Publication:
Financial Capability in Colombia: Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge

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dc.contributor.authorReddy, Rekha
dc.contributor.authorTan, Congyan
dc.contributor.authorBruhn, Miriam
dc.date.accessioned2016-01-29T16:24:26Z
dc.date.available2016-01-29T16:24:26Z
dc.date.issued2013-07-01
dc.description.abstractColombian 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
dc.description.abstractEn 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.es
dc.identifierhttp://documents.worldbank.org/curated/en/2013/07/18054984/financial-capability-colombia-results-national-survey-financial-behaviors-attitudes-knowledge
dc.identifier.doi10.1596/23692
dc.identifier.urihttps://hdl.handle.net/10986/23692
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS POINTS
dc.subjectACCESS TO CREDIT
dc.subjectACCESS TO FINANCE
dc.subjectALTERNATIVE BANKING
dc.subjectAMOUNT OF INCOME
dc.subjectAMOUNT OF MONEY
dc.subjectAUTOMATIC DEDUCTIONS
dc.subjectBANK ACCOUNT
dc.subjectBANK ACCOUNTS
dc.subjectBANK BRANCHES
dc.subjectBANK LOANS
dc.subjectBANKING RELATIONSHIP
dc.subjectBANKS
dc.subjectBASIC FINANCIAL SERVICES
dc.subjectBENEFICIARIES
dc.subjectBEST PRACTICES
dc.subjectBORROWING
dc.subjectBORROWING MONEY
dc.subjectBUDGETING
dc.subjectCALCULATION
dc.subjectCALCULATIONS
dc.subjectCENTRAL BANK
dc.subjectCHECKING ACCOUNT
dc.subjectCHECKING ACCOUNTS
dc.subjectCOMPARISON SHOPPING
dc.subjectCOMPOUND INTEREST
dc.subjectCONCEPT OF COMPOUND INTEREST
dc.subjectCONSUMER
dc.subjectCONSUMER BEHAVIOR
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMERS
dc.subjectCONTRIBUTION
dc.subjectCONTRIBUTIONS
dc.subjectCOPYRIGHT CLEARANCE
dc.subjectCOPYRIGHT CLEARANCE CENTER
dc.subjectCREDIT CARD
dc.subjectCREDIT CARDS
dc.subjectCREDIT PRODUCT
dc.subjectCREDIT PRODUCTS
dc.subjectCURRENCY
dc.subjectDAILY EXPENSES
dc.subjectDEBIT CARDS
dc.subjectDEBT
dc.subjectDEBT BURDEN
dc.subjectDEBT LOADS
dc.subjectDEBT MANAGEMENT
dc.subjectDEBTORS
dc.subjectDEBTS
dc.subjectDEMOGRAPHIC GROUPS
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDISPOSABLE INCOME
dc.subjectDIVERSIFICATION
dc.subjectECONOMIC POLICY
dc.subjectEDUCATION LEVEL
dc.subjectEDUCATION TRUST
dc.subjectEDUCATIONAL ATTAINMENT
dc.subjectEDUCATIONAL BACKGROUNDS
dc.subjectEDUCATIONAL LEVELS
dc.subjectEMPLOYEE
dc.subjectEMPLOYER
dc.subjectEMPLOYER PENSION
dc.subjectEXCESSIVE DEBT
dc.subjectEXPENDITURES
dc.subjectFAMILY MEMBER
dc.subjectFAMILY MEMBERS
dc.subjectFINANCES
dc.subjectFINANCIAL ACCESS
dc.subjectFINANCIAL ACCOUNT
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL BEHAVIOR
dc.subjectFINANCIAL BEHAVIORS
dc.subjectFINANCIAL BURDEN
dc.subjectFINANCIAL CHOICES
dc.subjectFINANCIAL CONCEPTS
dc.subjectFINANCIAL CONSUMER
dc.subjectFINANCIAL CONSUMERS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DECISION
dc.subjectFINANCIAL EDUCATION
dc.subjectFINANCIAL EDUCATION PROGRAM
dc.subjectFINANCIAL EDUCATION PROGRAMS
dc.subjectFINANCIAL GOALS
dc.subjectFINANCIAL INFRASTRUCTURE
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENT
dc.subjectFINANCIAL INTERMEDIARY
dc.subjectFINANCIAL KNOWLEDGE
dc.subjectFINANCIAL LITERACY
dc.subjectFINANCIAL LITERACY SURVEY
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL MATTERS
dc.subjectFINANCIAL PLANS
dc.subjectFINANCIAL PRODUCT
dc.subjectFINANCIAL PRODUCTS
dc.subjectFINANCIAL REFORM
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SOPHISTICATION
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFORM OF SAVINGS
dc.subjectFORMAL FINANCIAL INSTITUTION
dc.subjectFORMAL FINANCIAL INSTITUTIONS
dc.subjectFORMAL FINANCIAL INTERMEDIARY
dc.subjectFORMAL FINANCIAL SERVICES
dc.subjectFORMAL WORKFORCE
dc.subjectGENDER
dc.subjectGENERAL POPULATION
dc.subjectGOVERNMENT PENSION
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHOUSEHOLD EXPENDITURE
dc.subjectHOUSEHOLD EXPENSES
dc.subjectHOUSEHOLD FINANCIAL DECISION
dc.subjectHOUSEHOLD FINANCIAL DECISION MAKING
dc.subjectHOUSEHOLD FINANCIAL DECISIONS
dc.subjectHOUSEHOLD INCOME
dc.subjectHOUSEHOLDS
dc.subjectINCOME
dc.subjectINCOME GROUP
dc.subjectINCOME LEVEL
dc.subjectINCOME LEVELS
dc.subjectINCOMES
dc.subjectINDEBTEDNESS
