China's financial hub of Shanghai had the highest average score for teens who took part in testing for the Paris-based Organization for Economic Cooperation and Development.
Among the 18 countries and economies studied, China was followed by the Flemish Community of Belgium, Estonia, Australia, New Zealand, the Czech Republic, Poland, Latvia, the United States, Russia and France.
The easiest questions asked students to show basic financial literacy skills like recognizing the purpose of an invoice or comparing prices per unit to determine the better value.
The hardest questions included reviewing two loan proposals with differing rates and terms and choosing the better offer.
Do you ever wonder, as I do, why we don't teach financial literacy in schools?