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The OECD and BBVA join forces to make financial literacy an additional benchmark in the 2012 PISA Report
- As a result of this agreement, 15-year olds in the 19 OECD countries taking part in the tests for the PISA Report (Program for International Student Assessment) will also be assessed for their financial knowledge.
- BBVA is to be an important global partner for the OECD on financial issues.
Francisco González, Chairman and CEO of BBVA, and Ángel Gurría, Secretary-General of the OECD, have signed a collaboration agreement in Paris that allows for a broadening of the PISA report's scope so as to include indicators that measure the financial literacy of 15-year olds as of 2012. As a result, students will not just be evaluated for their knowledge of math, reading comprehension, and social sciences (the core data of the current report), but also for their ability and knowledge of financial matters. The OECD and other institutions like BBVA agree that financial literacy is a key value for society.
Since publication in 2005 of an OECD report on the level of financial culture globally, which included a recommendation to governments and regulatory bodies to create plans to promote financial literacy in their respective countries, arguing the need to introduce these plans at a young age, the sector has seen several advances. The OECD has carried out investigations and developed the International Network on Financial Education, while BBVA, staunch supporter of this approach, has set in motion several program for financial literacy, such as “Valores de Futuro”.
Forming part of the overall collaboration framework established by the two institutions, which also includes cooperation in areas such as the BBVA Group's pensions in Latin America, this agreement will enable the setting up of financial-culture indicators to measure the financial knowledge of students in 19 OECD countries.
BBVA and financial literacy
In September 2009, the BBVA Group launched its Global Financial Literacy Plan 2009-2011, with some ¤26 million and, to date, more than 1 million participants. The plan includes program such as: “Valores de Futuro” (“Future values”), which teaches 6 to 14-year olds the values associated with the use of money, such as savings, effort, solidarity, and prudence; and “Adelante con tu futuro” (“Forward with your future”), which offers interactive workshops to adults on saving and borrowing. These workshops have already helped more than 300,000 people in Mexico, and there are plans to introduce them gradually in the rest of the region.
The OECD countries taking part in the financial culture tests are: - Albania
- China (Shanghai)
- United States
- New Zealand
- Czech Republic
For more information on the framework for the evaluation of financial knowledge visit: