Challenges in assessing the effectiveness of financial education programs: The Colombian case
Publicado
sep 28, 2017
Almetrics
Dimensions
Google Scholar
##plugins.themes.bootstrap3.article.details##
Resumen
Financial Education Programs –FEP– enjoy widespread governmental and private support and are considered essential tools for improving financial literacy, encouraging financial inclusion, and increasing consumer financial protection. Therefore, assessing their effectiveness is critical to guarantee that public and private resources are allocated wisely. The available empirical literature casts serious doubts on the effectiveness of FEP in achieving their objectives. Even properly designed –from an impact evaluation viewpoint– FEP fail to deliver long-run effects on individuals’ financial literacy or financial outcomes. We highlight the challenges to evaluate the impact of FEP. We showcase the international experience
in assessing the effectiveness of these programs and offer a set of recommendations regarding the attributes that FEP should have to allow serious policy evaluation.
Keywords
financial education, impact evaluation, financial literacy, colombian case
References
Jump$tart Coalition for Personal Financial Literacy. (2006). Financial literacy shows slight improvement among nation's high school students. Rep, Washington, DC.
AMV. (2015). Educación Financiera para Todos. Educación Financiera para Todos. Obtenido de http://www.amvcolombia.org.co/index.php?pag=home\&id=110|197|0
Angrist, J. D., & Krueger, A. B. (2001). Instrumental Variables and the Search for Identification: From Supply and Demand to Natural Experiments. Journal of Economic Perspectives, 15(4), 69-85.
Asobancaria. (2014). Informe de Sostenibilidad. Tech. rep.
Banca de las Oportunidades. (2015). En Tu Cuenta Cada Peso Cuenta. En Tu Cuenta Cada Peso Cuenta. Obtenido de http://www.cadapesocuenta.com
Banco de Bogotá. (2013). Informe de Gestión. Tech. rep.
Bancolombia. (2013). Programa de Educación Financiera del Grupo
Bancolombia. Tech. rep.
Bancolombia, G. (2010). Educacion Financiera. Tech. rep., Bancolombia. Obtenido de http://www.grupobancolombia.com/contenidoCentralizado/corporativo/formatospdf/educacionFinanciera.pdf
Banks, J., & Oldfield, Z. (2007). Understanding Pensions: Cognitive Function, Numerical Ability and Retirement Saving. Fiscal studies, 28(2), 143-170.
BBVA. (2014). Informe de Responsabilidad Corporativa. 106. Obtenido de https://www.bbva.com.co/documents/10180/2028799/Informe+Responsabilidad+Corporativa+2014.pdf/ff1fb80a-95d3-4c2d-8cca-887ea639fca2
Behrman, J. R., Mitchell, O. S., Soo, C., & Bravo, D. (2010). Financial Literacy, Schooling, and Wealth Accumulation. National Bureau of Economic Research(Working paper No. 16452), 32.
Bernal, R., & Peña, X. (2011). Guía Práctica para la Evaluación de Impacto.
Bernheim, B. D., & Garrett, D. M. (2003). The effects of financial education in the workplace evidence from a survey of households. Journal of Public Economics, 87, 1487-1519.
Bernheim, B. D., Garrett, D. M., & Maki, D. M. (2001). Education and Savings: The Long-Term Effects of High School Financial Curriculum Mandates. Journal of Public Economics, 80(3), 435-465.
Blundell, R., & Dias, M. C. (2009). Alternative Approaches to Evaluation in Empirical Microeconomics. The Journal of Human Resources, 44(3), 565-640.
Blundell, R., Dearden, L., & Sianesi, B. (2005). Evaluating the effect of education on earnings: models, methods and results from the National Child Development Survey. Journal of the Royal Statistical Society, 168(3), 473-512.
Bruhn, M., de Souza Leáo, L., Legovini, A., Marchetti, R., & Zia, B. (2014). The Impact of High School Financial Education Experimental Evidence from Brazil. World Bank Policy Research Working Paper(Working paper No. 6723).
