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Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness

Author

Listed:
  • Diego A. Restrepo Tobón
  • Pilar B. Álvarez Franco
  • Melisa Muñoz Murillo

Abstract

Financial 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.

Suggested Citation

  • Diego A. Restrepo Tobón & Pilar B. Álvarez Franco & Melisa Muñoz Murillo, 2015. "Financial Education Programs in Colombia: Challenges in Assessing their Effectiveness," Documentos de Trabajo de Valor Público 14081, Universidad EAFIT.
    • Handle: RePEc:col:000122:014081
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    File URL: http://hdl.handle.net/10784/7848
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    More about this item

    Keywords

    Financial literacy; financial education; impact evaluation.;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General

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