Does formal and business education expand the levels of financial education?

Abstract

<jats:sec><jats:title content-type="abstract-subheading">Purpose</jats:title><jats:p>Financial education has become an essential component of the economic balance for families, and much is being discussed about the methods, which raise the levels of financial education of the population. Thus, the overall objective of this study was to evaluate the effect of formal and business education on the level of financial education.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title><jats:p>This research is characterized as a quasi-experimental study, with undergraduate students. As a data collection technique, a structured questionnaire was used.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Findings</jats:title><jats:p>The results confirm the importance of formal and business education, as well as gender, for the financial education of individuals. More specifically, being male and having contact with a greater number of financial disciplines increase the level of financial education of the individual.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Originality/value</jats:title><jats:p>This article demonstrated that the trajectory of the knowledge traversed by individuals within the same level of schooling is of paramount importance. The results show that formal and business education can improve the levels of financial education and reinforce the relevance of strategic actions in this area.</jats:p></jats:sec>

An Assessment Tool to Identify the Financial Literacy Level of Financial Education Programs Participants’ Executed by Ecuadorian Financial Institutions

“…For example, the use of video vignettes on key financial decisions as an intervention to increase FL in Ecuador yielded positive results after a four-week long intervention [21]. In Brazil, similar results were reported from personal finance courses [22], and the effects of formal and business education [20].…”

“…Financial education is the main method of intervention whose expected result is to increase FL. Most studies aiming to impact FL levels design their interventions around financial education definitions [18][19][20]. These interventions show that FEPs have generated a positive impact.…”

Capítulo 33. El emprendimiento, financiamiento y educación formal: un análisis para los estados mexicanos durante la crisis del COVID-19.

“…En 2018, el 90% de los mexicanos de 18 a 70 años con educación superior contaban con una tarjeta de crédito, si contaban con educación a media superior el porcentaje disminuía a 81%, con educación secundaria el 78% y 77% de las personas que cuentan con educación primaria tienen tarjeta de crédito. Algunos trabajos han propuesto que se incorpore a la curricula de primaria y secundaria temas de educación financiera con el fin de incorporar estas competencias en la población en general (Paraboni, 2020).…”

https://relayn.redesla.la/biblioteca/22.003/RELAYN-TOMOI-2022.pdf

“…En 2018, el 90% de los mexicanos de 18 a 70 años con educación superior contaban con una tarjeta de crédito, si contaban con educación a media superior el porcentaje disminuía a 81%, con educación secundaria el 78% y 77% de las personas que cuentan con educación primaria tienen tarjeta de crédito. Algunos trabajos han propuesto que se incorpore a la curricula de primaria y secundaria temas de educación financiera con el fin de incorporar estas competencias en la población en general (Paraboni, 2020).…”