Socioeconomic Factors Influencing Financial Literacy Levels According to PISA 2022: A Comparative Study of Saudi Arabia, the UAE, Belgium, and the Netherlands

Abstract

The study aimed to identify the impact of socioeconomic factors on students' financial literacy, based on the results of the Program for International Student Assessment (PISA 2022) in Saudi Arabia, the United Arab Emirates, Belgium, and the Netherlands. The sample included all students who participated in PISA 2022 in these countries, totaling 44,062 male and female students. To achieve the study's objectives, the causal-comparative approach was used. After conducting statistical analysis using multiple regression analysis, socioeconomic factors explained 11% of the variance in financial literacy among students in Saudi Arabia, and 15%, 20%, and 17% for students in the UAE, Belgium, and the Netherlands, respectively. The results also showed that socioeconomic factors explained 11% of the variance in financial literacy among students in Saudi Arabia, and 15%, 20%, and 17% for students in the UAE, Belgium, and the Netherlands, respectively. The results also indicated that home ownership, parents' occupational status, educational level, and student gender represented the main socioeconomic factors. The study recommended enhancing curricula and educational programs provided to students with financial knowledge to reduce economic, gender disparities, and increase parents' awareness of their role in promoting financial literacy among their children