Over the past decade the OECD and its International Network for Financial Education (INFE) have developed a number of instruments to measure financial literacy in various countries all over the world (Kempson 2009, Atkinson & Messy 2012, OECD 2014). One of these instruments, the so called “toolkit for measuring financial literacy” that aims at measuring the level of financial literacy among adults (OECD 2013), has been revised for future applications. The toolkit comprises a core questionnaire as well as an optional supplementary part with additional questions. It is available online for use by public authorities and other interested bodies to collect data that will enable countries to gather baseline information on levels of financial literacy, measure financial literacy nationally and make comparisons with other countries. The questionnaire captures information about the population’s attitude towards financial matters (like “money is there to be spent”) as well as their knowledge of interest rates, compound interest, inflation and risk diversification. Questions on financial behavior cover a wide range of topics such as budgeting and money management, saving and long-term planning and the use of financial products (OECD 2013; see also http://www.oecd.org/finance/financial-education/).

The Austrian Central Bank (www.oenb.at) is the first INFE member to implement this revised version after having adapted it for the survey of Austrian households. In November 2014, 2,000 Austrian households were surveyed, a number which is considered representative of the Austrian adult population. The analysis of the data gives an insight into the respondents' financial knowledge and their experience with financial products, their financial situation and their spending, investing and saving habits, money attitudes and financial behavior. These results are largely consistent with the findings obtained in other countries, as they reveal a considerable lack of knowledge among most respondents, especially among those who have only achieved a low level of education. Most interestingly, there is also a higher percentage of women who have troubles to answer the knowledge questions correctly which has also been the case in many other countries. But the data analysis does not only allow international comparisons but also an analysis of the quality of the items used for measuring various aspects of financial literacy.

Atkinson, A. and F. Messy (2012), “Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study”, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, OECD Publishing. Kempson, E. (2009), “Framework for the Development of Financial Literacy Baseline Surveys: A First International Comparative Analysis”, OECD Working Papers on Finance, Insurance and Private Pensions, No. 1, OECD Publishing. OECD (2013), OECD/INFE Toolkit to Measure Financial Literacy and Financial Inclusion: Guidance, Core Questionnaire and Supplementary Questions. OECD (2014), PISA 2012 Results: Students and Money: Financial Literacy Skills for the 21st Century (Volume VI), PISA, OECD Publishing.