Teacher:In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.
Teacher: Now, understand the problem? Solve this instance: When it comes to financial literacy around the world, American teens are middling. 
  
 The United States may fuel the world’s largest economy and operate its most robust financial system. But compared to the financial prowess of teenagers in 17 other countries, U.S. teens come off downright mediocre. 
  
 That’s according to a new study published Wednesday by the Organization for Economic Cooperation and Development as part of its Program for International Student Assessment, conducted once every three years. 
  
 The OECD, a 34-nation organization based in Paris, surveyed 15-year-old students in 13 member nations and five other nations throughout 2012 to ascertain their level of familiarity with the financial system as they neared adulthood. 
  
 “Finance is part of everyday life for many 15-year-olds, who are already consumers of financial services, such as bank accounts,” the report said. “As they near the end of compulsory education, students will face complex and challenging financial choices, including whether to join the labor market or continue with formal education and, if so, how to finance such study.” 
  
 The survey questions assessed the teens’ understanding of bank accounts, credit cards, taxes, savings and contracts — among other topics. 
  
 Teens in Shanghai, China, proved the most financially literate of the countries surveyed with a mean test score of 603; Colombia rounded out the bottom of the ranking with an average test score of 379. 
  
 American teens scored an average of 492 points — placing them ninth in the ranking, exactly in the middle of the pack. 
  
 The report’s authors concluded that nations like the United States would benefit from standardizing financial instruction in public schools, especially high schools. 
  
 But Jim Peniston, executive director of the Foundation for Financial Planning in Atlanta, said he expects that nations scoring higher than the U.S. place more societal emphasis on saving money. 
  
 He maintained, unlike the report’s authors, that increasing funding for school-based financial literacy programs would be a mistake. The essentials of financial planning — how to save, when to donate money to charity — are values instilled through family, he said. 
  
 “I don’t put it on the school system, I put it on our generation,” Mr. Peniston said. “What do kids learn? They learn from what they see at home.” 
  
 Five other findings from the OECD report: 
  
 About 18.9% of American 15-year-olds do not reach a baseline level of financial literacy, meaning they do not understand much about finance beyond discerning between ‘needs’ and ‘wants.’ 
  
 9.4% of American 15-year-olds are considered “top performers.” These are the types of kids who understand the ripple effects of their financial decisions on their futures. 
  
 51% of American 15-year-olds hold bank accounts. 
  
 70% of American 15-year-olds in the top socioeconomic quartile hold bank accounts, while only 32% of 15-years-olds do in the bottom quartile. This represents the largest gap of all 18 countries studied. 
  
 Financial literacy does not differ significantly between American 15-year-old girls and boys. 
  
 Wondering what it means to be financially literate? Try your hand at a few sample questions from the survey. ||||| FINANCIAL LITERACY QUESTION (LEVEL 1) THE CORRECT ANSWER IS (A) – BECAUSE SARAH NEEDS TO PAY THE MONEY TO BREEZY CLOTHING Question level At level 1 students can identify common financial products and terms and interpret information relating to basic financial concepts. They can recognise the difference between needs and wants and can make simple decisions on everyday spending. They can recognise the purpose of everyday financial documents such as an invoice and apply single and basic numerical operations (addition, subtraction or multiplication) in financial contexts that they are likely to have experienced personally. Nature of the task Recognise the purpose of an invoice. Calculations are not required in this item. The context is individual. The question belongs to the money and transactions content category because it involves awareness of the different forms and purposes of money and handling simple monetary transactions such as everyday payments. Financial literacy process The process is identify financial information because the individual has to search and access sources of financial information, and identify or recognise its relevance. 
  
 FINANCIAL LITERACY QUESTION (LEVEL 2) THE CORRECT ANSWER IS 10 Question level At level 2 students begin to apply their knowledge of common financial products and commonly used financial terms and concepts. They can use given information to make financial decisions in contexts that are immediately relevant to them. They can recognise the value of a simple budget and can interpret prominent features of everyday financial documents. They can apply single basic numerical operations, including division, to answer financial questions. They show an understanding of the relationships between different financial elements, such as the amount of use and the costs incurred. Nature of the task Identify the cost of postage on an invoice. The context is individual. The question belongs to the money and transactions content category because it involves awareness of the different forms and purposes of money and handling simple monetary transactions such as everyday payments. Financial literacy process The process is identify financial information because the individual has to search and access sources of financial information, and identify or recognise its relevance. 
  
