In April 2012, Visa released the results of it’s financial literacy survey which was conducted between February and April 2012 with 25,500 participants in 28 countries.
The Financial Literacy Survey revealed that Brazil had the highest level of financial literacy at 50.4% of the respondents followed by Mexico at 47.8%, Australia – 46.3% and USA with 44%. India was ranked 23rd in the report with only 35% of Indian respondents as financially literate.
You can download the full PDF file of the survey at the link below :
Visa Financial Literacy Survey 2012
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Key Findings of the Financial Literacy Survey 2012
- Chinese respondents were the best at saving, with an average of 3.9 months of expenses saved.
- The remaining top five in terms of months’ expenses saved were Taiwan, Hong Kong, Japan and Canada, with an average of more than 3 months of expenses saved.
- Pakistani respondents had the least saved, with 0.8 months of expenses set aside.
- In the U.S., the average person had 2.9 months of expenses saved.
- Mexico and Brazil topped the list of places that parents talk to their kids about money often, with Mexicans talking to their kids at least 41.7 days a year and Brazilians 38.1.
- Indonesian respondents talked to their kids about money the least—5.5 days a year.
- American families talked to their kids about finances 25.8 weeks out of the year.
- Brazilian respondents believe that financial education should start the earliest, with most believing that the government should require schools to start providing financial education when children are 9 years old.
- Vietnamese respondents believed that the government shouldn’t require financial education in schools until children were 14.4, the oldest average age.
- In the U.S., the average age when people felt the government should require kids to start learning about money was 11.9.