Characterization of financial literacy profiles in Colombian households
Main Article Content
Keywords
Multivariate analysis, financial behavior, personal finance, financial literacy
Abstract
Objective: The study characterized financial education profiles in Colombia to understand the financial performance of households. Method: We applied the multivariate statistical analysis techniques of cluster and discriminant analysis to the 2018 household financial burden and financial education survey results in a random sample of 1,000 individuals conducted by the National Administrative Department of Statistics in Colombia. Results: The findings showed four characteristic groups of financial education and discriminant capacity in 94.1% of cases correctly classified. Discussions: Although the study shows clear trends in financial knowledge and behavior of the groups of households analyzed, the study should be expanded by applying other multivariate tools for predicting household financial behavior. Conclusions: In the married population, most men tended to have greater financial knowledge but poor management of personal finances, unlike women, who generally showed better financial behavior and education.
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References
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Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economic Education, 17(1), 56-80. https://doi.org/10.1177/2047173417719555
Atkinson, A., & Messy, F. A. (2012). Measuring financial literacy: Results of the OECD/International Network on Financial Education (INFE) pilot study. https://www.oecd-ilibrary.org/finance-and-investment/measuring-financial-literacy_5k9csfs90fr4-en
Banco Mundial. (2013). Capacidades financieras en Colombia: resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financieros. Washington: Banco Mundial.
Batty, M., Collins, J. M., & Odders‐White, E. (2015). Experimental evidence on the effects of financial education on elementary school students' knowledge, behavior, and attitudes. Journal of Consumer Affairs, 49(1), 69-96. https://doi.org/10.1111/joca.12058
Batty, M., Collins, J., O’Rourke, C. & Odders-White, E. (2020). Experiential financial education: A field study of my classroom economy in elementary schools. Economics of Education Review, 102014. https://doi.org/10.1016/j.econedurev.2020.102014
Beltrán, M., Lobo, R. y Urrego, J. (2016). Análisis del impacto financiero generado por las falencias en educación financiera en Colombia, en el período 2009-2014. (Tesis pregrado, Universidad La Gran Colombia). Repositorio institucional. https://repository.ugc.edu.co/handle/11396/4289
Carpena, F., & Zia, B. (2020). The causal mechanism of financial education: Evidence from mediation analysis. Journal of Economic Behavior & Organization, 177, 143-184. https://doi.org/10.1016/j.jebo.2020.05.001
Clark, R., Morrill, M., & Allen, S. G. (2012). The role of financial literacy in determining retirement plans. Economic inquiry, 50(4), 851-866. https://doi.org/10.1111/j.1465-7295.2011.00390.x
Comité Económico Social Europeo (2011). Educación Financiera para todos. Estrategia y buenas prácticas de educación financiera en la Unión Europea. http://amanecemetropolis.net/wp-content/uploads/2014/08/qe-30-12-894-es.pdf
Cooperación y el Desarrollo Económico-OCDE. (2018). OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion. http://www.oecd.org/finance/financialeducation/ES_2018%20OECD%20INFE%20Toolkit.pdf
Cronqvist, H., & Siegel, S. (2015). The Origins of Savings Behavior. Journal of Political Economy, 123(1). https://doi.org/10.1086/679284