Calderon, G., Cunha, J. M., & De Giorgi, G. (2013). Business Literacy and Development : Evidence from a Randomized Controlled Trial in Rural Mexico. National Bureau of Economic Research(Working paper No. 19740).
Camacho, A., & Conover, E. (2011). Manipulation of Social Program Eligibility of Social Program Eligibility. American Economic Journal, 3(2), 41-65.
Choi, J. J., Laibson, D., & Madrian, B. C. (2010). Why does the law of one price fail? An experiment on index mutual funds. Review of Financial Studies, 23(4), 1405-1432.
Christelis, D., Jappelli, T., & Padula, M. (2010). Cognitive abilities and portfolio choice. European Economic Review, 54(1), 18-38.
Christiansen, C., Joensen, J. S., & Rangvid, J. (2008). Are economists more likely to hold stocks? Review of Finance, 12(3), 465-496.
Citibank. (2014). Informe de Sostenibilidad. Tech. rep.
Cole, S., & Shastry, G. K. (2008). If You Are So Smart , Why Aren' t You Rich ? The Effects of Education , Financial Literacy and Cognitive Ability on Financial Market Participation . unpublished, Harvard Business School.
Cole, S., Sampson, T., & Zia, B. (2011). Prices or Knowledge ? What Drives Demand for Financial Services in Emerging Markets . Journal of Finance, 66(6), 1933-1967.
Colombia, C. d. (2009). Ley 1328 de 2009. Ley 1328 de 2009(julio 15). Obtenido de https://www.superfinanciera.gov.co/SFCant/ConsumidorFinanciero/ley1328.pdf
Comisión Intersectorial de Educación Económica y Financiera. (2014). Encuesta de Mapeo sobre Programas / Iniciativas de Educación Económica y Financiera en Colombia. Tech. rep.
Departamento de Planeación Nacional. (2010). Plan Nacional de Desarrollo 2010-2014: Crecimiento Sostenible y Competitividad. Tech. rep. Obtenido de https://www.dnp.gov.co/Plan-Nacional-de-Desarrollo/PND-2010-2014/Paginas/Plan-Nacional-De-2010-2014.aspx
Duflo, E., Glennerster, R., & Kremer, M. (2007). Using randomization in development economics research: a toolkit. Handbook of development economics, 4, 3895-3962.
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Managment Science, 60(8), 1861-1883.
Financiera, S., Financieras, I., & Cooperativas, E. (2010). Estrategia Nacional de Educación Económica y Financiera: Una propuesta para su implantación en Colombia. Tech. rep. Obtenido de https://www.superfinanciera.gov.co/SFCant/ConsumidorFinanciero/estratenaledufinanciera012011.pdf
Fox, J., Bartholomae, S., & Lee, J. (2005). Building the case for financial education. Journal of Consumer Affairs, 39(1), 195-214.
Gabaix, X., & Laibson, D. (2006). Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets. The Quarterly Journal of Economics, 121(2), 505-540. Obtenido de http://qje.oxfordjournals.org/content/121/2/505.abstract
García, N. (2012). El impacto de la educación económica y financiera en los jóvenes: el caso de Finanzas para el Cambio. Borradores de Economia, 687, 2-47.
Garcia, N., Grifoni, A., López, J. C., & Mejía, D. (2013). La educación financiera en América Latina y el Caribe. Situación Actual y Perspectivas. Serie Políticas Públicas y Transformación Productiva, 12.
Gerardi, K., Goette, L., & Meier, S. (2010). Financial literacy and subprime mortgage delinquency: Evidence from a survey matched to administrative data. Federal Reserve Bank of Atlanta Working Paper Series(2010-10).
Gertler, P. J., Martinez, S., Premand, P., Rawlings, L. B., & Vermeersch, C. M. (2011). Impact evaluation in practice. Washinton D.C.: World Bank Publications.
