Financial education: a theoretical approach from the perception, knowledge, skill, and use and application of financial instruments

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Published: Jan 21, 2017
DOI: https://doi.org/10.17060/ijodaep.2017.n2.v2.888
Keywords:
financial literacy financial inclusion financial topics

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Jésica Josefina Ramos Hernández
Universidad Cristóbal Colón
http://orcid.org/0000-0003-4555-5440

Abstract

Financial literacy is a vital element in the economic development of a country, both from a national and an individual scope; it can also contribute to a higher liquidity of financial markets. The aim of this essay is to identify the elements that have been considering for the measurement of financial literacy in different papers, as well as the most relevant empirical studies on the subject.
Defining the concept of financial literacy and analyzing the way it is measured is fundamental to evaluate its impact in financial decisions and therefore, in the financial inclusion of the population. In this work, financial education is viewed from four dimensions: perception, knowledge, ability and use and application; also, seven financial topics that have been used empirically to measure financial literacy are considered: retirement planning, inflation, numeracy, insurance, credit, savings and investment, risk diversification. Finally, there is a reflection about the importance of studying financial literacy, both academically, as well as socially.

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How to Cite
Ramos Hernández, J. J. (2017). Financial education: a theoretical approach from the perception, knowledge, skill, and use and application of financial instruments. International Journal of Developmental and Educational Psychology. Revista INFAD De Psicología., 2(2), 267–278. https://doi.org/10.17060/ijodaep.2017.n2.v2.888
Issue
Vol. 2 No. 2 (2017): MONOGRAPH NO. 4. PSYCHOLOGY TODAY: CHALLENGES, ACHIEVEMENTS AND PERSPECTIVES OF THE FUTURE. THE WORLD OF ADULT AND AGING
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Articles
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Author Biography

Jésica Josefina Ramos Hernández, Universidad Cristóbal Colón

Estudiante de Doctorado en Ciencias de la Administración

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