The literature suggests that financial literacy depends on factors such as socioeconomic status/sociodemographic status, psychosocial and psychological factors, experience, and access to financial education, language skills, mathematical literacy and other factors. The aim of this study was to identify the factors that influence the financial literacy achievements of students from Latvia, focusing on the possibility to improve these achievements. The data analysis was performed with PISA 2018 Latvian data, which there were selected 25% of the participating students whose financial literacy performance was lower than the mean performance in mathematical and reading literacy and 25% of students whose financial literacy performance was considerably higher than the mean performance in mathematical literacy and reading literacy. Differences between these two groups showed factors that impact financial literacy achievements, excluding the possibility that the financial literacy performance of these students was high due to the mathematical and reading literacy. It was concluded that the financial achievements of students in Latvia are positively influenced by such factors as the socioeconomic status/sociodemographic status, psychosocial factors, and psychological factors (students with higher financial literacy achievements have a more negative attitude towards school but a more positive attitude towards life, less fear of failure and more a positive attitude towards competition, and clear plans for the future), accessibility of the financial education, time devoted to financial education, an accessible wide range of financial topics in education, experience in the financial environment, parents’ involvement, feedback from teachers in reading lessons. Keywords: Achievements of financial literacy, Financial Literacy, Mathematic literacy, OECD PISA 2018, Reading literacy.

The development of the information and communication technologies goes hand in hand with changes in the financial environment, development of the offering and opportunities, and an ever increasing necessity for financial education to develop and advance in the schooling sector. It is therefore essential for school curricula to include the acquisition of knowledge and skills which support the development of financial literacy in order to assure that students are able to take care of their financial wellbeing in the future. The main aim is to find out what financial skills Latvian students need to develop in order to improve their financial literacy.Based on research studies conducted by other researchers, the research study is being conducted to look for the necessary skills and knowledge which financial literacy comprises and which might assure financial wellbeing in the future regardless of the constant development of the financial environment. The data of the Financial Module of the year 2012 OECD PISA study, in their turn, are used to analyse the financial literacy of Latvian students at the age of 15 by finding out the knowledge and skills students in Latvia have with regard to finances. By calculating the percentage of students able to solve the tasks given to them, the research study analyses which tasks Latvian students find difficult and which ones are easy for them. The research study explains what knowledge and skills financial literacy comprises. The results show that Latvian students find analytical tasks difficult, i.e., tasks which require substantiation of their opinion, whereas they find it easier to deal with tasks where use of mathematical skills is sufficient.The possible reasons for the current situation are provided and suggestions for improving it are offered in the research study.

In this article, the author provides a definition of the term financial education management. According to the author, financial education management is a process that takes place in many levels of education supervision. The aim of the study is to find out how much the financial education activities in Latvia that were implemented at school and in the country have contributed to the development of financial literacy achievements by comparing the PISA 2012 and PISA 2018 survey data. Schools that participated in PISA 2018 were also surveyed in order to find out the aspects of financial education implementation in the school. The data shows that an increase has not been achieved in financial literacy within six years. Financial literacy is highly dependent on reading and mathematical literacy. Schools use relatively few financial institutions help to educate students in the finance field. As shown the study finds it is important that schools use the education services offered by banks and NGOs as it improves students' understanding of the financial environment.

Considering the financial situation in Latvia it is very important not only to realize how effectively students could deal with situations relating to financial issues, but to understand what kind of PISA Financial items exactly bring difficulties. It is necessary to realize how to improve students’ financial literacy. The main of the research is to find out what kind of PISA 2018 financial items are difficult for students and which students’ answers are marked as incorrect. To reach the aim the methods of content analysis. The research data show that students are very good at dealing with tasks similar to their everyday situations and requiring mathematical skills. In their turn, tasks related to investments and topics not related to everyday life are found difficult. Students are not good at tasks which require deep data or situation analysis and judgements made on reasoning even if they could be based on personal experience.