Grifoni, A., & Messy, F.-A. (2012). Current Status of National Strategies for Financial Education. OECD Working Papers on Finance, Insurance and Private Pensions(16). Obtenido de http://www.oecd-ilibrary.org/content/workingpaper/5k9bcwct7xmn-en$\backslash$nhttp://www.oecd-ilibrary.org/docserver/download/5k9bcwct7xmn.pdf?expires=1378895971\&id=id\&accname=guest\&checksum=68910FF7CC0D7950407835CE9025C673
Grinblatt, M., Keloharju, M., & Linnainmaa, J. (2009). Do smart investors outperform dumb investors? Tech. rep., Chicago Booth School of Economics.
Hastings, J. S., & Mitchell, O. S. (2011). How financial literacy and impatience shape retirement wealth and investment behaviors. National Bureau of Economic Research(Working paper No. 16740).
Hastings, J. S., Hortaçsu, A., & Syverson, C. (2013). Advertising and competition in privatized social security: The case of Mexico. Tech. rep., National Bureau of Economic Research.
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013).
Financial Literacy, Financial Education, and Economic Outcomes. Annual Review of Economics, 5(1), 347-373.
Heckman, J. J., & Vytlacil, E. (2005). Structural Equations, Treatment Effects, and Econometric Policy Evaluation. Econometrica, 73(3), 669-738.
Heckman, J. J., Tobias, J. L., & Vytlacil, E. J. (2001). Four Parameters of Interest in the Evaluation of Social Programs. Southern Economic Journal, 68(2), 210-223. Obtenido de http://search.ebscohost.com/login.aspx?direct=true\&db=bth\&AN=5449543\&site=ehost-live
Hilgert, M. a., & Hogarth, J. M. (2003). Household Financial Management: The Connection between Knowledge and Behavior. Federal Reserve Bulletin, 106(July), 309-322.
Hill, R. C., Griffiths, W. E., & Lim, G. C. (2008). Principles of Econometrics (4th ed.). Wiley.
Hung, A., & Yoong, J. (2013). The Market for Retirement Financial Advice. En O. S. Mitchell, & K. Smetters (Edits.). New York, NY: Oxford University Press.
Hung, A., Meijer, E., Mihaly, K., & Yoong, J. (2009). Building Up, Spending Down: Financial Literacy, Retirement Savings Management, and Decumulation. SSRN Journal(September). Obtenido de http://www.ssrn.com/abstract=1520203
Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296-316.
Huston, S. J. (2012). Financial literacy and the cost of borrowing. International Journal of Consumer Studies, 36(5), 566-572. Obtenido de http://dx.doi.org/10.1111/j.1470-6431.2012.01122.x
Imbens, G. W., & Wooldridge, J. M. (2009). Recent Developments in the Econometrics of Program Evaluation. Journal of Economic Literature, 47(1), 5-86.
Karlan, D., & Valdivia, M. (2011). Teaching entrepreneurship: Impact of business training on microfinance clients and institutions. Review of Economics and Statistics, 93(2), 510-527.
Lusardi, A., & Mitchell, O. S. (2005). Financial Literacy and Planning: Implications for Retirement Wellbeing. Michigan Retirement Research Center(WP 108).
Lusardi, A., & Mitchell, O. S. (2009). How Ordinary Consumers Make Complex Economic Decisions : Financial Literacy and Retirement Readiness How Ordinary Consumers Make Complex Economic Decisions : Financial Literacy and Retirement Readiness. National Bureau of Economic Research(Working paper No. 15350). Obtenido de http://pubs.aeaweb.org/doi/abs/10.1257/aer.98.2.413
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: an overview. Journal of Pension Economics and Finance, 10(04), 497-508.
Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy : Theory and Evidence. Journal of Economic Literature, 52, 5-44.
