- PROJECT TITLE: Colombia Financial Capabilities and Education Measurement Project
- PARTNER INSTITUTIONS: Banco de la República (Central Bank of Colombia); Invamer Colombia; Corporación Maloka
- TIMELINE: July 2010 – September 2012
This project was undertaken by the Banco de la República with the objectives of: (i) identifying the most important knowledge gaps in the Colombian population with the goal of designing and targeting improved financial education programs; (ii) benchmarking the level of financial capabilities of Colombians (iii) supporting the design of public policies to enhance both the familiarity with, and quality of, financial services.
The study will directly inform Colombia’s national policy and strategy for financial education, in which Banco de la Republica plays a key coordinating role. Greater knowledge of the financial practices of the population will support better targeting of financial education initiatives to distinct segments of the population.
As part of the qualitative research upon which the survey was based, ten focus groups were conducted, representing a mix of participants across: (i) low and middle income groups (ii) different age groups and (iii) urban and rural populations. Individual interviews were conducted in two waves of 15 participants each to probe elements of their financial practices in greater detail and test question structure and wording.
These newly-developed questions on financial capabilities are being applied in a nationally representative survey of approximately 1500 individuals. This survey, which covers areas such as daily money management, financial planning, and knowledge of basic financial concepts, builds on a survey related to financial burden, capability, and education (IEFIC for its initials in Spanish) that was developed by Banco de la República and DANE in 2008 and initially applied only to the banked population in Bogota.