Financial knowledge is the weakness of many adults, and Cyprus is no exception. Such conclusions were reached by experts from Cambridge University and University College London after the "International Assessment of Adult Knowledge" (PIAAC).
Within the framework of the study, adults from 16 to 65 years from 31 countries of the world were asked to solve several basic financial tasks. The ability to solve financial problems is a key knowledge for maintaining well-being. Every day the solvent population makes various monetary transactions that require a significant understanding of key financial concepts, the researchers said in a statement.
In Estonia, Finland and Japan they coped well with all the tasks, the weakest financial skills were shown by the test subjects from Turkey, Chile, Israel, Italy, Spain and England. Subjects from Cyprus managed in 73% of cases managed to give the correct answer to one of the tasks, and in 37% - to others.
About a quarter of participants in all countries, including Cyprus, could not correctly calculate the change that they owe in the store when buying several products. In Spain, England and Italy, their share reaches one-third of the subjects. One of the three adults in the world was able to calculate the unit cost based on the price per liter or kilogram. In Cyprus, 69% of respondents coped with this task. Also among the tasks was reading financial charts, calculating the cost of the goods after applying the discount, etc.
Researchers also compared the responses of male and female respondents. It turned out that women better perform simple daily financial tasks. In this case, the residents of Cyprus have outstripped the men by 5%, ranking fourth in the international rating.
The main conclusion of the experts is the conclusion that in some countries "state intervention" is necessary to educate the adult population about basic financial skills and economic knowledge.