Lusardi, a., Mitchell, O., & Curto, V. (2010). Financial Literacy among the Young. Journal of Consumer Affairs, 44(2), 358-380.
Lyons, A. C., & Neelakantan, U. (2008). Potential and Pitfalls of Applying Theory to the Practice of Financial Education. Journal of Consumer Affairs, 42(1), 106-112. Obtenido de http://dx.doi.org/10.1111/j.1745-6606.2007.00097.x
Mandell, L. (2008). Financial literacy of high school students. En J. Xiao (Ed.), Handbook of consumer finance research (págs. 163-183). New York, NY: Springer.
Marshall, M. N. (1996). Sampling for qualitative research Sample size. Family Practice, 13(6), 522-525.
Medina, C., & Morales, L. (2007). Stratification and Public Utility Services in Colombia: Subsidies to Households or Distortion of Housing Prices? Borradores de EconomiaEconomía, 1-45.
Meier, S., & Sprenger, C. (2007). Selection into financial literacy programs: Evidence from a field study. Tech. rep., Federal Reserve Bank of Boston.
Meier, S., & Sprenger, C. D. (2013). Discounting financial literacy: Time preferences and participation in financial education programs. Journal of Economic Behavior and Organization, 95, 159-174. Obtenido de http://dx.doi.org/10.1016/j.jebo.2012.02.024
Meyer, B. D. (1995). Natural and Quasi-Experiments in Economics. Journal of Business & Economic Statistics, 13(2), 151-161.
Núñez, J., Salazar, N., Castañeda, C., Rivas, G., Cuesta, L., & Castillo, J. (2012). Primer Seguimiento de la Evaluación de Impacto del Piloto del Programa de Promoción de Cultura del Ahorro Resumen Ejecutivo. Tech. rep., Fedesarrollo. Obtenido de http://www.repository.fedesarrollo.org.co/handle/11445/185
OECD. (2005). Improving Financial Literacy: Analysis of Issues and Policies. Paris: OECD Publishing.
OECD. (2014). OECD / INFE progress report. Tech. rep., Paris. Obtenido de http://www.oecd.org/daf/fin/financial-education/OECD-INFE-Fin-Ed-G20-2014-Progress-Report.pdf
Redy, R., Bruhn, M., & Tan, C. (2013). Capacidades Financieras en Colombia: Resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financieros. Tech. rep., Banco Mundial.
Robinson, J. a., & Torvik, R. (2005). White elephants. Journal of Public Economics, 89(2-3), 197-210.
Rodríguez, C., Sanchez, F., & Zamora, S. (2014). On the Radio: Effectiveness of the Viva Seguro Financial Education Program. Serie Documentos Cede(2014-19). Obtenido de http://economia.uniandes.edu.co
Rosenbaum, P. R., & Rubin, D. B. (1983). The Central Role of the Propensity Score in Observational Studies for Causal Effects. Biometrika, 70 SRC -(1083), 41-55.
Rubin, D. B. (1974). Estimating causal effects of treatments in randomized and nonrandomized studies. Journal of Educational Psychology, 66(5), 688-701.
Schipani, A. (2014). Colombian banks spread their wings. Colombian banks spread their wings. Obtenido de http://www.ft.com/cms/s/0/9d8d4592-6bc5-11e3-a216-00144feabdc0.html\#axzz3f98zcOWK
Thaler, R. H., & Benartzi, S. (2004). Save more tomorrow: Using behavioral economics to increase employee saving. Journal of political Economy, 112(S1), S164--S187.
Van Rooij, M. C., Lusardi, A., & Alessie, R. J. (2012). Financial Literacy , Retirement Planning and Household Wealth. The Economic Journal, 122(2006), 449-478.
Van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449-472. Obtenido de http://dx.doi.org/10.1016/j.jfineco.2011.03.006
Xu, L., & Zia, B. (2012). Financial Literacy around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward. Policy Research Working Paper(6107), 1-56.