 FINANCIAL LITERACY QUESTION (LEVEL 3) THE CORRECT ANSWER IS Only the first statement is true Question level At level 3 students can apply their understanding of commonly used financial concepts, terms and products to situations that are relevant to them. They begin to consider the consequences of financial decisions and they can make simple financial plans in familiar contexts. They can make straightforward interpretations of a range of financial documents and can apply a range of basic numerical operations, including calculating percentages. They can choose the numerical operations needed to solve routine problems in relatively common financial literacy contexts, such as budget calculations. Nature of the task Analyse information in a financial context by considering the information in a line graph about an investment product. The graph shows how the price of shares has changed over a year. The first part of the question assesses a student’s understanding that shares should be bought when the price is low. The second part of the question assesses whether students can correctly identify the increase in share prices and calculate the percentage change over time. The context is individual.The question belongs to the risk and reward content category because it involves the ability to identify ways of managing, balancing and covering risks, and an understanding of the potential for financial gains or losses across a range of financial contexts. Financial literacy process The process is analyse information in a financial context because it includes interpreting, comparing and contrasting, synthesising, and extrapolating from information that is provided, and it involves recognising something that is not explicit. 
  
 FINANCIAL LITERACY QUESTION (LEVEL 4) THE CORRECT ANSWER IS (B) 2 500 Question level At level 4 students can apply their understanding of less common financial concepts and terms to contexts that will be relevant to them as they move towards adulthood, such as bank account management and compound interest in saving products. They can interpret and evaluate a range of detailed financial documents, such as bank statements, and explain the functions of less commonly used financial products. They can make financial decisions taking into account longer-term consequences, such as understanding the overall cost implication of paying back a loan over a longer period, and they can solve routine problems in less common financial contexts. Nature of the task Identify the net salary on a pay slip. The correct answer requires an understanding of the difference between gross and net pay, that is, the difference between pay before and after any deductions have been made (such as deductions for health care or tax). Calculations are not required in this item. The context is education and work. The question belongs to the money and transactions content category because it involves awareness of the different forms and purposes of money and handling simple monetary transactions such as everyday payments. Financial literacy process The process is identify financial information because the individual has to search and access sources of financial information, and identify or recognise its relevance. 
  
 FINANCIAL LITERACY QUESTION (LEVEL 5) THE CORRECT ANSWER IS No, Yes, No, in that order Question level At level 5 students can apply their understanding of a wide range of financial terms and concepts to contexts that may only become relevant to their lives in the long term. They can analyse complex financial products and can take into account features of financial documents that are significant but unstated or not immediately evident, such as transaction costs. They can work with a high level of accuracy and solve non-routine financial problems, and they can describe the potential outcomes of financial decisions, showing an understanding of the wider financial landscape, such as income tax. Nature of the task Evaluate a potential financial fraud and respond appropriately to a financial scam e-mail message. Calculations are not required in this item. The context is societal. The question belongs to the financial landscape content, because Internet banking is part of the broader financial landscape in which students are likely to participate, either now or in the near future. Financial literacy process The process is evaluate financial issues because students must evaluate the presented options and recognise which piece of advice can be considered as good advice. 
  
 YOU’VE ANSWERED ALL THE QUESTIONS! These questions were used in the PISA financial literacy test. The PISA financial literacy test is designed to measure whether students have the knowledge and understanding of financial concepts and risks, as well as the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve the financial well-being of individuals and society, and to enable participation in economic life. Back to Key Findings 
  
  
  
 Question levels 
  
  
  
 Question categories 
  
  
  
