Determinantes que Impulsan la Educación Financiera en Ecuador.

Abstract

The present research allowed us to assess the level of financial education in Ecuador, through the construction of a Financial Knowledge indicator that was carried out with the Partial Structural Equation Model (PLS-SEM) methodology. To that end, data from the December 2018 ENEMDU survey directed to the head of household or spouse was used, with a sample of 7201 individuals. Also, the socio-demographic relationship versus the indicator obtained was evaluated, with the objective of identifying the determinants of financial knowledge and make recommendations to increase the level of financial education in Ecuador. From this, gender gaps and geographic area location were determined, such as the fact that being a woman decreases the probability of having a high level of financial education, as does living in a rural area. On the other hand, it was identified that having some degree of formal education or being employed does not guarantee that individuals have a high level of financial literacy.