Financial Capability in Colombia
Financial Capability in Colombia
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.
En los últimos años Colombia ha logrado un sólido progreso en la promoción de la inclusión financiera. El número de puntos de acceso físico a los servicios financieros ha aumentado de forma notoria. Cada vez es más importante garantizar que la población colombiana esté preparada para tomar decisiones financieras responsables. En este contexto, el Banco de la República de Colombia (BRC) solicitó el apoyo del Banco Mundial para preparar y realizar una encuesta representativa nacional sobre las capacidades financieras. En esta primera encuesta se señalan desafíos relacionados con los comportamientos, las actitudes y los conocimientos financieros de los colombianos. Las capacidades financieras incluyen el comportamiento, el conocimiento y la actitud de cada persona en relación a sus finanzas personales. Este informe sobre los resultados de la encuesta tiene cuatro objetivos: proporcionar evidencia empírica sobre los comportamientos, las actitudes y los conocimientos financieros de la población; respaldar el diseño de políticas públicas para mejorar los conocimientos sobre los servicios financieros y su calidad; detectar vulnerabilidades y deficiencias en segmentos específicos de la población para mejorar y orientar las políticas y las intervenciones públicas; y ofrecer una base de comparación internacional. Los datos indican una diferencia entre la conducta financiera prevista y real.
- World Bank United States
MONEY MANAGEMENT, DAILY EXPENSES, FINANCIAL INTERMEDIARY, EXCESSIVE DEBT, DEPOSIT, PROSPERITY, INFLATION, YOUNG PEOPLE, CREDIT CARD, DEPOSIT INSURANCE, INCOME, FINANCIAL INFRASTRUCTURE, FINANCIAL CONCEPTS, DISPOSABLE INCOME, CREDIT PRODUCT, GOVERNMENT PENSION, SAVINGS SERVICES, POINT-OF-SALE, FINANCIAL KNOWLEDGE, DEMOGRAPHIC GROUPS, MORTGAGE, UNEXPECTED EXPENSE, BANK ACCOUNTS, FINANCIAL MARKETS, RESPONSIBILITIES, AUTOMATIC DEDUCTIONS, PENSIONS, FINANCIAL MATTERS, QUESTIONNAIRE, HOUSEHOLD FINANCIAL DECISION MAKING, INCOMES, INHERITANCE, INVESTMENT PRODUCTS, REMITTANCE, FINANCIAL CHOICES, INFORMAL SAVINGS, RECEIPT, VALUABLE, FINANCIAL INSTRUMENT, BORROWING MONEY, DEBIT CARDS, RETIREMENT, INDEBTEDNESS, INFORMATION SYSTEM, ACCESS POINTS, INTEREST RATES, MORTGAGES, INCOME LEVELS, INFORMAL SAVING, BANKING RELATIONSHIP, LOAN REPAYMENT, FINANCIAL SERVICES, DEBTS, FINANCIAL DECISION, BASIC FINANCIAL SERVICES, MONEY MANAGERS, FINANCIAL LITERACY, VALUE OF MONEY, LOAN PORTFOLIO, CONSUMERS, LOW-INCOME, FINANCIAL BEHAVIORS, MICROCREDIT, EMPLOYEE, INFORMAL WORKERS, BANK ACCOUNT, FINANCIAL PRODUCT, SAVINGS PRODUCT, MONTHLY INCOME, PAWNSHOPS, FINANCIAL ACCOUNT, FINANCIAL BEHAVIOR, KEY CHALLENGES, FINANCIAL SYSTEM, LIABILITY, FINANCIAL INSTITUTIONS, INFORMAL BORROWING, CURRENCY, HOUSEHOLDS, DIVERSIFICATION, FORMAL WORKFORCE, EMPLOYER, FINANCIAL REFORM, BANKS, CONSUMER, EDUCATIONAL BACKGROUNDS, INCOME LEVEL, SOCIAL ASSISTANCE, BORROWING, LOAN, AMOUNT OF INCOME, MUTUAL FUNDS, SECURITIES, FINANCIAL RESOURCES, FINANCIAL