Curran, M. A., Parrott, E., Ahn, S. Y., Serido, J., & Shim, S. (2018). Young adults’ life outcomes and well-being: Perceived financial socialization from parents, the romantic partner, and young adults’ own financial behaviors. Journal of Family and Economic Issues, 39(3), 445-456. https://doi.org/10.1007/s10834-018-9572-9
De la Hoz, E., Morelos, J. y Cardona, D. (2020). Identificación de perfiles característicos de las Tecnologías de la Información y Comunicación en empresas del sector manufacturero en Colombia mediante análisis de conglomerado y discriminante. Investigación e Innovación en Ingenierías, 8(1), 112-124. https://doi.org/10.17081/invinno.8.1.3676
Departamento Administrativo Nacional de Estadística-DANE. (2018). Encuesta de Carga Financiera y Educación Financiera de los Hogares, Departamento Administrativo Nacional de Estadística, Colombia. http://microdatos.dane.gov.co/index.php/catalog/626
Eszergár-Kiss, D., & Caesar, B. (2017). Definition of user groups applying Ward's method. Transportation Research Procedia, 22, 25-34. https://doi.org/10.1016/j.trpro.2017.03.004
Fontalvo, T., De La Hoz, E. y Morelos, J. (2018). Método combinado análisis de conglomerado y análisis discriminante multivariado para identificar y evaluar perfiles de eficiencia financiera en empresas exportadoras. Información tecnológica, 29(5), 227-234. http://dx.doi.org/10.4067/S0718-07642018000500227
Fraczek, B., & Matula, A. G. (2019). Financial education and the level of basic financial knowledge and its usage among people with Asperger syndrome. Cypriot Journal of Educational Sciences, 14(4), 742-749. https://orcid.org/0000-0002-9349-5924
Frisancho, V. (2019). The impact of financial education for youth. Economics of Education Review, 101918. https://doi.org/10.1016/j.econedurev.2019.101918
García, N., Grifoni, A., López, J. C. & Mejía, D. (2013). La educación financiera en América Latina y el Caribe. Situación actual y perspectivas. https://scioteca.caf.com/handle/123456789/379
Gómez, E. & Zamudio, N. (2012). Las capacidades financieras de la población colombiana. Borradores de Economía, 725(1). https://repositorio.banrep.gov.co/handle/20.500.12134/5769
Gur, A., Amsalem, G., & Rimmerman, A. (2020). Parents' psychological, social, and financial outcomes as related to the transition of their offspring with ID from adolescence to adulthood. Research in Developmental Disabilities, 105, 103740. https://doi.org/10.1016/j.ridd.2020.103740
Hanson, T., & Olson, P. (2018). Financial literacy and family communication patterns. Journal of Behavioral and Experimental Finance, 19, 64-71. https://doi.org/10.1016/j.jbef.2018.05.001
Hertz, F. D., & Halkier, B. (2017). Meal box schemes a convenient way to avoid convenience food? Uses and understandings of meal box schemes among Danish consumers. Appetite, 114, 232-239. https://doi.org/10.1016/j.appet.2017.03.016
Higuchi, A., & Maehara, R. A. (2021) Factor-cluster analysis profile of consumers. Journal of Business Research, 123, 70-78. https://doi.org/10.1016/j.jbusres.2020.09.030
Hill, J., Van Der Geest, V., & Blokland, A. (2017). Leaving the bank of mum and dad: Financial independence and delinquency desistance in emerging adulthood. Journal of Developmental and Life-Course Criminology, 3(4), 419-439. https://doi-org.ezproxy.unal.edu.co/10.1007/s40865-017-0058-5
Johnson, M., & Benson, J. (2012). The implications of family context for the transition to adulthood. In A. Booth, S. L. Brown, N. S. Landale, W. D. Manning, & S. M. McHale (Eds.), Early adulthood in a family context. New York: Springer.
