Financial Education: impact on financial inclusion in Latin America

Abstract

Financial education has established itself as a main pillar to promote financial inclusion within the Latin American approach, where social barriers affect vulnerable communities that are extensive in the region, promoting exclusion from the financial system. This research reflects on financial education and inclusion from its theoretical beginnings, focused only on economic management, to the role that is being developed in recent years with the appearance of new technological tools. A timeline is structured for each of the terms studied, from the moment of emergence as a basic expression, through factors to which they had to be adapted as axes of public policy. In the same way, an analysis is presented of how the evolution of these terms has generated a new path of inclusion in the financial system, much more in historically marginalized sectors. It is also highlighted that, despite the progress evidenced, barriers persist that, in rural communities, prevent economic, social and cultural development. Among the results we have that the creation of strategies that comprehensively encompass the population through joint work with education, private companies and public policies, in addition, supported by emerging technologies can impact a greater number of people according to the needs they present. Finally, this article leaves open some questions about the future of financial education in Latin America, what methods or new strategies can be implemented for financial inclusion encouraging an environment of sustainable development.