Financial Capability in Colombia : Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge
Colombian authorities have made financial inclusion a core element of the country's socioeconomic development. The Central Bank of Colombia (BRC) requested support from the World Bank to develop and execute a nationally representative survey o...
| Main Authors: | , , |
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/07/18054984/financial-capability-colombia-results-national-survey-financial-behaviors-attitudes-knowledge http://hdl.handle.net/10986/23692 |
| Summary: | Colombian authorities have made
financial inclusion a core element of the country's
socioeconomic development. The Central Bank of Colombia
(BRC) requested support from the World Bank to develop and
execute a nationally representative survey on financial
capability. This report covers the first nationally
representative study to detail the financial behavior,
attitudes, and knowledge that comprise financial capability.
One complementary national study is the annual Household
Financial Burden and Education Survey (IEFIC) jointly
undertaken by the BRC and the National Administrative
Department of Statistics (DANE). This report provides
insights on consumer behavior, attitudes, and knowledge
relevant to initiatives promoting financial education and
financial inclusion. Preliminary insights from this study
have been used in developing the National Strategy on Social
and Economic Policy (CONPES) document outlining the strategy
for financial education in Colombia. There is an ongoing
debate over measures that will codify a national financial
education strategy into law. This report has following four
objectives: (i) to provide empirical evidence on the
financial behavior, attitudes, and knowledge of the
Colombian population; (ii) to support the design of public
policies to enhance both knowledge about and the quality of
financial services; (iii) to highlight vulnerabilities and
gaps in particular segments of the population with the goal
of improving and focusing public policies and interventions
where they are most needed; and (iv) to provide a basis for
international comparison with other countries for which
these data are available. This report describes a baseline
measure of the financial capability of the Colombian adult
population and highlights key results from the first
national survey. This report is organized as follows:
chapter one gives introduction. Chapter two describes key
findings related to daily money management and financial
planning behaviors and attitudes. Chapter three examines
decisions related to the use of financial products and level
of financial knowledge. Chapter four summarizes key
behaviors and attitudes into financial capability scores,
facilitating the creation of profiles and comparisons among
different segments of the population. Chapter five presents
international comparisons. Chapter six examines the
relationship between financial capability, financial
knowledge, and financial inclusion. Chapter seven provides
policy recommendations related to the key challenges to
financial capability identified in the report. |
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