Policy-effective Financial Knowledge and Attitude Factors in Latin America

Gabriel Garber and Sergio Koyama

No 469, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: In this paper we implement a technique that produces measures of financial knowledge and attitudes by combining variables with weights that capture their impact on financial behavior variables, thus providing guidance to policy design. We use data gathered by CAF-Development Bank of Latin America in Bolivia, Colombia, Ecuador, and Peru. It is the first time that this technique has been used in a cross-country setting. We show that the composition and the weight vary from one country to another. However, the importance of attitude variables stands out in all countries, especially regarding the setting of long-term goals by individuals.

Date: 2017-12
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Chapter: Policy-effective Financial Knowledge and Attitude Factors in Latin America (2018)
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