To help your child better manage money, trade up from the piggy bank to a savings account.
The second wave of a large-scale international study on financial knowledge among 15-year-olds came out Wednesday, and U.S. performance is still lackluster. About one in five U.S. students don't meet baseline levels for financial literacy proficiency, according to the PISA 2015 Financial Literacy assessment. Only 10 percent are considered "top performers" capable of analyzing complex financial products and problems.
Among the 15 countries and economies in the Organization for Economic Cooperation and Development's study, the U.S. ranked at best 7th and at worst 9th, based on the range of scores from its 1,486 students tested on financial literacy. Globally, more than 45,000 students took the test.
There's one item higher-scoring students have in common, that parents can quickly implement: A bank account.