FINANCIAL EDUCATION IN COLOMBIA: CHALLENGES FROM THE PERCEPTION OF ITS POPULATION WITH SOCIOECONOMIC VULNERABILITY
FINANCIAL EDUCATION IN COLOMBIA: CHALLENGES FROM THE PERCEPTION OF ITS POPULATION WITH SOCIOECONOMIC VULNERABILITY

Summary/Abstract: Financial education is recognized as theprocess through which knowledge and skills aredeveloped to make financial decisions that strengthenpeople's life plan within a society. Therefore, the objectiveof this research is to identify the opinions of thevulnerable population in Colombia regarding moneysaving based on the realities of their financial education.Pearson's correlation coefficient, simple correspondenceanalysis and symmetrical normalization are used in thedifferent obtained associations to determine that, thereare different perceptions associated with money savingaccording to the age and academic background of thepopulation studied. It is highlighted that the olderpopulation is disinclined to assume risks in financialinvestment processes, while the younger people agree topersonally monitor their financial affairs. However, theelderly and the population with a level of professional andtechnological training do not believe that “money is thereto spend it, living day to day without worrying abouttomorrow”, unlike people who have only basic primaryschooling, who do agree with these ideas. Thisdemonstrates the need to strengthen the training infinancial education for the socioeconomically vulnerableColombian population, becoming an alternative for theimprovement of their quality of life.

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