Jorgensen, B., Rappleyea, D., Schweichler, J., Fang, X. & Moran, M. (2017). The financial behavior of emerging adults: A family financial socialization approach. Journal of Family and Economic Issues, 38(1), 57-69. https://doi.org/10.1007/s10834-015-9481-0
Kaiser, T., & Menkhoff, L. (2019). Financial education in schools: A meta-analysis of experimental studies. Economics of Education Review, 101-930. https://doi.org/10.1016/j.econedurev.2019.101930
Litterscheidt, R., & Streich, D. J. (2020). Financial Education and Digital Asset Management: What's in the Black Box? Journal of Behavioral and Experimental Economics, 87(1), 101-573. https://doi.org/10.1016/j.socec.2020.101573
Lopus, J., Amidjono, D. S. & Grimes, P. W. (2019). Improving financial literacy of the poor and vulnerable in Indonesia: An empirical analysis. International Review of Economics Education, 32, 100-168. https://doi.org/10.1016/j.iree.2019.100168
Lührmann, M., Serra-Garcia, M. & Winter, J. (2018). The impact of financial education on adolescents' intertemporal choices. American Economic Journal: Economic Policy, 10(3), 309-32. https://10.1257/pol.20170012
Lusardi, A., Michaud, P. C., & Mitchell, O. S. (2017). Optimal financial knowledge and wealth inequality. Journal of Political Economy, 125(2), 431-477. https://doi/abs/10.1086/690950
Malik, S., Wells, A., & Wittkowski, A. (2015). Emotion regulation as a mediator in the relationship between attachment and depressive symptomatology: A systematic review. Journal of affective disorders, 172, 428-444. https://doi.org/10.1016/j.jad.2014.10.007
Mejía, D., Pallotta, A., Egúsquiza, E. y Farnè, S. (2015). Encuesta de medición de capacidades financieras en los países andinos. Informe para Colombia 2014 (report). http://scioteca.caf.com/handle/123456789/743
Mikulincer, M. & Shaver, P. (2019). Attachment orientations and emotion regulation. Current Opinion in Psychology, 25(1), 6-10. https://doi.org/10.1016/j.copsyc.2018.02.006
Mishra, A., Maheswarappa, S., & Colby, C. (2018). Technology readiness of teenagers: a consumer socialization perspective. Journal of Services Marketing, 32(5), 592-604. https://doi.org/10.1108/JSM-07-2017-0262
Morelos, J., Fontalvo, T. & De la Hoz, E. (2018). Behaviour of Productivity Indicators and Financial resources in the field of extraction and exploitation of minerals in Colombia. International Journal of Productivity and Quality Management, 25(3), 349-367. https://doi.org/10.1504/IJPQM.2018.095651
Ngai, S., Cheung, C., Yuan, R. & Lin, S. (2016). Work motivation of unemployed youths: Moderating effects of financial dependence on parents. Children and Youth Services Review, 71, 157-165. https://doi.org/10.1016/j.childyouth.2016.11.005
Polania, F., Suaza Nivia, C., Arévalo Fierro, N. y González, D. (2017). La cultura financiera como el nuevo motor para el desarrollo económico en Latinoamérica (Tesis, Universidad EAN). http://hdl.handle.net/10882/8951
Qi, D., & Wu, Y. (2020). Family’s social economic status and child educational outcomes in China: The mediating effects of parenting practices and children’s learning attitudes. Children and Youth Services Review, 118, 105-387. https://doi.org/10.1016/j.childyouth.2020.105387
Raccanello, K. y Guzmán, E. (2014). Educación e inclusión financiera. Revista Latinoamericana de Estudios Educativos (México), 44(2), 119-141. https://www.redalyc.org/pdf/270/27031268005.pdf
