Business, Management and Accounting
a year ago

Financial illiteracy in Peru and Uruguay hinders financial wellbeing and resilience.

Journal of Financial Literacy and Wellbeing
Financial literacy and financial wellbeing: Evidence from Peru and Uruguay
Catalina Estrada‐Mejia, Diana Mejı́a, Paula Córdoba

Paper Summary

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Financial literacy is low in Peru and Uruguay, especially among women, rural populations, and the less educated. Those who are financially literate are better at saving and planning for retirement. Knowing specific financial concepts is linked to key financial behaviors. Financially literate individuals also show more financial resilience.