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Survey to Measure Financial Capability

2017 Survey Results for Argentina

In order to assess people’s knowledge, skills, attitudes and behavior regarding financial issues, the CAF — Development Bank of Latin America — has funded a survey to measure the financial capability of the Argentine population. The work has been undertaken in collaboration with the Central Bank of Argentina.

This survey, developed by the Organization for Economic Cooperation and Development (OECD), allows Argentina to have a baseline for designing public policies on financial inclusion and education that provide a starting point for drawing up better financial education programs.

Who answered the survey?

1,224 people over 18 years of age from all socio-economic levels were surveyed in-person. They were residents from urban and rural areas of 25 regions across the country.

The survey was conducted nationwide with a +/- 2.8% margin of error. The fieldwork was carried out from March 14 to April 19, 2017.

Some results

- Most of the people surveyed are holders of, and actually use, debit cards (42%), credit cards (37%) and savings accounts (29%).

- They have moderate knowledge of financial products. Only 8 products or services are known to more than 50% of respondents. They include credit and debit cards, demand and term deposits, and personal and mortgage loans.

- 77% of respondents make household financial decisions either individually or together with a member of their family or their partner.

- Only half of Argentines have a family budget, and in most cases, it is a really simple one (78%).

- In terms of knowledge, behavior and financial attitude, Argentina achieved the lowest score compared to 5 other Latin American countries that conducted the CAF financial capability survey (Bolivia, Chile, Colombia, Ecuador and Peru).

Conclusions

- The biggest challenges in financial education lie in vulnerable populations with low socioeconomic status, mostly associated with lower levels of studies. This group also encompasses unemployed or idle workers.

- To improve financial education indicators, it is necessary to develop actions that foster thirst for basic knowledge while promoting key behaviors (financial planning, informed decision-making and savings culture).

- It is also important to cultivate a positive attitude towards long-term financial scenarios. This will contribute dramatically to the access and use of quality financial products and services that enable greater well-being and equal opportunities as a basis for the country's economic development.