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With an increasingly complex universe of financial products and services, how are America's high-school students prepared to manage their money as they enter adulthood?

Not all that well, according to a new assessment of financial literacy from the Organisation for Economic Co-Operation and Development (OECD). The Programme for International Student Assessment (PISA) test measures the financial knowledge and skills needed to make the jump from high school to college and on into the workforce.

The results raise several red flags given that one in five American teens fail to meet the level to be considered financially literate. By comparison, only about one in 10 Chinese and Russian students fail to meet that benchmark. American teens haven't improved their scores since 2012. On top of that, teens who continue on to college often must make complex decisions about student loans that can impact their lives for decades.

The 22 percent of American students who failed to meet the baseline of financial literacy can "at best" identify financial products and terms and make simple decisions on everyday spending, the OECD said.

Only one in 10 American teenagers earned a top ranking for financial literacy. These teens can analyze complex financial products, solve non-routine financial problems and understand the broader financial landscape, the group said. By comparison, one of three Chinese teens scored at the top level.

Only 17 states require high schools to provide a financial education course, according to the Council for Economic Education.

Below are the rankings of teens in financial literacy by country.

1. China
2. Belgium (Flemish-speaking students)
3. Canadian provinces
4. Russia
5. Netherlands
6. Australia
7. U.S.A.
8. Poland
9. Italy
10. Spain
11. Lithuania
12. Slovak Republic
13. Chile
14. Peru
15. Brazil

More: http://www.cbsnews.com/news/financial-literacy-us-teens-compare/

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