The Financial education in El Salvador: budgeting, savings, financial products and services
Keywords:
Financial education, family budget, savingsAbstract
Financial education is of utmost importance in the daily life of people and families, it allows them to make informed decisions and effective measures for financial well-being. To develop this article, quantitative methodology was used, the results were obtained from the database of the National Survey of Financial Capabilities 2022. Among the results, it stands out that half of the Salvadoran population keeps track of monthly expenses, although this does not indicate that they have a budget, because it implies keeping track of both income and expenses.
Preparing a budget is the essential part of financial education, which reflects the distribution/destination of the income obtained by individuals or families. In the country, 53% of the population knows how to do it, however, not everyone carries it out the practice. One of the difficulties people face is saving, since only 38.74% of the population do so, and the level of savings is below 25% of their monthly income. The financial products and services best known by the Salvadoran population are: savings accounts, current accounts, life insurance, and loans for business and/or housing.
229
References
Banco Bilbao Vizcaya Argentaria. (20 de abril de 2020). ¿Qué se debe tomar en cuenta antes de recurrir a un crédito?. Productos Financieros. https://www.bbva.com/es/mx/que-se-debe-tomar-en-cuenta-antes-de-recurrir-a-un-credito/
Banco Bilbao Vizcaya Argentaria. (s.f.). La regla 50/30/20: una fórmula sencilla para lograr ahorrar y controlar gastos. Salud financiera: ahorro, consejos de ahorro. https://www.bbva.com/es/salud-financiera/la-regla-50-30-20-una-formula-sencilla-para-lograr-ahorrar-y-controlar-gastos/
Banco Central de Reserva de El Salvador. (2016). Encuesta Nacional de Acceso a Servicios Financieros en El Salvador 20416. https://cdn.inclusionfinanciera.gob.sv/wp-content/uploads/2021/06/ENCUES2.pdf
Banco Central de Reserva de El Salvador. (s.f). Estrategia Nacional de Educación Financiera de El Salvador [Archivo PDF, Presentación]. https://www.bcr.gob.sv/documental/Inicio/vista/d8d58c953ae3c8f67599a027d9e56577.pdf
Banco Santander. (20 de noviembre de 2020). Todo lo que debes saber antes de solicitar un crédito. https://www.santander.com/es/stories/todo-lo-que-debes-saber-antes-de-solicitar-un-credito
Consejo Nacional de Inclusión Financiera. 2023. Estrategia de Nacional de Educación Financiera de El Salvador. https://cdn.inclusionfinanciera.gob.sv/wp-content/uploads/2022/10/ENEF-El-Salvador_compressed-1.pdf
Consejo Nacional de Inclusión y Educación Financiera. (2022). Tablas Cruzadas de información de Educación Financiera [Archivo de Excel]. Resultados de Encuesta Nacionales de acceso, uso de productos, servicios financieros y Capacidades Financieras 2022: Resultados Encuesta EF. https://inclusionfinanciera.gob.sv/resultados-encuestas-2022/
Consejo Nacional de Inclusión y Educación Financiera. S.f. Claves del éxito financiero. Inclusión y Educación Financiera. https://inclusionfinanciera.gob.sv/educacion-financiera/#claves
Fundación PricewaterhouseCoopers. (2019). ¿Por qué educar en economía familiar y empresarial?. https://www.pwc.es/es/publicaciones/tercer-sector/educacion-economico-financiera-pwc-contea.pdf
García, N., Grifoni, A., López, J. C., & Mejía, D. (2013). N° 12. La educación financiera en América Latina y el Caribe. Situación actual y perspectivas. Serie Políticas Públicas y Transformación Productiva, 12, Caracas: CAF. Retrieved from https://scioteca.caf.com/handle/123456789/379
Presidenciaa de la República de El Salvador. (18 de octubre de 2019). Decreto Ejecutivo No. 28. Creación del Consejo Nacional de Educación e Inclusión Financiera. Diario Oficial, No. 196, Tomo 425. https://imprentanacional.gob.sv/servicios/archivo-digital-del-diario-oficial/
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Maritza Linares Garcia
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- NonCommercial — You may not use the material for commercial purposes .
- ShareAlike — If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
