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<p>A recent survey conducted on behalf of the Organisation for Economic Co-operation and Development (OECD) revealed that France has made a slight progress in financial literacy. However, compared to the Germans, the top performers, the French are to be pitied. Details&nbsp;!</p>
<h2 id="h-financial-literacy-france-s-poor-score">Financial Literacy, France’s Poor Score</h2>
<p>In mid-November, the French Financial Markets Authority (AMF) unveiled <a href="https://www.cointribune.com/en/survey-the-french-prefer-cryptocurrencies-over-the-stock-market/" target="_blank" rel="noopener noreferrer nofollow">a <strong>significant advance</strong></a><strong> for France in terms of cryptocurrency adoption</strong>. The report spoke of an “<em>individual crypto-asset ownership rate that has risen to 9% of the French population&nbsp;</em>“.</p>
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<p>Although modest, this adoption rate far exceeds <a href="https://www.cointribune.com/en/bitcoin-adoption-bad-score-for-el-salvador/" target="_blank" rel="noopener noreferrer nofollow">that of El Salvador</a>. The country currently has a rate of 1.72% of its population in possession of Bitcoin (BTC) and cryptocurrencies.</p> 
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<p>However, this gap is not yet enough for France to win any medals.</p>
<p>Indeed, a recent publication by the Bank of France highlights <strong>less than flattering figures for the French in terms of financial literacy</strong>. Here is an excerpt from the report&nbsp;:</p>
<p>“<em>With a total score of 12.45/20 (i.e., 62.25%), French adults aged 18 and over have a financial literacy near the OECD average, improving since 2021 (12.17/20 or 60.85%). <strong>France ranks 14th out of 39 countries</strong> participating in the OECD survey.&nbsp;</em>“</p>
<h3 id="h-financial-knowledge-score">Financial Knowledge Score</h3>
<p>While the French achieved a score of 4.58/7 in 2021, this year 2023 has seen a clear improvement to reach 4.61/7. This section specifically concerns understanding the “<em>impact of inflation on purchasing power, the relationship between risk and return</em>&nbsp;“. Nevertheless, the investigators are unanimous about the lack of knowledge of simple or compound interest rates mechanisms among the French.</p>
<h3 id="h-attitude-score">Attitude Score</h3>
<p>It particularly indicates the French relationship to money. According to the survey, they are no longer inclined to spend recklessly or save for the future. The progress is quantified at 2.35/4, which is +0.13 point compared to the 2021 assessment.</p>
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<h3 id="h-behavior-score">Behavior Score</h3>
<p>This score, which has seen an increase of 0.12 point since 2021, now at 5.49/9, quantifies French behavior in practical situations.</p>
<p>“<em>The French adopt more financially savvy behaviors: 76% of them monitor their financial situation and 65% claim to always make thoughtful purchases.</em>&nbsp;“, can be read on the Bank of France’s website.</p>
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<p>However, it is worth mentioning the low rate of people setting long-term financial goals or preparing for retirement.</p>
<h2 id="a-pro-crypto-country-leads-the-way">A pro-crypto country leads the way</h2>
<p>The survey conducted by the CSA institute shows <strong>Germany in first place with a score of 79%</strong>. It is well known that this country has made real advances in cryptocurrency adoption, especially among institutional investors.</p>
<p>As a reminder, a German banking giant, Deutsche WertpapierService Bank AG, presented <strong>a unique project favorable to bitcoin transactions</strong> last March. It is about <strong>the wpNex platform</strong>, where approximately 1,200 commercial banks can embrace the emerging technology.</p>
<p>The time for catch-up has thus sounded for French financial institutions.</p>

Finance: Are the French still less competent in the matter?

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