Yoong, J., Mihaly, K., Bauhoff, S., Rabinovich, L., & Hung, A. (2013). A Toolkit for the Evaluation of Financial Capability Programs in Low-, and Middle-Income Countries. Washington, DC: World Bank. Obtenido de https://openknowledge.worldbank.com/handle/10986/16294
AMV. (2015). Educación Financiera para Todos. Educación Financiera para Todos. Obtenido de http://www.amvcolombia.org.co/index.php?pag=home\&id=110|197|0
Angrist, J. D., & Krueger, A. B. (2001). Instrumental Variables and the Search for Identification: From Supply and Demand to Natural Experiments. Journal of Economic Perspectives, 15(4), 69-85.
Asobancaria. (2014). Informe de Sostenibilidad. Tech. rep.
Banca de las Oportunidades. (2015). En Tu Cuenta Cada Peso Cuenta. En Tu Cuenta Cada Peso Cuenta. Obtenido de http://www.cadapesocuenta.com
Banco de Bogotá. (2013). Informe de Gestión. Tech. rep.
Bancolombia. (2013). Programa de Educación Financiera del Grupo
Bancolombia. Tech. rep.
Bancolombia, G. (2010). Educacion Financiera. Tech. rep., Bancolombia. Obtenido de http://www.grupobancolombia.com/contenidoCentralizado/corporativo/formatospdf/educacionFinanciera.pdf
Banks, J., & Oldfield, Z. (2007). Understanding Pensions: Cognitive Function, Numerical Ability and Retirement Saving. Fiscal studies, 28(2), 143-170.
BBVA. (2014). Informe de Responsabilidad Corporativa. 106. Obtenido de https://www.bbva.com.co/documents/10180/2028799/Informe+Responsabilidad+Corporativa+2014.pdf/ff1fb80a-95d3-4c2d-8cca-887ea639fca2
Behrman, J. R., Mitchell, O. S., Soo, C., & Bravo, D. (2010). Financial Literacy, Schooling, and Wealth Accumulation. National Bureau of Economic Research(Working paper No. 16452), 32.
Bernal, R., & Peña, X. (2011). Guía Práctica para la Evaluación de Impacto.
Bernheim, B. D., & Garrett, D. M. (2003). The effects of financial education in the workplace evidence from a survey of households. Journal of Public Economics, 87, 1487-1519.
Bernheim, B. D., Garrett, D. M., & Maki, D. M. (2001). Education and Savings: The Long-Term Effects of High School Financial Curriculum Mandates. Journal of Public Economics, 80(3), 435-465.
Blundell, R., & Dias, M. C. (2009). Alternative Approaches to Evaluation in Empirical Microeconomics. The Journal of Human Resources, 44(3), 565-640.
Blundell, R., Dearden, L., & Sianesi, B. (2005). Evaluating the effect of education on earnings: models, methods and results from the National Child Development Survey. Journal of the Royal Statistical Society, 168(3), 473-512.
Bruhn, M., de Souza Leáo, L., Legovini, A., Marchetti, R., & Zia, B. (2014). The Impact of High School Financial Education Experimental Evidence from Brazil. World Bank Policy Research Working Paper(Working paper No. 6723).
Calderon, G., Cunha, J. M., & De Giorgi, G. (2013). Business Literacy and Development : Evidence from a Randomized Controlled Trial in Rural Mexico. National Bureau of Economic Research(Working paper No. 19740).
Camacho, A., & Conover, E. (2011). Manipulation of Social Program Eligibility of Social Program Eligibility. American Economic Journal, 3(2), 41-65.
Choi, J. J., Laibson, D., & Madrian, B. C. (2010). Why does the law of one price fail? An experiment on index mutual funds. Review of Financial Studies, 23(4), 1405-1432.
Christelis, D., Jappelli, T., & Padula, M. (2010). Cognitive abilities and portfolio choice. European Economic Review, 54(1), 18-38.
