Financial capabilities in Colombia: A case study at the Institución Universitaria de Envigado

Abstract

The purpose of this study is to examine the relationship between financial education and economic inclusion within the academic community of the Institución Universitaria de Envigado, focusing on how the level of financial knowledge influences the management of income, expenditure, savings, and debt. The research employed a descriptive-correlational design with an inductive-deductive approach. A structured survey, adapted from the 2019 Financial Capability Measurement Survey (Colombia), was administered in 2022 to students, faculty, and administrative staff. Data analysis was conducted using statistical techniques, including correlation analysis and linear regression, to identify patterns in financial decision-making. The findings indicate a significant correlation between financial literacy and economic planning. Participants with higher financial knowledge exhibited lower dependence on informal credit, a stronger propensity to save, and greater confidence in long-term financial decisions. The study concludes that enhancing financial capabilities within academic settings positively influences economic inclusion. It is recommended that educational programs aimed at promoting financial literacy be implemented from early stages of academic formation.