Financial education programs and initiatives: a study of the savings and credit cooperatives that make up UPROCACH, Ecuador

Abstract

In contemporary society, financial education is a fundamental tool for making decisions that contribute to the efficient use of economic resources. The objective of this study was to characterize the financial education programs and initiatives of the savings and credit cooperatives that make up UPROCACH. Methodologically, a survey was administered to a sample of 200 members and clients regarding their perception of and participation in financial education programs. Subsequently, the information obtained through interviews with cooperative members was used to characterize the implemented financial education programs. Furthermore, a strategic vision based on the National Financial Inclusion Strategy (ENIF) was proposed for the effective development of future programs. The results showed that the majority of respondents were women (59%) and residents of urban areas (58%). Eighty-seven percent had savings accounts, a majority (95%) considered financial education important, and 55% had participated in related programs. Additionally, four cooperatives that develop financial education programs and initiatives were identified. Finally, the proposed strategic vision is based on nationally planned objectives and evaluation criteria, which allow for measuring the progress of these initiatives and, in turn, improving the development of such programs. In conclusion, this study provides a comprehensive view of financial education within savings and credit cooperatives, across their different segments, as a basis for implementing strategies focused on maximizing their impact for the benefit of society.