Savings accounts are the best known financial product in Ecuador
The existence of a cooperative system with more than 5.7 participants and the deepening of the banking system with more than 7 million savers, have had an important impact on the country's financial culture
In order to learn about the levels of financial education in four countries of the region, CAF, Development Bank of Latin America, conducted the "Survey to Measure Financial Capacities in Andean countries: Colombia, Bolivia, Ecuador and Peru" to evaluate the attitudes, skills, and behaviors of citizens, which was presented in Guayaquil with the support of the Superintendency of Companies, Securities, and Insurances.
The results of the survey carried out in Ecuador show that most of those interviewed are aware of some kind of financial product. Although savings account are known to 92 percent of Ecuadoreans who were consulted, only 50 percent stated that they have a savings account, and 38 percent acquired one in the past two years.
Some of the factors contributing to the country's financial culture are the existence of a cooperative system with more than 5.7 million participants, and the deepening of the banking system, with more than 7 million savers. However, the level of possession, choice, and use of a financial product is low, which could mean that there is a gap between the existing offer and the needs of the population with respect to savings.
The study also revealed that 41 percent of the national population does not save, and when they do, they prefer to do it at home or though informal modalities. Another result is that women who participate actively in home decisions have more favorable financial capacities.
In the four countries the survey showed that the knowledge and possession of financial products are directly related to the urban sphere of residence, and educational and socio-economic levels. In general, people with lower levels of education, inactive, or unemployed, residents of rural areas, or belonging to low socio-economic sectors register lower financial capacities.
Among the most important challenges for the region is the development of financial inclusion policies that help reduce the gender, geographic, educational, and income gaps to enable people to access the financial system to improve the population's wellbeing and competitiveness.
The "Survey to Measure Financial Capacities in Andean Countries: Colombia, Bolivia, Ecuador and Peru" was financed and sponsored by CAF through the Asociación Solidaridad Países Emergentes (ASPEm).
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