How Does America’s Financial Literacy Rank Worldwide?
April 15, 2021
Yesterday we wrote about the S&P Global FinLit Survey, which analyzed the level of financial literacy worldwide. America’s financial literacy rate was 57%, based on survey respondents’ ability to successfully answer at least 3 questions on a quiz of 5 multiple choice questions about basic financial concepts like compound interest.
Though America’s financial literacy rate was above the worldwide average of 33%, we came in 14th place overall.
Sweden, Norway, and Denmark all tied for first place, with a financial literacy rate of 71%. Isreal and Canada tied for second with 68%. The rest of the top ten consists of European nations like Germany and Finland, along with the U.K. and Australia.
As one would expect, developed nations generally performed much better, while emerging economies trailed. The lowest-ranked nation was Yemen, where just 13% of the population was able to demonstrate financial literacy.