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ABSTRACT
After graduating high school, underage individuals soon face ever more complex and important financial decisions. Pivotal to the development of improved financial literacy programs is a comprehensive examination of financial literacy levels and potentially related factors. The authors conducted a survey among German high school students and found similarly weak performances on standard financial literacy measures as have been documented for other samples. Female students and those with a low level of integration exhibit significantly lower financial literacy across measures. Additionally, basic financial literacy is related to mathematical skills, while sophisticated financial literacy is related to a student's general cognitive aptitude and foreign language skills. Subpopulations identified by these factors should be given attention in the development of more targeted financial literacy programs.
Acknowledgements
The authors thank Thomas Apolte, Gerd-Jan Krol, Thomas Langer, and Christian Müller for their valuable comments.