Christiansen, C., Joensen, J. S., & Rangvid, J. (2008). Are economists more likely to hold stocks? Review of Finance, 12(3), 465-496.
Citibank. (2014). Informe de Sostenibilidad. Tech. rep.
Cole, S., & Shastry, G. K. (2008). If You Are So Smart , Why Aren' t You Rich ? The Effects of Education , Financial Literacy and Cognitive Ability on Financial Market Participation . unpublished, Harvard Business School.
Cole, S., Sampson, T., & Zia, B. (2011). Prices or Knowledge ? What Drives Demand for Financial Services in Emerging Markets . Journal of Finance, 66(6), 1933-1967.
Colombia, C. d. (2009). Ley 1328 de 2009. Ley 1328 de 2009(julio 15). Obtenido de https://www.superfinanciera.gov.co/SFCant/ConsumidorFinanciero/ley1328.pdf
Comisión Intersectorial de Educación Económica y Financiera. (2014). Encuesta de Mapeo sobre Programas / Iniciativas de Educación Económica y Financiera en Colombia. Tech. rep.
Departamento de Planeación Nacional. (2010). Plan Nacional de Desarrollo 2010-2014: Crecimiento Sostenible y Competitividad. Tech. rep. Obtenido de https://www.dnp.gov.co/Plan-Nacional-de-Desarrollo/PND-2010-2014/Paginas/Plan-Nacional-De-2010-2014.aspx
Duflo, E., Glennerster, R., & Kremer, M. (2007). Using randomization in development economics research: a toolkit. Handbook of development economics, 4, 3895-3962.
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Managment Science, 60(8), 1861-1883.
Financiera, S., Financieras, I., & Cooperativas, E. (2010). Estrategia Nacional de Educación Económica y Financiera: Una propuesta para su implantación en Colombia. Tech. rep. Obtenido de https://www.superfinanciera.gov.co/SFCant/ConsumidorFinanciero/estratenaledufinanciera012011.pdf
Fox, J., Bartholomae, S., & Lee, J. (2005). Building the case for financial education. Journal of Consumer Affairs, 39(1), 195-214.
Gabaix, X., & Laibson, D. (2006). Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets. The Quarterly Journal of Economics, 121(2), 505-540. Obtenido de http://qje.oxfordjournals.org/content/121/2/505.abstract
García, N. (2012). El impacto de la educación económica y financiera en los jóvenes: el caso de Finanzas para el Cambio. Borradores de Economia, 687, 2-47.
Garcia, N., Grifoni, A., López, J. C., & Mejía, D. (2013). La educación financiera en América Latina y el Caribe. Situación Actual y Perspectivas. Serie Políticas Públicas y Transformación Productiva, 12.
Gerardi, K., Goette, L., & Meier, S. (2010). Financial literacy and subprime mortgage delinquency: Evidence from a survey matched to administrative data. Federal Reserve Bank of Atlanta Working Paper Series(2010-10).
Gertler, P. J., Martinez, S., Premand, P., Rawlings, L. B., & Vermeersch, C. M. (2011). Impact evaluation in practice. Washinton D.C.: World Bank Publications.
Grifoni, A., & Messy, F.-A. (2012). Current Status of National Strategies for Financial Education. OECD Working Papers on Finance, Insurance and Private Pensions(16). Obtenido de http://www.oecd-ilibrary.org/content/workingpaper/5k9bcwct7xmn-en$\backslash$nhttp://www.oecd-ilibrary.org/docserver/download/5k9bcwct7xmn.pdf?expires=1378895971\&id=id\&accname=guest\&checksum=68910FF7CC0D7950407835CE9025C673
Grinblatt, M., Keloharju, M., & Linnainmaa, J. (2009). Do smart investors outperform dumb investors? Tech. rep., Chicago Booth School of Economics.
