This paper analyzes the importance of numerical abilities, conscientiousness, and financial literacy for individuals' financial decision making and participation in formal financial markets. Our analysis is based on the Financial Capabilities Survey, which was applied in four countries of the Andean Region: Bolivia, Colombia, Ecuador, and Peru. The empirical analysis underlines the centrality of numerical abilities, different subfacets of conscientiousness (propensity to plan, perseverance, and scrupulosity), and financial literacy in developing a propensity to save and borrow, and in participating in the formal financial sector.

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This paper examines different barriers to formal saving, considering various interventions and their possible effects at microeconomic and macroeconomic levels. It presents a comprehensive review of the literature, based on a detailed classification of the barriers associated with supplyside factors, related to access to financial products, and demand-side barriers, related to the use and frequency of use of those products. The paper concludes that this classification and analysis contributes to a fuller understanding of the question of financial inclusion, and how to achieve it.

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