An Assessment Tool to Identify the Financial Literacy Level of Financial Education Programs Participants’ Executed by Ecuadorian Financial Institutions

Due to the lack of a tool assessing the effectiveness of Financial Education Programs (FEP) imparted by the financial institutions (FI) in Ecuador by mandate, this research proposes and validates a scale to evaluate the Financial Literacy (FL) level of 314 participants (15–50 years old) after attend...

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Bibliographic Details
Published in:Sustainability 2023-01, Vol.15 (2), p.996
Main Authors: Méndez-Prado, Silvia Mariela, Rodriguez, Vanessa, Peralta-Rizzo, Kevin, Everaert, Patricia, Valcke, Martin
Format: Article
Language:English
Subjects:
Behavior
Compound interest
Decision making
Education
Evaluation
Factor analysis
Financial institutions
Financial literacy
Intervention
Knowledge
Skills
University students
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Summary:Due to the lack of a tool assessing the effectiveness of Financial Education Programs (FEP) imparted by the financial institutions (FI) in Ecuador by mandate, this research proposes and validates a scale to evaluate the Financial Literacy (FL) level of 314 participants (15–50 years old) after attending an FEP. The final 18-item FL scale, compounded with Financial Attitude, Financial Knowledge, and Financial Behavior dimensions, is reliable and robust according to the Exploratory and Confirmatory Factor Analysis. The average score for FL is 76 out of 100 points. The youngest scored the lowest, and the FI employees the highest. This contribution fulfills a needed FL scale to accurately measure the efforts of FI spreading the FE. It serves as a stepping stone for further research reconfirming its validity and applying the proposed FI’s FL scale as a pre–post FL evaluation.
ISSN:2071-1050
2071-1050
DOI:10.3390/su15020996