Hastings, J. S., & Mitchell, O. S. (2011). How financial literacy and impatience shape retirement wealth and investment behaviors. National Bureau of Economic Research(Working paper No. 16740).
Hastings, J. S., Hortaçsu, A., & Syverson, C. (2013). Advertising and competition in privatized social security: The case of Mexico. Tech. rep., National Bureau of Economic Research.
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013).
Financial Literacy, Financial Education, and Economic Outcomes. Annual Review of Economics, 5(1), 347-373.
Heckman, J. J., & Vytlacil, E. (2005). Structural Equations, Treatment Effects, and Econometric Policy Evaluation. Econometrica, 73(3), 669-738.
Heckman, J. J., Tobias, J. L., & Vytlacil, E. J. (2001). Four Parameters of Interest in the Evaluation of Social Programs. Southern Economic Journal, 68(2), 210-223. Obtenido de http://search.ebscohost.com/login.aspx?direct=true\&db=bth\&AN=5449543\&site=ehost-live
Hilgert, M. a., & Hogarth, J. M. (2003). Household Financial Management: The Connection between Knowledge and Behavior. Federal Reserve Bulletin, 106(July), 309-322.
Hill, R. C., Griffiths, W. E., & Lim, G. C. (2008). Principles of Econometrics (4th ed.). Wiley.
Hung, A., & Yoong, J. (2013). The Market for Retirement Financial Advice. En O. S. Mitchell, & K. Smetters (Edits.). New York, NY: Oxford University Press.
Hung, A., Meijer, E., Mihaly, K., & Yoong, J. (2009). Building Up, Spending Down: Financial Literacy, Retirement Savings Management, and Decumulation. SSRN Journal(September). Obtenido de http://www.ssrn.com/abstract=1520203
Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296-316.
Huston, S. J. (2012). Financial literacy and the cost of borrowing. International Journal of Consumer Studies, 36(5), 566-572. Obtenido de http://dx.doi.org/10.1111/j.1470-6431.2012.01122.x
Imbens, G. W., & Wooldridge, J. M. (2009). Recent Developments in the Econometrics of Program Evaluation. Journal of Economic Literature, 47(1), 5-86.
Karlan, D., & Valdivia, M. (2011). Teaching entrepreneurship: Impact of business training on microfinance clients and institutions. Review of Economics and Statistics, 93(2), 510-527.
Lusardi, A., & Mitchell, O. S. (2005). Financial Literacy and Planning: Implications for Retirement Wellbeing. Michigan Retirement Research Center(WP 108).
Lusardi, A., & Mitchell, O. S. (2009). How Ordinary Consumers Make Complex Economic Decisions : Financial Literacy and Retirement Readiness How Ordinary Consumers Make Complex Economic Decisions : Financial Literacy and Retirement Readiness. National Bureau of Economic Research(Working paper No. 15350). Obtenido de http://pubs.aeaweb.org/doi/abs/10.1257/aer.98.2.413
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: an overview. Journal of Pension Economics and Finance, 10(04), 497-508.
Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy : Theory and Evidence. Journal of Economic Literature, 52, 5-44.
Lusardi, a., Mitchell, O., & Curto, V. (2010). Financial Literacy among the Young. Journal of Consumer Affairs, 44(2), 358-380.
Lyons, A. C., & Neelakantan, U. (2008). Potential and Pitfalls of Applying Theory to the Practice of Financial Education. Journal of Consumer Affairs, 42(1), 106-112. Obtenido de http://dx.doi.org/10.1111/j.1745-6606.2007.00097.x
Mandell, L. (2008). Financial literacy of high school students. En J. Xiao (Ed.), Handbook of consumer finance research (págs. 163-183). New York, NY: Springer.
Marshall, M. N. (1996). Sampling for qualitative research Sample size. Family Practice, 13(6), 522-525.
