N° 23. Socio-Economic Determinants of Financial Education. Evidence for Bolivia, Colombia, Ecuador and Peru

Evidence about the determinants of financial education is hard to come by at a global scale and is mostly limited to developed countries. In 2013, CAF deployed a survey to measure the financial capabilities of four countries in the Andean region: Bolivia, Colombia, Ecuador and Peru. The purpose of the survey was to carry out an analysis that would allow identifying the knowledge, skills, attitudes and behaviors of individuals with regards to financial topics. This study allows for the identification of the main socioeconomic determinants of financial education by gathering relevant information for these four countries and building three indices (home economics, attitudes and behaviors, and concepts and knowledge) that are used to measure individuals’ financial education. The results of the econometric estimates also allow for the identification of important socio-demographic gaps, especially in terms of gender, age, geographic location, education, income, and saving capacity.