Reddy, R., Bruhn, M., y Tan, C. (2013). Capacidades financieras en Colombia: resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financiero. Banco Internacional de Reconstrucción y Fomento/Banco Mundial https://www.bancomundial.org/es/country/colombia/publication/national-survey-financial-capabilities-colombia
Rubiano-Miranda, M. (2014). Educación financiera en Colombia (Tesis Doctoral, Universidad de la Sabana). Repositorio institucional. https://intellectum.unisabana.edu.co/handle/10818/10329
Schenell, R., Ozanne, A., Strang, S., & Henoch, I. (2020). To make and execute decisions throughout life: A person-centred model that facilitates self-determination in residential care, developed through participatory research. Applied Nursing Research, in Press, 55, 151-318. https://doi.org/10.1016/j.apnr.2020.151318
Shen, Z., Liu, M., Lu, W., & Lin, S. (2019). Coordinated decentralized reactive power optimization of multi-area power systems with discrete variables based on the alternating direction method of multipliers and Ward equivalence. International Journal of Electrical Power & Energy Systems, 106, 266-273. https://doi.org/10.1016/j.ijepes.2018.10.004
Shim, S., Serido, J., Tang, C., & Card, N. (2015). Socialization processes and pathways to healthy financial development for emerging young adults. Journal of Applied Developmental Psychology, 38, 29-38. https://doi.org/10.1016/j.appdev.2015.01.002
Sun, H., Yuen, D., Zhang, J., & Zhang, X. (2020). Is knowledge powerful? Evidence from financial education and earnings quality. Research in International Business and Finance, 52, 101-179. https://doi.org/10.1016/j.ribaf.2019.101179
Swartz, T. (2008). Family capital and the invisible transfer of privilege: intergenerational support and social class in early adulthood. In Social class and transitions to adulthood: new directions for child and adolescent development. Spring 2008(119, 11-24. https://pubmed.ncbi.nlm.nih.gov/18330916/
Tang, N. (2017). Like father like son: how does parents' financial behavior affect their children's financial behavior?. Journal of Consumer Affairs, 51(2), 284-311. https://doi.org/10.1111/joca.12122
Tudor, S. (2020). Financial incentives, fertility and early life child outcomes. Labour Economics, 101839. https://doi.org/10.1016/j.labeco.2020.101839
Umaña, M. y Bohórquez, N. (2011). La Estrategia Nacional de Educación Económica y Financiera (ENEEF): una propuesta de implantación en Colombia. Revista del Banco de la República, 84(1000), 21-32. https://publicaciones.banrepcultural.org/index.php/banrep/article/view/8993
Wu, S., Despard, M.R. & Chowa, G. (2017). The Role of Parents in Introducing Children to Financial Services: Evidence from Ghana-YouthSave. J Fam Econ Iss 38(1), 453–462. https://doi.org/10.1007/s10834-017-9519-6
Zhang, W., & Li, J. (2015). Extended fast search clustering algorithm: widely density clusters, no density peaks. https://arxiv.org/abs/1505.05610
Zhu, A. (2020). Impact of School Financial Education on Parental Saving Socialization in Hong Kong Adolescents. Journal of Behavioral and Experimental Economics, 87(1), 101-557. https://doi.org/10.1016/j.socec.2020.101557
Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economic Education, 17(1), 56-80. https://doi.org/10.1177/2047173417719555
Atkinson, A., & Messy, F. A. (2012). Measuring financial literacy: Results of the OECD/International Network on Financial Education (INFE) pilot study. https://www.oecd-ilibrary.org/finance-and-investment/measuring-financial-literacy_5k9csfs90fr4-en
Banco Mundial. (2013). Capacidades financieras en Colombia: resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financieros. Washington: Banco Mundial.