 Download pdf of questions & answers 
  
 FINANCIAL LITERACY TEST LEVELS Level 1 Students can identify common financial products and terms and interpret information relating to basic financial concepts. They can recognise the difference between needs and wants and can make simple decisions on everyday spending. They can recognise the purpose of everyday financial documents such as an invoice and apply single and basic numerical operations (addition, subtraction or multiplication) in financial contexts that they are likely to have experienced personally. Level 2 Students begin to apply their knowledge of common financial products and commonly used financial terms and concepts. They can use given information to make financial decisions in contexts that are immediately relevant to them. They can recognise the value of a simple budget and can interpret prominent features of everyday financial documents. They can apply single basic numerical operations, including division, to answer financial questions. They show an understanding of the relationships between different financial elements, such as the amount of use and the costs incurred. Level 3 Students can apply their understanding of commonly used financial concepts, terms and products to situations that are relevant to them. They begin to consider the consequences of financial decisions and they can make simple financial plans in familiar contexts. They can make straightforward interpretations of a range of financial documents and can apply a range of basic numerical operations, including calculating percentages. They can choose the numerical operations needed to solve routine problems in relatively common financial literacy contexts, such as budget calculations Level 4 At level 4 students can apply their understanding of less common financial concepts and terms to contexts that will be relevant to them as they move towards adulthood, such as bank account management and compound interest in saving products. They can interpret and evaluate a range of detailed financial documents, such as bank statements, and explain the functions of less commonly used financial products. They can make financial decisions taking into account longer-term consequences, such as understanding the overall cost implication of paying back a loan over a longer period, and they can solve routine problems in less common financial contexts. Level 5 At level 5 students can apply their understanding of a wide range of financial terms and concepts to contexts that may only become relevant to their lives in the long term. They can analyse complex financial products and can take into account features of financial documents that are significant but unstated or not immediately evident, such as transaction costs. They can work with a high level of accuracy and solve non-routine financial problems, and they can describe the potential outcomes of financial decisions, showing an understanding of the wider financial landscape, such as income tax. ||||| Fewer than 30% of U.S. teens understand their paycheck, according to the financial literacy portion of a test administered by the Organization for Economic Co-operation and Development. 
  
 More than one in six 15-year-olds is unable to make even simple decisions about everyday spending, and only one in 10 can solve complex financial tasks, according to the test. 
  
 Among the seemingly simple questions that American teens struggled with was determining how much money was going into a bank account from a theoretical month’s pay. 
  
 The pay slip for the month of July listed four numbers: Gross pay, deductions, net salary and gross salary year to date. 
  
 Only 28.8% could correctly say how much money was automatically deposited into the worker’s bank account. By comparison, 74.8% of students in Shanghai got the right answer. Americans also performed below the OECD average. 
  
 Overall, only 9.4% of American 15-year-olds were among the best performers in the financial-literacy test, as opposed to 43% of the Shanghai students. 
  
 The lackluster U.S. showing has been consistent with previous reading and math studies conducted by the Program for International Student Assessment, or PISA. Math and reading skills are closely related to financial literacy. 
  
 On the bright side, American teens did do better than those in Colombia, Italy and France, among others. 
  
 How well would you score? Take the 5-question test here 
  
 More must-reads from MarketWatch: 
  
 American teens don’t want to work 
  
 Smartphone dependency fuels other addictions 
  
 Every retirement saver must pass this financial test |||||
Student:
There’s nothing wrong with encouraging our nation’s teens to get jobs. But it turns out we’d better make sure we also teach them how to decipher their pay stubs and figure out how much money they lose to Uncle Sam—because most American teens appear to be solidly mediocre in financial matters compared to their peers around the globe, reports MarketWatch. Results of a new survey published yesterday by the Organization for Economic Co-operation and Development (OECD) show that only one in 10 15-year-olds can solve complex financial problems, and one in six can’t even make simple decisions about how to use and spend money. The US came in ninth among the 18 countries surveyed, beating out Colombia, Italy, and Israel, but lost out to China, Belgium, and Estonia. The survey asked participants questions ranging from how much of a paycheck was actually going into a bank account through direct deposit to the more complicated task of selecting the better of two loan proposals. The report’s authors say that there should be more standardized financial education in schools, but one financial expert disagrees. "What do kids learn? They learn from what they see at home," he tells the Wall Street Journal. His assertion may back up test scores of kids from China, the top performers in the survey. According to the OECD’s head of schools, only 50% of Shanghai students are in schools that offer a financial education program; in the US, that figure is 70%. (Take the test for yourself here.)