Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness

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dc.contributor.authorÁlvarez-Franco, Pilar B.
dc.contributor.authorMuñoz-Murillo, Melisa
dc.contributor.authorRestrepo-Tobón, Diego A.
dc.contributor.eafitauthorpalvare6@eafit.edu.co
dc.contributor.eafitauthoramunozm@eafit.edu.co
dc.contributor.eafitauthordrestr16@eafit.edu.co
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.accessioned2015-12-01T21:48:43Z
dc.date.available2015-12-01T21:48:43Z
dc.date.issued2015-12-01
dc.description.abstractFinancial 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.eng
dc.identifier.jelA20
dc.identifier.jelD04
dc.identifier.jelD14
dc.identifier.jelC180
dc.identifier.urihttp://hdl.handle.net/10784/7848
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordFinancial literacyspa
dc.subject.keywordfinancial educationspa
dc.subject.keywordimpact evaluationspa
dc.titleFinancial Education Programs in Colombia: Challenges in Assessing their Effectivenesseng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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