Reddy, RekhaTan, CongyanBruhn, Miriam2016-01-292016-01-292013-07-01https://hdl.handle.net/10986/23692Colombian 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 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.en-USCC BY 3.0 IGOACCESS POINTSACCESS TO CREDITACCESS TO FINANCEALTERNATIVE BANKINGAMOUNT OF INCOMEAMOUNT OF MONEYAUTOMATIC DEDUCTIONSBANK ACCOUNTBANK ACCOUNTSBANK BRANCHESBANK LOANSBANKING RELATIONSHIPBANKSBASIC FINANCIAL SERVICESBENEFICIARIESBEST PRACTICESBORROWINGBORROWING MONEYBUDGETINGCALCULATIONCALCULATIONSCENTRAL BANKCHECKING ACCOUNTCHECKING ACCOUNTSCOMPARISON SHOPPINGCOMPOUND INTERESTCONCEPT OF COMPOUND INTERESTCONSUMERCONSUMER BEHAVIORCONSUMER CREDITCONSUMER PROTECTIONCONSUMERSCONTRIBUTIONCONTRIBUTIONSCOPYRIGHT CLEARANCECOPYRIGHT CLEARANCE CENTERCREDIT CARDCREDIT CARDSCREDIT PRODUCTCREDIT PRODUCTSCURRENCYDAILY EXPENSESDEBIT CARDSDEBTDEBT BURDENDEBT LOADSDEBT MANAGEMENTDEBTORSDEBTSDEMOGRAPHIC GROUPSDEPOSITDEPOSIT INSURANCEDISPOSABLE INCOMEDIVERSIFICATIONECONOMIC POLICYEDUCATION LEVELEDUCATION TRUSTEDUCATIONAL ATTAINMENTEDUCATIONAL BACKGROUNDSEDUCATIONAL LEVELSEMPLOYEEEMPLOYEREMPLOYER PENSIONEXCESSIVE DEBTEXPENDITURESFAMILY MEMBERFAMILY MEMBERSFINANCESFINANCIAL ACCESSFINANCIAL ACCOUNTFINANCIAL ASSETSFINANCIAL BEHAVIORFINANCIAL BEHAVIORSFINANCIAL BURDENFINANCIAL CHOICESFINANCIAL CONCEPTSFINANCIAL CONSUMERFINANCIAL CONSUMERSFINANCIAL CRISISFINANCIAL DECISIONFINANCIAL EDUCATIONFINANCIAL EDUCATION PROGRAMFINANCIAL EDUCATION PROGRAMSFINANCIAL GOALSFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTFINANCIAL INTERMEDIARYFINANCIAL KNOWLEDGEFINANCIAL LITERACYFINANCIAL LITERACY SURVEYFINANCIAL MARKETSFINANCIAL MATTERSFINANCIAL PLANSFINANCIAL PRODUCTFINANCIAL PRODUCTSFINANCIAL REFORMFINANCIAL RESOURCESFINANCIAL SERVICESFINANCIAL SOPHISTICATIONFINANCIAL STABILITYFINANCIAL SUPPORTFINANCIAL SYSTEMFINANCIAL TRANSACTIONSFORM OF SAVINGSFORMAL FINANCIAL INSTITUTIONFORMAL FINANCIAL INSTITUTIONSFORMAL FINANCIAL INTERMEDIARYFORMAL FINANCIAL SERVICESFORMAL WORKFORCEGENDERGENERAL POPULATIONGOVERNMENT PENSIONGROSS DOMESTIC PRODUCTHOUSEHOLD EXPENDITUREHOUSEHOLD EXPENSESHOUSEHOLD FINANCIAL DECISIONHOUSEHOLD FINANCIAL DECISION MAKINGHOUSEHOLD FINANCIAL DECISIONSHOUSEHOLD INCOMEHOUSEHOLDSINCOMEINCOME GROUPINCOME LEVELINCOME LEVELSINCOMESINDEBTEDNESSINFLATIONINFORMAL BORROWINGINFORMAL CREDITINFORMAL FINANCIAL INSTITUTIONINFORMAL FINANCIAL INSTITUTIONSINFORMAL SAVINGINFORMAL SAVINGSINFORMAL WORKERSINFORMATION SYSTEMINHERITANCEINSURANCEINTEREST RATEINTEREST RATESINTERNATIONAL BANKINVESTMENT PRODUCTSKEY CHALLENGESKNOWLEDGE LEVELLABOR FORCELESS FINANCIALLY LITERATELEVEL OF EDUCATIONLIABILITYLIFE EVENTSLIFE INSURANCELIFE-CYCLE EVENTSLIMITED ACCESSLOANLOAN PORTFOLIOLOAN REPAYMENTLOW INCOMELOW-INCOMELOW-INCOME GROUPLOW-INCOME GROUPSLOW-INCOME INDIVIDUALSLOWER INCOMELOWER-INCOME INDIVIDUALSMARKETINGMASS MEDIAMICROCREDITMICROINSURANCEMONEY MANAGEMENTMONEY MANAGERSMONTHLY INCOMEMORTGAGEMORTGAGESMUTUAL FUNDSOUTREACHOUTSTANDING DEBTPAWNSHOPPAWNSHOPSPENSION ACCOUNTSPENSIONSPERSONAL FINANCEPOINT-OF-SALEPRIMARY EDUCATIONPROBABILITYPROSPERITYQUESTIONNAIRERECEIPTREGRESSION ANALYSISREMITTANCEREMITTANCESREPAYMENTRESPONSIBILITIESRESPONSIBLE FINANCIAL DECISIONSRETIREMENTSALESAVERSSAVING BEHAVIORSAVING MONEYSAVINGSSAVINGS ACCOUNTSAVINGS ACCOUNTSSAVINGS PRODUCTSAVINGS PRODUCTSSAVINGS SERVICESSECURITIESSINGLE PARENTSSOCIAL ASSISTANCESOUND FINANCIAL DECISIONSOUND FINANCIAL DECISIONSSOURCE OF INFORMATIONSTAKEHOLDERSTIMELY PAYMENTSUNEXPECTED EXPENSEUNEXPECTED EXPENSESVALUABLEVALUE OF MONEYWOMANYOUNG ADULTSYOUNG PEOPLEReportWorld Bank10.1596/23692