Where in Europe are people the most financially literate?

Only 34% of adults have a minimum level of financial literacy, according to a new report by the Organisation for Economic Co-operation and Development (OECD).

This means that the majority of individuals, at least in the 39 countries studied, cannot effectively manage their money, a skill that's essential to individual and societal well-being.

In its report, the OECD also stresses the vulnerability of those who lack basic financial knowledge, particularly at a time when price spikes are putting extra strain on wallets.

"High inflation and rising interest rates have highlighted the importance of equipping people with financial knowledge and skills to cope with difficult financial circumstances," said Chiara Monticone, senior policy analyst at the OECD.

She told Euronews Business: "Results from our survey show that while most adults understand basic financial concepts, overall financial knowledge and skills could be improved significantly, including when dealing with digital financial services."

The OECD gave a financial literacy score to each of the 39 countries studied, and the results for various EU member states are shown below.

When looking at average scores across populations, only Ireland and Germany reached the minimum financial literacy threshold of 70 out of 100 points.

The latter also came out top in the OECD's wider study.

Besides looking at international disparities, the report noted variations between different population groups at a national level.

Individuals who have a higher level of formal education tend to be better at managing their money, as well as those on higher incomes and those in employment.

Other contributing factors include gender and age.

Across the countries studied by the OECD, people between 30 and 59