Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness

Financial education programs enjoy widespread governmental and financial industry support. They are considered an important tool for improving financial literacy, encouraging financial inclusion, and increasing consumer financial protection. Therefore, assessing their effectiveness is important to g...

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Autores:
Álvarez-Franco, Pilar B.
Muñoz-Murillo, Melisa
Restrepo-Tobón, Diego A.
Tipo de recurso:
Fecha de publicación:
2015
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
eng
OAI Identifier:
oai:repository.eafit.edu.co:10784/7848
Acceso en línea:
http://hdl.handle.net/10784/7848
Palabra clave:
Financial literacy
financial education
impact evaluation
Rights
License
Acceso abierto
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spelling Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2015-12-01T21:48:43Z2015-12-012015-12-01T21:48:43Zhttp://hdl.handle.net/10784/7848A20D04D14C180Financial education programs enjoy widespread governmental and financial industry support. They are considered an important tool for improving financial literacy, encouraging financial inclusion, and increasing consumer financial protection. Therefore, assessing their effectiveness is important to guarantee that public and private resources are allocated wisely. As we highlight in this paper, the available empirical literature casts serious doubts on the effectiveness of those programs in achieving their main objectives. Even properly designed—from an impact evaluation viewpoint—financial education programs fail to deliver long-run effects on individuals’ financial literacy or financial choices. We highlight the challenges to evaluate the impact of financial education programs and, consequently, their merits. We showcase the international experience in assessing the effectiveness of these programs and draw lessons for Colombia. We offer a set of recommendations regarding the minimum set of attributes that financial education programs should have to allow serious policy evaluation.engUniversidad EAFITEscuela de Economía y FinanzasFinancial Education Programs in Colombia: Challenges in Assessing their EffectivenessworkingPaperinfo:eu-repo/semantics/workingPaperDocumento de trabajo de investigacióndrafthttp://purl.org/coar/version/c_b1a7d7d4d402bccehttp://purl.org/coar/resource_type/c_8042Acceso abiertohttp://purl.org/coar/access_right/c_abf2Financial literacyfinancial educationimpact evaluationpalvare6@eafit.edu.coamunozm@eafit.edu.codrestr16@eafit.edu.coÁlvarez-Franco, Pilar B.cf32e110-b082-402e-8a94-40ecef893ef2-1Muñoz-Murillo, Melisa119bbca7-859e-4983-8fcb-fe64df989704-1Restrepo-Tobón, Diego A.b72df604-ad35-4b76-be09-24e91496b9b3-1LICENSElicense.txtlicense.txttext/plain; charset=utf-82556https://repository.eafit.edu.co/bitstreams/285291bc-6f40-4ac2-8a9c-44a312ccaf4f/download76025f86b095439b7ac65b367055d40cMD51ORIGINAL2015-22 Pilar_Alvarez.pdf2015-22 Pilar_Alvarez.pdfapplication/pdf1134612https://repository.eafit.edu.co/bitstreams/a1346c0a-457f-4289-9b49-f570e233981a/download69443f23ec2e265ab2dc3df4c184d44aMD5210784/7848oai:repository.eafit.edu.co:10784/78482024-12-04 11:50:10.643open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co
dc.title.eng.fl_str_mv Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness
title Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness
spellingShingle Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness
Financial literacy
financial education
impact evaluation
title_short Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness
title_full Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness
title_fullStr Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness
title_full_unstemmed Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness
title_sort Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness
dc.creator.fl_str_mv Álvarez-Franco, Pilar B.
Muñoz-Murillo, Melisa
Restrepo-Tobón, Diego A.
dc.contributor.eafitauthor.none.fl_str_mv palvare6@eafit.edu.co
amunozm@eafit.edu.co
drestr16@eafit.edu.co
dc.contributor.author.none.fl_str_mv Álvarez-Franco, Pilar B.
Muñoz-Murillo, Melisa
Restrepo-Tobón, Diego A.
dc.subject.keyword.spa.fl_str_mv Financial literacy
financial education
impact evaluation
topic Financial literacy
financial education
impact evaluation
description Financial education programs enjoy widespread governmental and financial industry support. They are considered an important tool for improving financial literacy, encouraging financial inclusion, and increasing consumer financial protection. Therefore, assessing their effectiveness is important to guarantee that public and private resources are allocated wisely. As we highlight in this paper, the available empirical literature casts serious doubts on the effectiveness of those programs in achieving their main objectives. Even properly designed—from an impact evaluation viewpoint—financial education programs fail to deliver long-run effects on individuals’ financial literacy or financial choices. We highlight the challenges to evaluate the impact of financial education programs and, consequently, their merits. We showcase the international experience in assessing the effectiveness of these programs and draw lessons for Colombia. We offer a set of recommendations regarding the minimum set of attributes that financial education programs should have to allow serious policy evaluation.
publishDate 2015
dc.date.available.none.fl_str_mv 2015-12-01T21:48:43Z
dc.date.issued.none.fl_str_mv 2015-12-01
dc.date.accessioned.none.fl_str_mv 2015-12-01T21:48:43Z
dc.type.eng.fl_str_mv workingPaper
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dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_8042
dc.type.local.spa.fl_str_mv Documento de trabajo de investigación
dc.type.hasVersion.eng.fl_str_mv draft
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/7848
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dc.coverage.spatial.eng.fl_str_mv Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees
dc.publisher.spa.fl_str_mv Universidad EAFIT
dc.publisher.department.spa.fl_str_mv Escuela de Economía y Finanzas
institution Universidad EAFIT
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