Financial culture: where are the French?

During this school report period, the French achieved their average in financial education: 12.45 out of 20. This score comes from a survey published by the Banque de France on 14 December1. Based on a questionnaire created by the OECD, the study makes it possible to compare the financial culture of the inhabitants of 39 countries – 20 OECD and 19 non-members.

With a total score almost equal to the average of 39 (12.07 out of 20), France is fifteenth. Germany (15.2 out of 20), Thailand (14.2), Hong Kong and Ireland (14) do best in this area. Behind came Yemen (8.4), Cambodia (9.8) and Paraguay (10). Among the OECD countries that participated this year (average: 12.54 out of 20), France is eleventh.

The overall finding is therefore the same as in 2021, i.e. the year of the previous study: “We’re not bad, we’re average”says Stéphanie Lange-Gaumand, Director of Financial Education at Banque de France. “If this score is a slight increase compared to 12.17 in 2021, there is room for improvement. For the OECD, the score for a citizen being sufficiently informed to make wise financial decisions is 70 out of 100. (14/20). »

Also read: Financial culture of the French? On average

Banque de France is the operator of the “national financial education strategy” launched by Bercy in 2016 under the leadership of the OECD. Since the beginning of the 21st century, this international organization has been encouraging member countries to implement such strategies to improve the financial culture of the general public. It also measures population.

Notebook A, LEP

The economic and financial context has evolved significantly since the last study two years ago, notes Mme Lange-Gaumand, who cites rate hikes, inflation, the rise of digital financial services, cryptocurrency volatility and the rise of financial influencers on social media as notable events of the past few years.

You can read about these changes in the survey. The level of knowledge of the Livret A rate, now at 3% compared to a very small 0.5% in 2021, has therefore increased significantly: 42% of respondents were able to state it compared to 31% two years ago. Awareness of the popular savings account, available by means, jumped from 45% to 57%, due to an increase in its rate (today 6%) and increased communication about the product. And awareness of the effects of inflation on purchasing power rose nine points to 65%.

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