Batty, M., Collins, J. M., & Odders‐White, E. (2015). Experimental evidence on the effects of financial education on elementary school students' knowledge, behavior, and attitudes. Journal of Consumer Affairs, 49(1), 69-96. https://doi.org/10.1111/joca.12058
Batty, M., Collins, J., O’Rourke, C. & Odders-White, E. (2020). Experiential financial education: A field study of my classroom economy in elementary schools. Economics of Education Review, 102014. https://doi.org/10.1016/j.econedurev.2020.102014
Beltrán, M., Lobo, R. y Urrego, J. (2016). Análisis del impacto financiero generado por las falencias en educación financiera en Colombia, en el período 2009-2014. (Tesis pregrado, Universidad La Gran Colombia). Repositorio institucional. https://repository.ugc.edu.co/handle/11396/4289
Carpena, F., & Zia, B. (2020). The causal mechanism of financial education: Evidence from mediation analysis. Journal of Economic Behavior & Organization, 177, 143-184. https://doi.org/10.1016/j.jebo.2020.05.001
Clark, R., Morrill, M., & Allen, S. G. (2012). The role of financial literacy in determining retirement plans. Economic inquiry, 50(4), 851-866. https://doi.org/10.1111/j.1465-7295.2011.00390.x
Comité Económico Social Europeo (2011). Educación Financiera para todos. Estrategia y buenas prácticas de educación financiera en la Unión Europea. http://amanecemetropolis.net/wp-content/uploads/2014/08/qe-30-12-894-es.pdf
Cooperación y el Desarrollo Económico-OCDE. (2018). OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion. http://www.oecd.org/finance/financialeducation/ES_2018%20OECD%20INFE%20Toolkit.pdf
Cronqvist, H., & Siegel, S. (2015). The Origins of Savings Behavior. Journal of Political Economy, 123(1). https://doi.org/10.1086/679284
Curran, M. A., Parrott, E., Ahn, S. Y., Serido, J., & Shim, S. (2018). Young adults’ life outcomes and well-being: Perceived financial socialization from parents, the romantic partner, and young adults’ own financial behaviors. Journal of Family and Economic Issues, 39(3), 445-456. https://doi.org/10.1007/s10834-018-9572-9
De la Hoz, E., Morelos, J. y Cardona, D. (2020). Identificación de perfiles característicos de las Tecnologías de la Información y Comunicación en empresas del sector manufacturero en Colombia mediante análisis de conglomerado y discriminante. Investigación e Innovación en Ingenierías, 8(1), 112-124. https://doi.org/10.17081/invinno.8.1.3676
Departamento Administrativo Nacional de Estadística-DANE. (2018). Encuesta de Carga Financiera y Educación Financiera de los Hogares, Departamento Administrativo Nacional de Estadística, Colombia. http://microdatos.dane.gov.co/index.php/catalog/626
Eszergár-Kiss, D., & Caesar, B. (2017). Definition of user groups applying Ward's method. Transportation Research Procedia, 22, 25-34. https://doi.org/10.1016/j.trpro.2017.03.004
Fontalvo, T., De La Hoz, E. y Morelos, J. (2018). Método combinado análisis de conglomerado y análisis discriminante multivariado para identificar y evaluar perfiles de eficiencia financiera en empresas exportadoras. Información tecnológica, 29(5), 227-234. http://dx.doi.org/10.4067/S0718-07642018000500227
Fraczek, B., & Matula, A. G. (2019). Financial education and the level of basic financial knowledge and its usage among people with Asperger syndrome. Cypriot Journal of Educational Sciences, 14(4), 742-749. https://orcid.org/0000-0002-9349-5924
Frisancho, V. (2019). The impact of financial education for youth. Economics of Education Review, 101918. https://doi.org/10.1016/j.econedurev.2019.101918
García, N., Grifoni, A., López, J. C. & Mejía, D. (2013). La educación financiera en América Latina y el Caribe. Situación actual y perspectivas. https://scioteca.caf.com/handle/123456789/379
Gómez, E. & Zamudio, N. (2012). Las capacidades financieras de la población colombiana. Borradores de Economía, 725(1). https://repositorio.banrep.gov.co/handle/20.500.12134/5769
Gur, A., Amsalem, G., & Rimmerman, A. (2020). Parents' psychological, social, and financial outcomes as related to the transition of their offspring with ID from adolescence to adulthood. Research in Developmental Disabilities, 105, 103740. https://doi.org/10.1016/j.ridd.2020.103740
Hanson, T., & Olson, P. (2018). Financial literacy and family communication patterns. Journal of Behavioral and Experimental Finance, 19, 64-71. https://doi.org/10.1016/j.jbef.2018.05.001
Hertz, F. D., & Halkier, B. (2017). Meal box schemes a convenient way to avoid convenience food? Uses and understandings of meal box schemes among Danish consumers. Appetite, 114, 232-239. https://doi.org/10.1016/j.appet.2017.03.016
Higuchi, A., & Maehara, R. A. (2021) Factor-cluster analysis profile of consumers. Journal of Business Research, 123, 70-78. https://doi.org/10.1016/j.jbusres.2020.09.030
Hill, J., Van Der Geest, V., & Blokland, A. (2017). Leaving the bank of mum and dad: Financial independence and delinquency desistance in emerging adulthood. Journal of Developmental and Life-Course Criminology, 3(4), 419-439. https://doi-org.ezproxy.unal.edu.co/10.1007/s40865-017-0058-5
Johnson, M., & Benson, J. (2012). The implications of family context for the transition to adulthood. In A. Booth, S. L. Brown, N. S. Landale, W. D. Manning, & S. M. McHale (Eds.), Early adulthood in a family context. New York: Springer.