dc.subjectINFLATION
dc.subjectINFORMAL BORROWING
dc.subjectINFORMAL CREDIT
dc.subjectINFORMAL FINANCIAL INSTITUTION
dc.subjectINFORMAL FINANCIAL INSTITUTIONS
dc.subjectINFORMAL SAVING
dc.subjectINFORMAL SAVINGS
dc.subjectINFORMAL WORKERS
dc.subjectINFORMATION SYSTEM
dc.subjectINHERITANCE
dc.subjectINSURANCE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTMENT PRODUCTS
dc.subjectKEY CHALLENGES
dc.subjectKNOWLEDGE LEVEL
dc.subjectLABOR FORCE
dc.subjectLESS FINANCIALLY LITERATE
dc.subjectLEVEL OF EDUCATION
dc.subjectLIABILITY
dc.subjectLIFE EVENTS
dc.subjectLIFE INSURANCE
dc.subjectLIFE-CYCLE EVENTS
dc.subjectLIMITED ACCESS
dc.subjectLOAN
dc.subjectLOAN PORTFOLIO
dc.subjectLOAN REPAYMENT
dc.subjectLOW INCOME
dc.subjectLOW-INCOME
dc.subjectLOW-INCOME GROUP
dc.subjectLOW-INCOME GROUPS
dc.subjectLOW-INCOME INDIVIDUALS
dc.subjectLOWER INCOME
dc.subjectLOWER-INCOME INDIVIDUALS
dc.subjectMARKETING
dc.subjectMASS MEDIA
dc.subjectMICROCREDIT
dc.subjectMICROINSURANCE
dc.subjectMONEY MANAGEMENT
dc.subjectMONEY MANAGERS
dc.subjectMONTHLY INCOME
dc.subjectMORTGAGE
dc.subjectMORTGAGES
dc.subjectMUTUAL FUNDS
dc.subjectOUTREACH
dc.subjectOUTSTANDING DEBT
dc.subjectPAWNSHOP
dc.subjectPAWNSHOPS
dc.subjectPENSION ACCOUNTS
dc.subjectPENSIONS
dc.subjectPERSONAL FINANCE
dc.subjectPOINT-OF-SALE
dc.subjectPRIMARY EDUCATION
dc.subjectPROBABILITY
dc.subjectPROSPERITY
dc.subjectQUESTIONNAIRE
dc.subjectRECEIPT
dc.subjectREGRESSION ANALYSIS
dc.subjectREMITTANCE
dc.subjectREMITTANCES
dc.subjectREPAYMENT
dc.subjectRESPONSIBILITIES
dc.subjectRESPONSIBLE FINANCIAL DECISIONS
dc.subjectRETIREMENT
dc.subjectSALE
dc.subjectSAVERS
dc.subjectSAVING BEHAVIOR
dc.subjectSAVING MONEY
dc.subjectSAVINGS
dc.subjectSAVINGS ACCOUNT
dc.subjectSAVINGS ACCOUNTS
dc.subjectSAVINGS PRODUCT
dc.subjectSAVINGS PRODUCTS
dc.subjectSAVINGS SERVICES
dc.subjectSECURITIES
dc.subjectSINGLE PARENTS
dc.subjectSOCIAL ASSISTANCE
dc.subjectSOUND FINANCIAL DECISION
dc.subjectSOUND FINANCIAL DECISIONS
dc.subjectSOURCE OF INFORMATION
dc.subjectSTAKEHOLDERS
dc.subjectTIMELY PAYMENTS
dc.subjectUNEXPECTED EXPENSE
dc.subjectUNEXPECTED EXPENSES
dc.subjectVALUABLE
dc.subjectVALUE OF MONEY
dc.subjectWOMAN
dc.subjectYOUNG ADULTS
dc.subjectYOUNG PEOPLE
dc.titleFinancial Capability in Colombiaen
dc.titleCapacidades financieras en Colombia : resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financieroses
dc.title.alternativeCapacidades financieras en Colombia : resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financierosen
dc.title.alternativeCapacidades financieras en Colombia : resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financieroses
dc.title.subtitleResults from a National Survey on Financial Behaviors, Attitudes, and Knowledgeen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.date.disclosure2013-07-30
okr.date.doiregistration2025-05-07T11:40:42.035749Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.docurlhttp://documents.worldbank.org/curated/en/2013/07/18054984/financial-capability-colombia-results-national-survey-financial-behaviors-attitudes-knowledge
okr.guid516451468024627916
okr.guid182001468022749967
okr.identifier.externaldocumentum000356161_20130730154233
okr.identifier.internaldocumentum18054984
okr.identifier.reportACS4698
okr.importedtrue
okr.language.supporteden
okr.language.supportedes
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/07/30/000356161_20130730154233/Rendered/PDF/ACS46980REVISE00in0Colombia0English.pdfen
okr.pdfurlhttp://documents.worldbank.org/curated/en/516451468024627916/pdf/ACS46980WP0SPA00Box379792B00PUBLIC0.pdfes
okr.region.administrativeLatin America & Caribbean
okr.region.countryColombia
okr.sectorFinance
okr.themeFinancial and private sector development
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.topicPrivate Sector Development::E-Business
okr.txturlhttp://documents.worldbank.org/curated/en/516451468024627916/text/ACS46980WP0SPA00Box379792B00PUBLIC0.txtes
okr.unitFinance & Private Sector (LCSPF)
relation.isAuthorOfPublication471c8982-45ac-42cd-87d0-3e505bd1a972
relation.isAuthorOfPublication.latestForDiscovery471c8982-45ac-42cd-87d0-3e505bd1a972
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