Financial education in centennials: evidence from students of public and private educational institutions in the city of Loja, Ecuador
Article Sidebar
Main Article Content
Abstract
Financial education is a process through which people obtain greater knowledge about financial products and services. The objective of this research is to measure the level of financial education of "centennials" in public and private educational institutions in the city of Loja. The methodology used is of an exploratory-descriptive type, for the collection of information a survey based on the PISA test was used, which was applied to 360 students from 11 institutions of the public and private system, aged between 14 and 18 years old. The results show that the financial knowledge of the students is located at level 4 according to the PISA performance levels and that men have greater financial knowledge in relation to women, so it is necessary to implement financial education programs that allow students to reduce risk and minimize errors in decision making by improving their basic financial knowledge.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Licensing Agreement
This journal provides free access to its content through its website following the principle that making research available free of charge to the public supports a larger exchange of global knowledge.
Web content of the journal is distributed under a Attribution-NonCommercial-ShareAlike 4.0 International.
Authors may adopt other non-exclusive license agreements for the distribution of the version of the published work, provided that the initial publication in this journal is indicated. Authors are allowed and recommended to disseminate their work through the internet before and during the submission process, which can produce interesting exchanges and increase citations of the published work.
References
Education Quality Agency (2017). Examples of PISA 2015 Financial Literacy questions. Santiago de Chile. https://bit.ly/3SmCjRP
Aprea, C., Wuttke, E., & Stock, M. (2015). Exploring the possibilities for a bildungs-oriented conceptualisation of financial literacy education. In: Hillen, S, Aprea, C (eds), Instrumentalism in Education - Where is Bildung Left? Münster and New York: Waxmann, pp. 89-104. https://bit.ly/3BFyyBh. https://bit.ly/3BFyyBh
Arab, L. and Díaz, A. (2015). Impact of social networks and internet in adolescence: positive and negative aspects. Revista Médica Clinica Las Condes. https://doi.org/10.1016/j.rmclc.2014.12.001.
Asociación de Bancos del Ecuador (2021). Let's talk about financial inclusion in Ecuador: How are the figures? https://bit.ly/3oYOlTT
Central Bank of Ecuador (2018). Financial inclusion statistics. Resultados de Encuestas realizadas durante 2016 - 2017. Quito: Subgerencia de programación y regulación, Dirección Nacional de Síntesis Macroeconómica. https://bit.ly/3d5gh67
World Bank (2020). Diagnosis of financial inclusion. Ecuador: International Bank for Reconstruction and Development/The World Bank. https://bit.ly/3Jr9T5g
Bozzo, S., and Remeseiro R. (2021). Towards a curriculum that strengthens financial education in law degrees. Revista Pedagógica Universitaria y didácticas del derecho. 8(1). 45-67. https://bit.ly/3JPBttf
Council for Economic Education (2013). National Standards for Financial Literacy. https://cutt.ly/DKWgpUD
Cumurovic, A., & Hyll, W. (2018). Financial literacy and self-employment. Journal of consumer Affairs. http://doi.org/ 10.1111/joca.12198.
Da Silva, T., Dal Magro, C., Gorla, M., & Nakamura, W. (2017). Financial literacy level of high school students and economic reflections. Journal of Management 52. 285-303. https://doi.org/10.1016/j.rausp.2016.12.010.
Gamboa, M., Hernández, C., & Avendaño, W. (2019). The importance of financial education for school-aged children. Revista Espacios. https://bit.ly/3Q8b8bS
García, N., Grifoni, A., López, J., and Mejía, D. (2013). La educación financiera en América Latina y el Caribe Situación actual y perspectiva, Development Bank of Latin America. https://bit.ly/3JBnUNM
González, A. (2020). Financial literacy of young university students of the Faculty of Humanities and Educational Sciences, period 2019-2020. Latin Science. 4(2). p.1408. https://doi.org/10.37811/cl_rcm.v4i2.163.
Kraitzek, A., Förster, M., and Walstad, W. (2022). Comparison of financial education and knowledge in the United States and Germany: Curriculum and assessment. Research In Comparative and International Education. https://doi.org/10.1177/17454999221081333.
Méndez, M., & Quimis, L. (2018). The broad contribution of educational institutions in financial literacy. Digital Management. http://bitly.ws/tcXM
Meza, A. (2021). Determinants driving financial education in Ecuador. Revista Cuestiones económicas. http://bitly.ws/tcXT
Minella, J., Bertosso, H., Pauli, J., & Dalla, V. (2017). A influência do materialismo, educação financeira e valor atribuído ao dinheiro na propensão ao endividamento de jovens. Gestão & Planejamento- G&P, 18, 182-201. http://bitly.ws/tcXZ
Organisation for Economic Co-operation and Development, OECD (2012). PISA 2012 Assessment Frameworks and Tests: Financial Competency, p.12. http://bitly.ws/tebA.
Organisation for Economic Co-operation and Development (2015). PISA 2015 assessment results on financial literacy. Programme for International Student Assessment (PISA). Iberoamerica, pp. 1. http://bitly.ws/tdd6
Organisation for Economic Co-operation and Development OECD (2005). Improving financial literacy: Analysis of issues and policies. http://bitly.ws/tdd3
Organization for Economic Co-operation and Development (2016). PISA 2015 assessment frameworks and tests: Science, Mathematics, Reading and Financial Literacy. OECD, pp. 91-113. http://bitly.ws/tddd.
Perilla, J. (2018). New generations as a challenge for current education. Bogotá, pp. 10. http://bitly.ws/teaM
Sconti, A. (2022). Digital vs. in-person financial education: What works best for Generation Z. Journal of Economic Behavior and Organization. https://doi.org/10.1016/j.jebo.2021.12.001
Tonatiúh, R. (2021). Good practices for teaching financial education. https://bit.ly/3xNCnR9
Valenzuela, M., López, V., & Aguilar, K. (2022). Indebtedness and financial education in university students. Revista Venezolana de Gerencia, 27(97), 198-211. https://doi.org/10.52080/rvgluz.27.97.14
Walstad, W. and Rebeck, K. (2016). Test of Financial Literacy: Examiner's Manual. Council for Economic Education, New York. https://bit.ly/3byRLK2.