Jorgensen, B., Rappleyea, D., Schweichler, J., Fang, X. & Moran, M. (2017). The financial behavior of emerging adults: A family financial socialization approach. Journal of Family and Economic Issues, 38(1), 57-69. https://doi.org/10.1007/s10834-015-9481-0
Kaiser, T., & Menkhoff, L. (2019). Financial education in schools: A meta-analysis of experimental studies. Economics of Education Review, 101-930. https://doi.org/10.1016/j.econedurev.2019.101930
Litterscheidt, R., & Streich, D. J. (2020). Financial Education and Digital Asset Management: What's in the Black Box? Journal of Behavioral and Experimental Economics, 87(1), 101-573. https://doi.org/10.1016/j.socec.2020.101573
Lopus, J., Amidjono, D. S. & Grimes, P. W. (2019). Improving financial literacy of the poor and vulnerable in Indonesia: An empirical analysis. International Review of Economics Education, 32, 100-168. https://doi.org/10.1016/j.iree.2019.100168
Lührmann, M., Serra-Garcia, M. & Winter, J. (2018). The impact of financial education on adolescents' intertemporal choices. American Economic Journal: Economic Policy, 10(3), 309-32. https://10.1257/pol.20170012
Lusardi, A., Michaud, P. C., & Mitchell, O. S. (2017). Optimal financial knowledge and wealth inequality. Journal of Political Economy, 125(2), 431-477. https://doi/abs/10.1086/690950
Malik, S., Wells, A., & Wittkowski, A. (2015). Emotion regulation as a mediator in the relationship between attachment and depressive symptomatology: A systematic review. Journal of affective disorders, 172, 428-444. https://doi.org/10.1016/j.jad.2014.10.007
Mejía, D., Pallotta, A., Egúsquiza, E. y Farnè, S. (2015). Encuesta de medición de capacidades financieras en los países andinos. Informe para Colombia 2014 (report). http://scioteca.caf.com/handle/123456789/743
Mikulincer, M. & Shaver, P. (2019). Attachment orientations and emotion regulation. Current Opinion in Psychology, 25(1), 6-10. https://doi.org/10.1016/j.copsyc.2018.02.006
Mishra, A., Maheswarappa, S., & Colby, C. (2018). Technology readiness of teenagers: a consumer socialization perspective. Journal of Services Marketing, 32(5), 592-604. https://doi.org/10.1108/JSM-07-2017-0262
Morelos, J., Fontalvo, T. & De la Hoz, E. (2018). Behaviour of Productivity Indicators and Financial resources in the field of extraction and exploitation of minerals in Colombia. International Journal of Productivity and Quality Management, 25(3), 349-367. https://doi.org/10.1504/IJPQM.2018.095651
Ngai, S., Cheung, C., Yuan, R. & Lin, S. (2016). Work motivation of unemployed youths: Moderating effects of financial dependence on parents. Children and Youth Services Review, 71, 157-165. https://doi.org/10.1016/j.childyouth.2016.11.005
Polania, F., Suaza Nivia, C., Arévalo Fierro, N. y González, D. (2017). La cultura financiera como el nuevo motor para el desarrollo económico en Latinoamérica (Tesis, Universidad EAN). http://hdl.handle.net/10882/8951
Qi, D., & Wu, Y. (2020). Family’s social economic status and child educational outcomes in China: The mediating effects of parenting practices and children’s learning attitudes. Children and Youth Services Review, 118, 105-387. https://doi.org/10.1016/j.childyouth.2020.105387
Raccanello, K. y Guzmán, E. (2014). Educación e inclusión financiera. Revista Latinoamericana de Estudios Educativos (México), 44(2), 119-141. https://www.redalyc.org/pdf/270/27031268005.pdf
