Financial Education in Colombia: Challenges from the Perception of its Population with Socioeconomic Vulnerability

• Autorzy: Campo Elías López-Rodríguez , Diego Alejandro López-Ordoñez , Ludvík Eger
• Języki publikacji: EN

Abstrakty

EN

Financial education is recognized as the process through which knowledge and skills are developed to make financial decisions that strengthen people's life plan within a society. Therefore, the objective of this research is to identify the opinions of the vulnerable population in Colombia regarding money saving based on the realities of their financial education. Pearson's correlation coefficient, simple correspondence analysis and symmetrical normalization are used in the different obtained associations to determine that, there are different perceptions associated with money saving according to the age and academic background of the population studied. It is highlighted that the older population is disinclined to assume risks in financial investment processes, while the younger people agree to personally monitor their financial affairs. However, the elderly and the population with a level of professional and technological training do not believe that "money is there to spend it, living day to day without worrying about tomorrow", unlike people who have only basic primary schooling, who do agree with these ideas. This demonstrates the need to strengthen the training in financial education for the socioeconomically vulnerable Colombian population, becoming an alternative for the improvement of their quality of life. (original abstract)

Słowa kluczowe

EN

Financial education; Savings; Economic awareness

PL

Edukacja finansowa; Oszczędności; Świadomość ekonomiczna

• Czasopismo: Economics & Sociology
• Rocznik: 2022
• Tom: 15
• Numer: nr 1
• Strony: 193--204

