Factors Affecting Ownership of Financial Products in Colombia

Daisy Pacheco and Ana Yaruro Jaime (anayaruroj@gmail.com)

Chapter 6 in Financial Decisions of Households and Financial Inclusion: Evidence for Latin America and the Caribbean, 2018, pp 157-192 from Centro de Estudios Monetarios Latinoamericanos, CEMLA

Abstract: This paper explores the variables determining why, despite being aware a financial product exists, individuals decide not to include them in their portfolio of products and services. The results for Colombia from the Financial Capabilities Survey in Andean Countries conducted by CAF-Development Bank of Latin America were employed to estimate the dependence between the level of awareness and ownership of financial products, and variables related to respondents’ sociodemographic characteristics, such as households’ financial skills. It also attempts to measure the level or strength of association between said variables. We use a two-factor contingency table methodology, complemented by loglinear regression models, following that proposed by Agresti (2007). The results show that not having a financial product, despite knowing it exists, is related to low levels of education, income, and not budgeting, among other factors.

Keywords: financial inclusion; financial stability; awareness and ownership of financial products. (search for similar items in EconPapers)
JEL-codes: D10 G20 O10 (search for similar items in EconPapers)
Date: 2018
ISBN: 978-607-7734-99-4 (online)
Note: Joint Research Program of the Central Bank Researchers Network
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