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THE OECD/INFE APPROACH TO FINANCIAL LITERACY ASSESSMENT: METHODOLOGICAL CHALLENGES AND SOLUTIONS

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PDF: Author(s): Chechina O. S., Potokina E. S.,
Number of journal: 3(72) Date: September 2025
Annotation:

There is a relationship between financial literacy, population access to financial services and standard of living. Rational financial management ensures sustainable financial well-being of a person and his family. The need for financial education is growing exponentially. The relevance of the study is confirmed by the intensification of work by government and public organizations to improve the quality of life of the population by increasing the level of financial literacy and the transition to financial culture. Many national surveys of the adult population provide reliable, standardized data ready for analysis. The surveys assess knowledge of basic concepts compound interest, rates of return, risk diversification. For the purposes of international coordination, there is a need to agree on both the definition of financial literacy and methodological approaches to assessing its level. The study revealed distinctive features of the OECD/ INFE survey methodology, which include a three-component survey design, survey focus on studying the behavioral practices of the population of countries and their impact on the results, which helps to obtain practical knowledge about overcoming limitations related to the country environment. It was determined that the validity of the survey is based on the introduction of additional variables, the method of repeated experiment, the method of dividing questions and increasing the number of answers, the use of questions based on negation and questions with the effect of social desirability, the use of a wide range of response categories and the introduction of minimum target indicators that ensure the generalization of the results. The results of the study can be used in organizing surveys, as well as in preparing materials for teaching the population financial literacy.

Keywords:

approach, finance, methodology, financial liter- acy training, assessment, financial education, global research, challenges, standard of living, financial culture

For citation:

Potokina E. S., Chechina O. S. The OECD/INFE approach to financial literacy assessment: methodological challenges and solutions. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2025;3(72):128—137. DOI: 10.25683/ VOLBI.2025.72.1337.