Financial Capability in Colombia : Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge

Reddy, Rekha ; Bruhn, Miriam ; Tan, Congyan

World Bank, Washington, DC

关键词: ACCESS POINTS;    ACCESS TO CREDIT;    ACCESS TO FINANCE;    ALTERNATIVE BANKING;    AMOUNT OF INCOME;   

RP-ID  :  ACS4698

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Colombian authorities have madefinancial inclusion a core element of the country'ssocioeconomic development. The Central Bank of Colombia(BRC) requested support from the World Bank to develop andexecute a nationally representative survey on financialcapability. This report covers the first nationallyrepresentative study to detail the financial behavior,attitudes, and knowledge that comprise financial capability.One complementary national study is the annual HouseholdFinancial Burden and Education Survey (IEFIC) jointlyundertaken by the BRC and the National AdministrativeDepartment of Statistics (DANE). This report providesinsights on consumer behavior, attitudes, and knowledgerelevant to initiatives promoting financial education andfinancial inclusion. Preliminary insights from this studyhave been used in developing the National Strategy on Socialand Economic Policy (CONPES) document outlining the strategyfor financial education in Colombia. There is an ongoingdebate over measures that will codify a national financialeducation strategy into law. This report has following fourobjectives: (i) to provide empirical evidence on thefinancial behavior, attitudes, and knowledge of theColombian population; (ii) to support the design of publicpolicies to enhance both knowledge about and the quality offinancial services; (iii) to highlight vulnerabilities andgaps in particular segments of the population with the goalof improving and focusing public policies and interventionswhere they are most needed; and (iv) to provide a basis forinternational comparison with other countries for whichthese data are available. This report describes a baselinemeasure of the financial capability of the Colombian adultpopulation and highlights key results from the firstnational survey. This report is organized as follows:chapter one gives introduction. Chapter two describes keyfindings related to daily money management and financialplanning behaviors and attitudes. Chapter three examinesdecisions related to the use of financial products and levelof financial knowledge. Chapter four summarizes keybehaviors and attitudes into financial capability scores,facilitating the creation of profiles and comparisons amongdifferent segments of the population. Chapter five presentsinternational comparisons. Chapter six examines therelationship between financial capability, financialknowledge, and financial inclusion. Chapter seven providespolicy recommendations related to the key challenges tofinancial capability identified in the report.