Reddy, R., Bruhn, M., y Tan, C. (2013). Capacidades financieras en Colombia: resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financiero. Banco Internacional de Reconstrucción y Fomento/Banco Mundial https://www.bancomundial.org/es/country/colombia/publication/national-survey-financial-capabilities-colombia
Rubiano-Miranda, M. (2014). Educación financiera en Colombia (Tesis Doctoral, Universidad de la Sabana). Repositorio institucional. https://intellectum.unisabana.edu.co/handle/10818/10329
Schenell, R., Ozanne, A., Strang, S., & Henoch, I. (2020). To make and execute decisions throughout life: A person-centred model that facilitates self-determination in residential care, developed through participatory research. Applied Nursing Research, in Press, 55, 151-318. https://doi.org/10.1016/j.apnr.2020.151318
Shen, Z., Liu, M., Lu, W., & Lin, S. (2019). Coordinated decentralized reactive power optimization of multi-area power systems with discrete variables based on the alternating direction method of multipliers and Ward equivalence. International Journal of Electrical Power & Energy Systems, 106, 266-273. https://doi.org/10.1016/j.ijepes.2018.10.004
Shim, S., Serido, J., Tang, C., & Card, N. (2015). Socialization processes and pathways to healthy financial development for emerging young adults. Journal of Applied Developmental Psychology, 38, 29-38. https://doi.org/10.1016/j.appdev.2015.01.002
Sun, H., Yuen, D., Zhang, J., & Zhang, X. (2020). Is knowledge powerful? Evidence from financial education and earnings quality. Research in International Business and Finance, 52, 101-179. https://doi.org/10.1016/j.ribaf.2019.101179
Swartz, T. (2008). Family capital and the invisible transfer of privilege: intergenerational support and social class in early adulthood. In Social class and transitions to adulthood: new directions for child and adolescent development. Spring 2008(119, 11-24. https://pubmed.ncbi.nlm.nih.gov/18330916/
Tang, N. (2017). Like father like son: how does parents' financial behavior affect their children's financial behavior?. Journal of Consumer Affairs, 51(2), 284-311. https://doi.org/10.1111/joca.12122
Tudor, S. (2020). Financial incentives, fertility and early life child outcomes. Labour Economics, 101839. https://doi.org/10.1016/j.labeco.2020.101839
Umaña, M. y Bohórquez, N. (2011). La Estrategia Nacional de Educación Económica y Financiera (ENEEF): una propuesta de implantación en Colombia. Revista del Banco de la República, 84(1000), 21-32. https://publicaciones.banrepcultural.org/index.php/banrep/article/view/8993
Wu, S., Despard, M.R. & Chowa, G. (2017). The Role of Parents in Introducing Children to Financial Services: Evidence from Ghana-YouthSave. J Fam Econ Iss 38(1), 453–462. https://doi.org/10.1007/s10834-017-9519-6
Zhang, W., & Li, J. (2015). Extended fast search clustering algorithm: widely density clusters, no density peaks. https://arxiv.org/abs/1505.05610
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May 18, 2021
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De La Hoz-Granadillo, E. J., Morelos-Gómez, J., & Escobar-Zapata, M. C. (2021). Characterization of financial literacy profiles in Colombian households. Desarrollo Gerencial, 13(1), 1–23. https://doi.org/10.17081/dege.13.1.4301
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