskas

Ph.D., Associate Professor, Postdoctoral Researcher

Researcher in Work Package "Young people as consumers in digital environments"

Financial literacy, digitalization, consumer behavior


Arto K. Ahonen

Ph.D., University researcher

Leader in Work Package "Assessing Financial Literacy - PISA and background"

National Research Director PISA 2018, 2021

+358 40 839 4209

Terhi-Anna Wilska

Ph.D., Lic.Sc. (Econ.), Professor, Consortium Pl

Leader in Work Package ”Young people as consumers in digital environments”

Consumer research, digitalisation, young people, well-being, sustainability

+358 40 805 4201

Other research


PISA 2022 first results

Publications of the Ministry of Education and Culture 2023:49 Subject: Koulutus Publisher: Opetus- ja kulttuuriministeriö Authors: Hiltunen, Jenna - Ahonen, Arto - Hienonen, Ninja -...