Survey on the Measurement of Financial Capabilities
Argentina 2017 Results
With the aim of carrying out a diagnosis that allows identifying the knowledge, skills, attitudes and behaviors of citizens in relation to financial issues, CAF – Development Bank of Latin America – financed the application of this survey to measure the financial capabilities of the Argentine population, carried out in collaboration with the Central Bank of the Argentine Republic.
This survey, whose methodology has been developed by the Organization for Economic Cooperation and Development (OECD), allows Argentina to have a baseline for the development of public policies on financial inclusion and education, providing a starting point that leads to a better design of financial education programs.
Who responded to the survey?
A total of 1,224 people over 18 years of age from all socioeconomic levels were surveyed face-to-face, both residents of urban areas and rural areas in 25 regions of the country.
This poll is nationally representative and has a margin of error of +/- 2.8%. The field work was carried out from March 14 to April 19, 2017.
Some results
- The financial products with the highest use or possession are debit cards (42%), followed by credit cards (37%) and savings banks (29%).
- Knowledge of financial products is moderate. Only 8 products or services are known by more than 50% of respondents. These financial products and services are credit and debit cards, demand and time deposits, and personal and mortgage loans.
- 77% participate individually or together with another person in their family or their partner in the financial decisions of the household.
- Only half of Argentines have a family budget. In most cases it is a very general budget (78%).
- Compared to the Latin American countries that conducted CAF’s financial capacity surveys, Argentina achieves the lowest score compared to 5 other countries (Bolivia, Chile, Colombia, Ecuador and Peru) both in knowledge and in financial behavior and attitude.
Conclusions
- The greatest challenges in financial education are found in the vulnerable population according to the lower socioeconomic level and, mainly, the lower level of education attained. Also in those who are unemployed or inactive.
- To improve financial education indicators, it is necessary to design actions that stimulate both basic knowledge and key behaviors (financial planning, informed decision-making, and savings culture).
- It is also important to develop a long-term financial attitude. In this way, it will be possible to contribute to greater access to and use of quality financial products and services that enable greater well-being and equal opportunities as the basis of the country’s economic development.
Records
Report – Survey on the measurement of financial capabilities in Argentina 2017
Learn more
For comments and queries, write to us at bancocentraleduca@bcra.gob.ar