EDUCATION PROGRAM, EDUCATION LEVEL, KNOWLEDGE LEVEL, REPAYMENT, FORMAL FINANCIAL INTERMEDIARY, FINANCIAL PLANS, COPYRIGHT CLEARANCE CENTER, PENSION ACCOUNTS, BUDGETING, INFORMAL FINANCIAL INSTITUTION, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, SAVERS, MASS MEDIA, DEBTORS, FINANCIAL LITERACY SURVEY, GENDER, TIMELY PAYMENTS, GROSS DOMESTIC PRODUCT, FINANCIAL ASSETS, SINGLE PARENTS, COMPOUND INTEREST, EDUCATIONAL LEVELS, FORM OF SAVINGS, CREDIT CARDS, HOUSEHOLD FINANCIAL DECISIONS, LOW-INCOME INDIVIDUALS, HOUSEHOLD EXPENSES, LESS FINANCIALLY LITERATE, EDUCATION TRUST, LIFE-CYCLE EVENTS, YOUNG ADULTS, DEBT LOADS, FORMAL FINANCIAL INSTITUTIONS, BENEFICIARIES, STAKEHOLDERS, SAVINGS PRODUCTS, FINANCIAL EDUCATION, SALE, FINANCIAL CRISIS, FINANCIAL TRANSACTIONS, SOURCE OF INFORMATION, CALCULATIONS, SAVINGS ACCOUNTS, FAMILY MEMBER, CONSUMER PROTECTION, HOUSEHOLD EXPENDITURE, CHECKING ACCOUNT, LIFE EVENTS, 330, PRIMARY EDUCATION, FINANCIAL BURDEN, HOUSEHOLD FINANCIAL DECISION, GENERAL POPULATION, INFORMAL FINANCIAL INSTITUTIONS, CALCULATION, FORMAL FINANCIAL INSTITUTION, REGRESSION ANALYSIS, CONSUMER BEHAVIOR, FINANCIAL EDUCATION PROGRAMS, SAVING MONEY, CONCEPT OF COMPOUND INTEREST, UNEXPECTED EXPENSES, SOUND FINANCIAL DECISION, CONTRIBUTION, PAWNSHOP, DEBT, LOW INCOME, EDUCATIONAL ATTAINMENT, CONTRIBUTIONS, LEVEL OF EDUCATION, MARKETING, FAMILY MEMBERS, FINANCIAL PRODUCTS, ACCESS TO FINANCE, CHECKING ACCOUNTS, CENTRAL BANK, INCOME GROUP, COMPARISON SHOPPING, SAVINGS ACCOUNT, FINANCIAL GOALS, SAVING BEHAVIOR, LOWER-INCOME INDIVIDUALS, FORMAL FINANCIAL SERVICES, FINANCES, WOMAN, REMITTANCES, PROBABILITY, BEST PRACTICES, FINANCIAL SOPHISTICATION, FINANCIAL STABILITY, INSURANCE, AMOUNT OF MONEY, EMPLOYER PENSION, LOWER INCOME, BANK LOANS, LIFE INSURANCE, PERSONAL FINANCE, FINANCIAL INSTITUTION, ECONOMIC POLICY, HOUSEHOLD INCOME, OUTSTANDING DEBT, BANK BRANCHES, LOW-INCOME GROUP, ACCESS TO CREDIT, EXPENDITURES, FINANCIAL ACCESS, DEBT MANAGEMENT, INFORMAL CREDIT, CONSUMER CREDIT, ALTERNATIVE BANKING, INTERNATIONAL BANK, RESPONSIBLE FINANCIAL DECISIONS, CREDIT PRODUCTS, LIMITED ACCESS, MICROINSURANCE, LOW-INCOME GROUPS, COPYRIGHT CLEARANCE, SOUND FINANCIAL DECISIONS, LABOR FORCE, FINANCIAL SUPPORT, SAVINGS, DEBT BURDEN, OUTREACH, INTEREST RATE
MONEY MANAGEMENT, DAILY EXPENSES, FINANCIAL INTERMEDIARY, EXCESSIVE DEBT, DEPOSIT, PROSPERITY, INFLATION, YOUNG PEOPLE, CREDIT CARD, DEPOSIT INSURANCE, INCOME, FINANCIAL INFRASTRUCTURE, FINANCIAL CONCEPTS, DISPOSABLE INCOME, CREDIT PRODUCT, GOVERNMENT PENSION, SAVINGS SERVICES, POINT-OF-SALE, FINANCIAL KNOWLEDGE, DEMOGRAPHIC GROUPS, MORTGAGE, UNEXPECTED EXPENSE, BANK ACCOUNTS, FINANCIAL MARKETS, RESPONSIBILITIES, AUTOMATIC DEDUCTIONS, PENSIONS, FINANCIAL MATTERS, QUESTIONNAIRE, HOUSEHOLD FINANCIAL DECISION MAKING, INCOMES, INHERITANCE, INVESTMENT PRODUCTS, REMITTANCE, FINANCIAL CHOICES, INFORMAL SAVINGS, RECEIPT, VALUABLE, FINANCIAL INSTRUMENT, BORROWING MONEY, DEBIT CARDS, RETIREMENT, INDEBTEDNESS, INFORMATION SYSTEM, ACCESS POINTS, INTEREST RATES, MORTGAGES, INCOME