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The survey details that 7 out of 10 chileans know something, little or nothing about financial issues.
The Depósito Central de Valores (DCV) together with the Center for Financial Studies of the ESE Business School of Universidad de los Andes carried out the second version of the financial education study. The survey, carried out by Cadem, allows the building of a Financial Knowledge Index that shows progress compared to 2018, especially in relation to the products and institutions of the system. However, the general knowledge level of the market and its understanding is still low.
The initiative is part of a strategic alliance between the two institutions that seeks to deepen the work that both entities carry out individually to lead it to specific works and projects that will directly benefit the strengthening of the Chilean capital market and its users.
Generally speaking, how much do you know about financial matters? (%)
What financial products, do you currently have possession of ...? (% Yes)
“We see a growing level of knowledge on the characteristics and functions of financial products, and also about specific aspects of personal finance. Undoubtedly, the withdrawal of 10% from the retirement funds has contributed to this regard. Thus, an improvement is observed in the Financial Knowledge Index (which is constructed with the different variables of the survey), which went from reporting a high financial knowledge of 16% in 2018 to 29% in 2020”, comments Javier Jara Traub, Legal and Corporate Affairs Manager of DCV. He adds that this increase is reflected mainly in men (from 19% to 37% in two years), people aged 55 and over (from 17% to 41%). “However, the knowledge gaps between women and men, age and socioeconomic groups are worrying”, warns Jara.
In general, do you know or know about ...? (% Yes)
This year metrics were incorporated to evaluate the degree of sophistication of clients, to know if they understand in one way or another what interest rates, inflation and investment risks are. This exercise shows that there are significant gaps by age, gender, and socioeconomic group.
When asked about what they would like to know more about, the answers are mostly inclined towards information about investments, such as mutual funds, stocks, term deposits, etc. However, regarding these types of instruments they possess them to a lesser extent: only 27% say they have investments in mutual funds, stocks, or term deposits.
Review the second full study
Revisa el segundo estudio completo AQUÍ
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