Financial literacy is crucial for young people as they encounter financial choices that can shape their futures. Decisions like investing in a college education, making purchases, or even buying a book or a computer game can carry long-term consequences. That’s why it is essential to explore the connection between the financial literacy levels of young people and their proficiency in information and communication technology (ICT), reading and mathematical literacy. To delve into this subject, we’ve gathered data from the 2018 PISA database, officially published by the Organisation for Economic Co-operation and Development (OECD, 2020).
In the age of digitalisation, which has left its mark on the world over the past 20 years, one of the significant areas of impact has been educational reforms, with the focal point being information communication technologies. So, what is ICT literacy? In its most general definition, ICT literacy is the ability to use and handle information communication technologies (Rohatgi et al., 2016). Learning management systems such as Blackboard, Canvas and Moodle; Coursera, edX, Khan Academy and other massive open online course platforms; learning software such as virtual or augmented reality; and online assessments – all exemplify how ICT holds a crucial place in both teaching and learning processes.
Financial literacy is typically defined as the combination of awareness, knowledge, skills, attitudes and behaviours necessary to make informed financial decisions and ultimately attain personal financial wellbeing (OECD, 2017). Lusardi (2015) contends that financial literacy is a crucial 21st-century skill for students, and schools are ideally positioned to nurture the essential skills and competencies required (Blue & Grootenboer, 2019, p. 2). Furthermore, Servon & Kaestner (2008) have demonstrated a significant correlation between individuals with low levels of financial literacy and low levels of ICT literacy. This suggests that being financially savvy goes hand in hand with being technologically adept, making these skills even more relevant in our increasingly digital world.