LEVELS, INFORMAL SAVING, BANKING RELATIONSHIP, LOAN REPAYMENT, FINANCIAL SERVICES, DEBTS, FINANCIAL DECISION, BASIC FINANCIAL SERVICES, MONEY MANAGERS, FINANCIAL LITERACY, VALUE OF MONEY, LOAN PORTFOLIO, CONSUMERS, LOW-INCOME, FINANCIAL BEHAVIORS, MICROCREDIT, EMPLOYEE, INFORMAL WORKERS, BANK ACCOUNT, FINANCIAL PRODUCT, SAVINGS PRODUCT, MONTHLY INCOME, PAWNSHOPS, FINANCIAL ACCOUNT, FINANCIAL BEHAVIOR, KEY CHALLENGES, FINANCIAL SYSTEM, LIABILITY, FINANCIAL INSTITUTIONS, INFORMAL BORROWING, CURRENCY, HOUSEHOLDS, DIVERSIFICATION, FORMAL WORKFORCE, EMPLOYER, FINANCIAL REFORM, BANKS, CONSUMER, EDUCATIONAL BACKGROUNDS, INCOME LEVEL, SOCIAL ASSISTANCE, BORROWING, LOAN, AMOUNT OF INCOME, MUTUAL FUNDS, SECURITIES, FINANCIAL RESOURCES, FINANCIAL EDUCATION PROGRAM, EDUCATION LEVEL, KNOWLEDGE LEVEL, REPAYMENT, FORMAL FINANCIAL INTERMEDIARY, FINANCIAL PLANS, COPYRIGHT CLEARANCE CENTER, PENSION ACCOUNTS, BUDGETING, INFORMAL FINANCIAL INSTITUTION, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, SAVERS, MASS MEDIA, DEBTORS, FINANCIAL LITERACY SURVEY, GENDER, TIMELY PAYMENTS, GROSS DOMESTIC PRODUCT, FINANCIAL ASSETS, SINGLE PARENTS, COMPOUND INTEREST, EDUCATIONAL LEVELS, FORM OF SAVINGS, CREDIT CARDS, HOUSEHOLD FINANCIAL DECISIONS, LOW-INCOME INDIVIDUALS, HOUSEHOLD EXPENSES, LESS FINANCIALLY LITERATE, EDUCATION TRUST, LIFE-CYCLE EVENTS, YOUNG ADULTS, DEBT LOADS, FORMAL FINANCIAL INSTITUTIONS, BENEFICIARIES, STAKEHOLDERS, SAVINGS PRODUCTS, FINANCIAL EDUCATION, SALE, FINANCIAL CRISIS, FINANCIAL TRANSACTIONS, SOURCE OF INFORMATION, CALCULATIONS, SAVINGS ACCOUNTS, FAMILY MEMBER, CONSUMER PROTECTION, HOUSEHOLD EXPENDITURE, CHECKING ACCOUNT, LIFE EVENTS, 330, PRIMARY EDUCATION, FINANCIAL BURDEN, HOUSEHOLD FINANCIAL DECISION, GENERAL POPULATION, INFORMAL FINANCIAL INSTITUTIONS, CALCULATION, FORMAL FINANCIAL INSTITUTION, REGRESSION ANALYSIS, CONSUMER BEHAVIOR, FINANCIAL EDUCATION PROGRAMS, SAVING MONEY, CONCEPT OF COMPOUND INTEREST, UNEXPECTED EXPENSES, SOUND FINANCIAL DECISION, CONTRIBUTION, PAWNSHOP, DEBT, LOW INCOME, EDUCATIONAL ATTAINMENT, CONTRIBUTIONS, LEVEL OF EDUCATION, MARKETING, FAMILY MEMBERS, FINANCIAL PRODUCTS, ACCESS TO FINANCE, CHECKING ACCOUNTS, CENTRAL BANK, INCOME GROUP, COMPARISON SHOPPING, SAVINGS ACCOUNT, FINANCIAL GOALS, SAVING BEHAVIOR, LOWER-INCOME INDIVIDUALS, FORMAL FINANCIAL SERVICES, FINANCES, WOMAN, REMITTANCES, PROBABILITY, BEST PRACTICES, FINANCIAL SOPHISTICATION, FINANCIAL STABILITY, INSURANCE, AMOUNT OF MONEY, EMPLOYER PENSION, LOWER INCOME, BANK LOANS, LIFE INSURANCE, PERSONAL FINANCE, FINANCIAL INSTITUTION, ECONOMIC POLICY, HOUSEHOLD INCOME, OUTSTANDING DEBT, BANK BRANCHES, LOW-INCOME GROUP, ACCESS TO CREDIT, EXPENDITURES, FINANCIAL ACCESS, DEBT MANAGEMENT, INFORMAL CREDIT, CONSUMER CREDIT, ALTERNATIVE BANKING, INTERNATIONAL BANK, RESPONSIBLE FINANCIAL DECISIONS, CREDIT PRODUCTS, LIMITED ACCESS, MICROINSURANCE, LOW-INCOME GROUPS, COPYRIGHT CLEARANCE, SOUND FINANCIAL DECISIONS, LABOR FORCE, FINANCIAL SUPPORT, SAVINGS, DEBT BURDEN, OUTREACH, INTEREST RATE
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