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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 4,328 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. First, the results showed that financial education in school positively predicted adolescents’ confidence in using financial and digital financial services. Second, financial education at schools and in families indirectly predicted students’ financial literacy through confidence in using digital financial services. Third, 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. peerReviewed

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In the Programme for International Student Assessment (PISA), the key knowledge and skills needed in modern society are assessed. So far, however, little is known on the relationship between PISA performance and school achievement. Using Finnish PISA 2015 and 2018 data combined with the national register of education records, we studied whether there is correspondence between PISA performance and school achievement. The results showed that the correspondence between PISA performance and school achievement is moderate. The PISA proficiency scores correlated not only with the corresponding grades but also with the grades of other theoretical subjects, indicating that the PISA test assesses a wide range of school achievement. PISA proficiency was related to grades even after controlling for gender and SES. peerReviewed