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Teenagers everywhere don't understand money

Only 12% of 15-year-olds have high financial literacy

Peter Coy 

You’re living in Zedland. Which is a better deal at the local market, loose tomatoes for 2.75 zeds per kilogram, or 22 zeds for a 10-kg box? Before you answer, rest assured that there is no Zedland and no currency called the zed. The test question is part of a multinational assessment of the financial literacy of 15-year-olds. They didn’t do well. It turns out that most young people aren’t ready to be in charge of their own money. Only 12 per cent scored at the highest level of financial literacy, and 22 per cent “score below the baseline level of ...

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First Published: Thu, May 25 2017. 22:38 IST