Latin American countries currently face a financial literacy gap regarding developed economies. Different meta-analyses have demonstrated that financial skills are not just correlated with academic background but with external variables such as socioeconomic status, gender, language spoken at home, and age, among others. In this context, international institutions such as the OECD, which specifically does it on a triennial base, measure financial literacy level around the world since 2012. Several financial literacy programs have been initiated in different Latin American countries to address this problem, focused mostly on children and youths. Then, this study aims at analyzing the current situation of young population on this field in Brazil, Chile, Colombia and Peru, by establishing some recommendations through a comparative scheme, leveraged mainly on PISA Financial Literacy results from 2012 and 2015. Moreover, previous research were considered in order to propose novelties that could help stakeholders to enhance financial literacy strategies in the selected countries. The results show that there is a high degree of financial exclusion which causes that households stay in a “financial illiteracy trap” and, consequently, children do not have the same opportunities at growing to access the financial system and experience financial products that would improve their skills on this area. It is suggested that interested parties follow some of the alternatives described on this study that could improve the financial skills in young population.
I paesi latinoamericani fronteggiano attualmente un divario di alfabetizzazione finanziaria rispetto alle economie sviluppate. Diverse meta-analisi hanno dimostrato che le competenze finanziarie non sono correlate soltanto alle conoscenze accademiche ma anche a variabili esterne come lo status socioeconomico, il genere, la lingua parlata in casa e l’età tra le altre. In questo contesto, le istituzioni internazionali come l’OCSE misura su base triennale il livello di alfabetizzazione finanziaria in tutto il mondo dal 2012. Numerosi programmi di alfabetizzazione finanziaria, rivolti per lo più a bambini e giovani, sono stati avviati in diversi paesi dell’America Latina per far fronte al problema. Dunque, questo studio ha lo scopo di analizzare la situazione attuale della popolazione giovanile in questo settore in Brasile, Cile, Colombia e Perù istituendo delle raccomandazioni attraverso uno schema comparativo, facendo leva principalmente sui risultati di PISA Financial Literacy del 2012 e 2015. Inoltre, sono state considerate anche ricerche precedenti, con l’obiettivo di proporre novità che potessero aiutare i soggetti interessati a migliorare le strategie di alfabetizzazione finanziaria nei paesi selezionati. I risultati mostrano che c’è un alto tasso di esclusione finanziaria che fa sì che i nuclei familiari restino in una “trappola di alfabetizzazione finanziaria” e che, conseguentemente, i bambini non abbiano le stesse opportunità una volta cresciuti di accedere al sistema finanziario e di usufruire di prodotti finanziari, i quali migliorerebbero le loro competenze in questo campo. Si suggerisce quindi alle parti interessate alcune delle alternative descritte in questo studio che potrebbero incrementare le competenze finanziare nella popolazione giovanile.
Financial literacy in young population in selected Latin American countries
CARRILLO GUERRERO, RODRIGO ANDRES;MOLINA PEÑA, DIEGO JESUS
2018/2019
Abstract
Latin American countries currently face a financial literacy gap regarding developed economies. Different meta-analyses have demonstrated that financial skills are not just correlated with academic background but with external variables such as socioeconomic status, gender, language spoken at home, and age, among others. In this context, international institutions such as the OECD, which specifically does it on a triennial base, measure financial literacy level around the world since 2012. Several financial literacy programs have been initiated in different Latin American countries to address this problem, focused mostly on children and youths. Then, this study aims at analyzing the current situation of young population on this field in Brazil, Chile, Colombia and Peru, by establishing some recommendations through a comparative scheme, leveraged mainly on PISA Financial Literacy results from 2012 and 2015. Moreover, previous research were considered in order to propose novelties that could help stakeholders to enhance financial literacy strategies in the selected countries. The results show that there is a high degree of financial exclusion which causes that households stay in a “financial illiteracy trap” and, consequently, children do not have the same opportunities at growing to access the financial system and experience financial products that would improve their skills on this area. It is suggested that interested parties follow some of the alternatives described on this study that could improve the financial skills in young population.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/149624