Twórcy

autor

Campo Elías López-Rodríguez

• Corporación Universitaria Minuto de Dios - UNIMINUTO, Bogotá, Colombia

autor

Diego Alejandro López-Ordoñez

• Corporación Universitaria Minuto de Dios - UNIMINUTO, Bogotá, Colombia

autor

Ludvík Eger

• University of West Bohemia, Plzeň, Czech Republic

Bibliografia

• Abadía, L. K., Bernal, G. L., & Muñoz, S. (2018). Brechas en el desempeño escolar en PISA: ¿Qué explica la diferencia de Colombia con Finlandia y Chile? Archivos Analíticos de Políticas Educativas, 26, 82.
• Asobancaria (2019). Programas de educación financiera de los bancos en Colombia. Recovered from https://n9.cl/ujmmi
• Beal, D., & Delpachitra, S. (2003). Financial literacy among Australian university students. Economic Papers: A journal of applied economics and policy, 22(1), 65-78.
• Bernheim, B. D., & Garrett, D. M. (2003). The effects of financial education in the workplace: Evidence from a survey of households. Journal of public Economics, 87(7-8), 1487-1519.
• Berry, J., Karlan, D., & Pradhan, M. (2018). The impact of financial education for youth in Ghana. World Development, 102, 71-89.
• Blue, L., Grootenboer, P., & Brimble, M. (2014). Financial literacy education in the curriculum: Making the grade or missing the mark? International Review of Economics Education, 16, 51-62.
• Bruhn, M., Ibarra, G. L. & McKenzie, D. (2014). The minimal impact of a large-scale financial education program in Mexico City. Journal of Development Economics 108(12),184-89.
• Cañizares, R. I. (2019). Análisis para la Educación e Inclusión Financiera en Esmeraldas. Revista Científica Hallazgos21, 4(3), 293-305.
• Chatzky, J. (2002). Teach our Children Well, Money, 31(7), 128-137.
• Charles-Leija, H., Aboites, G., & Llamas, I. (2018). Una revisión de aportaciones que contribuyeron al estudio de la utilidad y la felicidad en la economía. Análisis económico, 33(84), 57-76.
• Chen, Z., & Lemieux, C. M. (2016). Financial knowledge and behaviors of Chinese migrant workers: An international perspective on a financially vulnerable population. Journal of Community Practice, 24(4), 462-486.
• Cole, S., Sampson, T. & Zia, B. (2011). Price or knowledge? What drives demand for financial services in emerging markets? Journal of Finance 66(6), 33-67.
• Collins, J. M. (2013). The impacts of mandatory financial education: Evidence from a randomized field study. Journal of Economic Behavior & Organization, 95, 146-158.
• DANE (2020). Main results of the Multidimensional Poverty Index and the Quality of Life Survey 2020. Recovered from https://n9.cl/ugb2g
• De Silva, M. & Kawasaki, A. (2018). Socioeconomic vulnerability to disaster risk: a case study of flood and drought impact in a rural Sri Lankan community. Ecological Economics, 152, 131-140.
• Denegri, M., Del Valle, R., González, Y., Etchebar-ne, L., Sepúlveda, J., & Sandoval, D. (2014). ¿Consumidores o ciudadanos?: Una propuesta de inserción de la educación económica y financiera en la formación inicial docente. Estudios pedagógicos (Valdivia), 40(1), 75-96.
• Eniola, A. A. & Entebang, H. (2016). Financial literacy and SME firm performance. International Journal of Research Studies in Management, 5(1), 31-43.
• Fierros, I., & Ávila-Foucat, V. S. (2017). Medios de vida sustentables y contexto de vulnerabilidad de los hogares rurales de México. Problemas del desarrollo, 48(191), 107-131.
• Franco, M. A. (2016). Finanzas y educación financiera en las empresas familiares Pymes. Sinapsis, 8(1), 99-118.
• Grohmann, A., Klühs, T. & Menkhoff, L. (2018). Does financial literacy improve financial inclusion? Cross country evidence. World Development, 111, 84-96.
• Halilovic, S., Zaimovic, A., Berilo, A. A., & Zaimovic, T. (2019). Financial Literacy Assessment in Bosnia and Herzegovina. Procedia Computer Science, 158, 836-843.
• Hauff, J. C., Carlander, A., Gärling, T., & Nicolini, G. (2020). Retirement Financial Behavior: How Important Is Being Financially Literate? Journal of Consumer Policy, 1-22.
• Hernández, R., Fernández, C. y Baptista, P. (2014). Metodología de la investigación. Ciudad de México: McGraw Hill.
• Keyser, N., & Duvenhage, C. (2019). Construct validity of a financial literacy instrument. Journal of Psychology in Africa, 29(5), 460-465.
• Kodongo, O. (2018). Financial regulations, financial literacy, and financial inclusion: Insights from Kenya. Emerging Markets Finance and Trade, 54(12), 51-73.
• Krishnakumare, B., Singh, S., & Niranjan, S. (2019). A note on financial literacy and socio-demographic factors. Pantnagar Journal of Research, 17(3), 125-136.
• Loomis, J. M. (2018). Rescaling and reframing poverty: Financial coaching and the pedagogical spaces of financial inclusion in Boston, Massachusetts. Geoforum, 95, 143-152.
• López-Rodríguez, C. E., & Neme-Chaves, S. R. (2020). El employer branding en las organizaciones que internacionalizan servicios de operación logística en Bogotá Colombia. Contaduría y Administración, 66(2). 1-24.
• López-Rodríguez, C. E., Poveda-Aguja, F. A., Beltrán-Bejarano, D. V., & Cárdenas-Calderón, L. F. (2020). Internationalization of Contact-Center Services: A Look to Colombian Organizations. In European Conference on Knowledge Management (pp. 484-XIX). Academic Conferences International Limited.
• Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: an overview. Journal of pension economics & finance, 10(4), 497-508.
• Lyons, A. C., & Kass-Hanna, J. (2019). Financial inclusion, financial literacy and economically vulnerable populations in the Middle East and North Africa. Emerging Markets Finance and Trade, 1-40.
• Malinda, S., Masyita, D., Rahman, S., & Anwar, M. (2018). Financial Literacy and Work Engagement as Mediating Variable to Bank Agent's Performance. European Research Studies, 21(3), 503-518.
• Maman, D. & Rosenhek, Z. (2020). Facing future uncertainties and risks through personal finance: Conventions in financial education. Journal of cultural economy, 13(3), 303-317.
• Manterola, C., Quiroz, G., Salazar, P., & García, N. (2019). Metodología de los tipos y diseños de estudio más frecuentemente utilizados en investigación clínica. Revista Médica Clínica Las Condes, 30(1), 36-49.
• Meier, S., & Sprenger, C. D. (2013). Discounting financial literacy: Time preferences and participation in financial education programs. Journal of Economic Behavior & Organization, 95, 159-174.
• Moreno-García, E., García-Santillán, A., & Gutiérrez-Delgado, L. (2017). Nivel de educación financiera en escenarios de educación superior. Un estudio empírico con estudiantes del área económico-administrativa. Revista iberoamericana de educación superior, 8(22), 163-183.
• O'Connor, G. E., Newmeyer, C. E., Wong, N. Y. C., Bayuk, J. B., Cook, L. A., Komarova, Y., ... & Warmath, D. (2019). Conceptualizing the multiple dimensions of consumer financial vulnerability. Journal of Business Research, 100, 421-430.
• Páramo-Morales, D. (2015). La teoría fundamentada (Grounded Theory), metodología cualitativa de investigación científica. Pensamiento & gestión, (39), 1-7
• Prina, S. (2015). Banking the poor via savings accounts: Evidence from a field experiment. Journal of Development Economics, 115(12), 16-31.
• Raccanello, K., & Guzmán, E. H. (2014). Educación e inclusión financiera. Revista Latinoamericana de Estudios Educativos (México), 44(2), 119-141.
• Vázquez Parra, J. C., Montalvo Corzo, R. F., Amézquita Zamora, J. A., & Arredondo Trapero, F. (2017). El ahorro en la carencia. Una reflexión sobre los hábitos de ahorro de familias de una zona vulnerable de México. Revista Perspectivas, (39), 103-120.
• Villada, F., López-Lezama, J. M., & Muñoz-Galeano, N. (2017). El Papel de la Educación Financiera en la Formación de Profesionales de la Ingeniería. Formación universitaria, 10(2), 13-22.

Identyfikatory

DOI

10.14254/2071-789X.2022/15-1/12