Medina, C., & Morales, L. (2007). Stratification and Public Utility Services in Colombia: Subsidies to Households or Distortion of Housing Prices? Borradores de EconomiaEconomía, 1-45.
Meier, S., & Sprenger, C. (2007). Selection into financial literacy programs: Evidence from a field study. Tech. rep., Federal Reserve Bank of Boston.
Meier, S., & Sprenger, C. D. (2013). Discounting financial literacy: Time preferences and participation in financial education programs. Journal of Economic Behavior and Organization, 95, 159-174. Obtenido de http://dx.doi.org/10.1016/j.jebo.2012.02.024
Meyer, B. D. (1995). Natural and Quasi-Experiments in Economics. Journal of Business & Economic Statistics, 13(2), 151-161.
Núñez, J., Salazar, N., Castañeda, C., Rivas, G., Cuesta, L., & Castillo, J. (2012). Primer Seguimiento de la Evaluación de Impacto del Piloto del Programa de Promoción de Cultura del Ahorro Resumen Ejecutivo. Tech. rep., Fedesarrollo. Obtenido de http://www.repository.fedesarrollo.org.co/handle/11445/185
OECD. (2005). Improving Financial Literacy: Analysis of Issues and Policies. Paris: OECD Publishing.
OECD. (2014). OECD / INFE progress report. Tech. rep., Paris. Obtenido de http://www.oecd.org/daf/fin/financial-education/OECD-INFE-Fin-Ed-G20-2014-Progress-Report.pdf
Redy, R., Bruhn, M., & Tan, C. (2013). Capacidades Financieras en Colombia: Resultados de la encuesta nacional sobre comportamientos, actitudes y conocimientos financieros. Tech. rep., Banco Mundial.
Robinson, J. a., & Torvik, R. (2005). White elephants. Journal of Public Economics, 89(2-3), 197-210.
Rodríguez, C., Sanchez, F., & Zamora, S. (2014). On the Radio: Effectiveness of the Viva Seguro Financial Education Program. Serie Documentos Cede(2014-19). Obtenido de http://economia.uniandes.edu.co
Rosenbaum, P. R., & Rubin, D. B. (1983). The Central Role of the Propensity Score in Observational Studies for Causal Effects. Biometrika, 70 SRC -(1083), 41-55.
Rubin, D. B. (1974). Estimating causal effects of treatments in randomized and nonrandomized studies. Journal of Educational Psychology, 66(5), 688-701.
Schipani, A. (2014). Colombian banks spread their wings. Colombian banks spread their wings. Obtenido de http://www.ft.com/cms/s/0/9d8d4592-6bc5-11e3-a216-00144feabdc0.html\#axzz3f98zcOWK
Thaler, R. H., & Benartzi, S. (2004). Save more tomorrow: Using behavioral economics to increase employee saving. Journal of political Economy, 112(S1), S164--S187.
Van Rooij, M. C., Lusardi, A., & Alessie, R. J. (2012). Financial Literacy , Retirement Planning and Household Wealth. The Economic Journal, 122(2006), 449-478.
Van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449-472. Obtenido de http://dx.doi.org/10.1016/j.jfineco.2011.03.006
Xu, L., & Zia, B. (2012). Financial Literacy around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward. Policy Research Working Paper(6107), 1-56.
Yoong, J., Mihaly, K., Bauhoff, S., Rabinovich, L., & Hung, A. (2013). A Toolkit for the Evaluation of Financial Capability Programs in Low-, and Middle-Income Countries. Washington, DC: World Bank. Obtenido de https://openknowledge.worldbank.com/handle/10986/16294
Cómo citar
Alvarez Franco, P. B., Muñoz Murillo, A. M., & Restrepo Tobón, D. A. (2017). Challenges in assessing the effectiveness of financial education programs: The Colombian case. Cuadernos De Administración, 30(54), 155–180. https://doi.org/10.11144/Javeriana.cao30-54.caef
Número
Sección
Artículos