According to RFD surveys, 62% of the population does not have savings behavior and 53% cover their expenses with loans. Reference image: Fripic

Between 2013 and 2020, its rate Financial education in Ecuador In this case, women are more upset.

The Development Financial Institutions Network (RFD) This May 31, 2022 report presents: Education and Financial Wellness, pending work in Ecuador and the region.

The document indicates that Ecuador has reached a Financial education index 12.2 in 2020. In this sense, the population has an adequate rating according to the measurement parameters, but it is close to a low score.

Although the index ranks the country fourth among the eight countries in the region, it is clear that the level Financial education Ecuador’s population lags behind its neighbors like Peru or Bolivia. These, by themselves, rarely enter high scores, the report says.

According to the data, the index Decreased 0.35 points in seven years of analysis. This shows that People’s financial capacity has declined, in particular, financial knowledge and behavior.

In the first case, less than 30% of the country’s population understands Easy interest calculation And this percentage decreased between 2013 and 2020. Thus, less and less people know about this essential concept at this time. Acquisition and use of credit financial products Smartly

In terms of behavior, low ratings are due to not having 62% of the population Conservation behavior And 53% Cover your expenses with a loan.

Women have less financial education than men

When analyzing the results by gender, it is observed that Women have seen the biggest decline in the financial education index And their scores are low in financial knowledge and behavior.

Less than half know The value of money The concept of time and simple and compound interest. Also, less than 50% maintain a savings behavior, select products in a known manner, cover their expenses without resorting to debt, and focus on tomorrow.

In addition, it is observed that the gap between men and women has widened in all directions over time Financial education.

The study recommends the implementation of comprehensive and clear measures to address the problem of lack of training and lack of work. National strategy for financial education.

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