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A Systematic Review of Financial Literacy Research in Latin America and The Caribbean

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  • Silvia Mariela Méndez Prado

    (Facultad de Ciencias Sociales y Humanísticas, Escuela Superior Politécnica del Litoral, ESPOL, Campus Gustavo Galindo Km. 30.5 Vía Perimetral, P.O. Box 09-01-5863, Guayaquil 090902, Ecuador)

  • Marlon José Zambrano Franco

    (Facultad de Ciencias Sociales y Humanísticas, Escuela Superior Politécnica del Litoral, ESPOL, Campus Gustavo Galindo Km. 30.5 Vía Perimetral, P.O. Box 09-01-5863, Guayaquil 090902, Ecuador)

  • Susana Gabriela Zambrano Zapata

    (Facultad de Ciencias Sociales y Humanísticas, Escuela Superior Politécnica del Litoral, ESPOL, Campus Gustavo Galindo Km. 30.5 Vía Perimetral, P.O. Box 09-01-5863, Guayaquil 090902, Ecuador)

  • Katherine Malena Chiluiza García

    (Information Technologies Center, Escuela Superior Politécnica del Litoral, ESPOL, Campus Gustavo Galindo Km. 30.5 Vía Perimetral, P.O. Box 09-01-5863, Guayaquil 090902, Ecuador)

  • Patricia Everaert

    (Faculty of Economics and Business Administration, Ghent University, EB22, Sint-Pietersplein 7, 9000 Ghent, Belgium)

  • Martin Valcke

    (Department of Educational Studies, Faculty of Psychology and Educational Sciences, Ghent University, Henri Dunantlaan 2, 9000 Ghent, Belgium)

Abstract

Several well-known studies have remarked on the low financial literacy (FL) levels in Latin America and the Caribbean (LAC), which represent a problem in an economic context of change and uncertainty. This fact gives us the opportunity to evaluate the current state of literature related to FL in the region. The main list of identified keywords allowed the PRISMA methodology to guide the systematic literature review and analysis procedure. During 2016–2022, the FL search yielded around 4500 FL manuscripts worldwide, but only 65 articles were related to the scope of our analysis (which involved looking at LAC countries). Being the first review from an LAC country about all LAC countries, the findings highlight a lack of FL research focus on regional needs, gender gaps affecting women, and conceptual frameworks used to develop efficient educational program interventions. Most studies in this review build on the OECD definition of FL, but the financial attitude dimension often seems to be omitted from the analyses. These findings open the discussion about efficient policy design concerning FL development in LAC.

Suggested Citation

  • Silvia Mariela Méndez Prado & Marlon José Zambrano Franco & Susana Gabriela Zambrano Zapata & Katherine Malena Chiluiza García & Patricia Everaert & Martin Valcke, 2022. "A Systematic Review of Financial Literacy Research in Latin America and The Caribbean," Sustainability, MDPI, vol. 14(7), pages 1-43, March.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:7:p:3814-:d:778164
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    References listed on IDEAS

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