Financial education evaluation model in emerging market. a qualitative comparative analysis by Gender in Colombia

Abstract

The aim of this study is to develop a model for evaluating financial education in emerging markets, with a focus on gender differences. The research employs principal component analysis (PCA) and comparative qualitative fuzzy set analysis to explore the correlations among financial literacy variables and to identify patterns in their causal relationships. Data was gathered from 2499 questionnaires distributed among the adult population in central Colombia. PCA revealed seven latent variables, allowing for the generation of various scenarios that underscore the significance of the analyzed financial education variables. Additionally, using fsQCA analysis, six rounds were conducted to assess the causal conditions necessary for savings, credit, and investment among the male and female populations. These findings are valuable for organizations responsible for the legislation and implementation of financial education initiatives. The results highlight distinct perceptions and competencies in financial education among the surveyed individuals, emphasizing the importance of tailoring financial education programs to specific genders and understanding how these differences influence financial decision-making.