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To create a global picture of current levels of financial literacy, we asked a series of questions to adults across 10 jurisdictions, most of whom have not received financial education at school. This common starting point is key to understanding adults’ perceptions of how financial education could benefit them in their everyday life, and their attitudes to financial management.

Key findings across ten markets:

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  • People tend to believe they know more than they do about financial matters. 61% of respondents claim to be knowledgeable about financial matters, but only 11% say they feel very knowledgeable.
  • When testing respondents’ knowledge on inflation, 32% were able to correctly answer the question, whilst 52% correctly answered a question on interest rates.
  • Confidence is lower in managing finances digitally. 72% feel confident managing your personal finances whilst 65% feel confident managing their personal finances online.
  • Social media is increasingly seen as a source of information for financial education. One in five would seek information on financial matters from social media, and this increases to one in three among 16-24 year olds and those in Brazil.
  • There is a strong appetite for respondents to have control over their finances. Four-fifths (79%) tend to track their monthly expenses.

Across all the markets that we surveyed, there was a mismatch between claimed financial literacy and actual financial literacy. Globally, 61% of respondents claim to be very or fairly knowledgeable about financial matters, such as bank accounts, credit cards and, investing. This figure increases among respondents in the US (81%) and UK (71%), but respondents claim to be less knowledgeable in Uruguay (41%) and Brazil (49%). It is important to note that there are different economic landscapes and varying levels of education and literacy across the 10 markets we surveyed, which may shape how many respondents claim to be knowledgeable.

Across all jurisdictions respondents struggled to correctly answer questions on basic economic concepts such as inflation.