The French are around the OECD average in terms of “economic culture”

Where is the economic culture of the French? To find out our level compared to neighboring countries, the OECD carried out the survey. We’re in a pretty good place.

The French rank in the average of member countries of the Organization for Economic Cooperation and Development. We have even progressed since 2021. In the latest ranking, France comes in 14th position out of the 39 OECD countries.

Valuable survey

This OECD survey probes the financial knowledge, attitude and behavior of citizens aged over 18. For the Bank of France, this study is important in more than one way, because it allows us to know the level of maturity of the French when faced with major economic questions and the decisions to be made, for example, in terms of investment. This knowledge is all the more valuable at the time of the choices that are necessary in the debate on purchasing power.

If phenomena such as inflation, or notions such as the relationship between risk and return on investments, are rather known and well understood by the French, their mastery of big data varies greatly depending on age and level of education. studies. Among the most significant shortcomings is the calculation of interest rates. It is not a question of having pure, seasoned financiers upon leaving school, but we see how important it is to have some basic notions in the current context, particularly that of high interest rates. What does this mean for our savings, our investments, our real estate purchases?… and this is just an example.

Effective education system

National Education has often been criticized, through external reports, for its teaching of economics or its bias towards the social balance of power in business. The programs have evolved. Recently, a two-hour training course, called the “EDUCFI passport”, has been generalized to all fourth grade classes. This program aims to provide adolescents with the keys to fundamental understanding of budgetary and financial issues. For three years, the Banque de France has noted significant progress among young people in financial knowledge. In 2021, more than 50,000 young people benefited from this program… There were 220,000 last year.