OECD/INFE 2023 International Survey of Adult Financial Literacy

Claims Supported by This Source

1. Participation from 39 countries and economies (including 20 OECD and 8 G20 members).
2. The average financial literacy score was 60 out of 100 (63 for OECD countries). An average of 34% of adults reached the minimum target score of 70 (39% for OECD countries).
3. Even among those who have a savings product, only 46% understand compound interest.
4. 70% of people carefully consider whether they can afford something before buying it. 26% compare financial products from multiple providers, and 24% seek advice from independent sources.
5. 15% have been victims of financial fraud, such as phishing, personal information theft, investment scams, or unauthorized transactions. About two-thirds of the victims did not reach the minimum target score.
6. The average digital financial literacy score was 53 (55 for OECD countries). 29% reached the score of 70.
7. The average financial well-being score was 42 out of 100 (47 for OECD countries). 54% can cover a large expense equivalent to one month's income without borrowing, and 43% can cover three months of living expenses if they lose their main source of income.
8. 29% are not worried about living expenses, and 35% feel that money does not control their lives.
9. Adults who reached the minimum target score have 10 points higher financial well-being and 12 points higher financial resilience than those who did not (after controlling for socio-demographic characteristics).

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