Alfabetismo financiero como determinante del éxito en los micronegocios de las personas que trabajan por su cuenta en México

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En el presente capítulo se expone el resultado de un estudio efectuado con el fin de interpretar la relación del éxito de los micronegocios de las personas que trabajan por su cuenta en México con su alfabetismo financiero. En esta investigación, la relación del éxito empresarial se midió en términos del ingreso de los autoempleados y el alfabetismo financiero a través de cuatro componentes: conocimiento financiero, actitud financiera, comportamiento financiero y uso de servicios financieros bancarios.

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El presente artículo tuvo como objetivo analizar los factores que determinan el nivel de alfabetización financiera en adultos mexicanos, el método utilizado para el análisis fue un modelo de Mínimos Cuadrados Ordinarios (MCO). Los resultados revelan que la edad, estado conyugal, escolaridad, número de dependientes y nivel de ingreso en las regiones centro y sur, se asociaron positivamente con el índice de alfabetización financiera; mientras que los hombres y el hecho de tener trabajo, se asoció de manera negativa. Una de las limitaciones del estudio, radica en el número de observaciones en cuanto a algunas variables consideradas. La originalidad del trabajo consiste en que se aporta evidencia considerando las características a nivel individual para México. Los hallazgos obtenidos pueden ser de utilidad para el diseño de políticas públicas así como fungir como una base que permita desprender estudios posteriores.
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This work analyzes the influence of mathematical skills on financial literacy among Mexican high school students between 15 and 18 years of age. We use data from a survey constructed explicitly for this purpose, based on measures suggested by Lusardi and Mitchell and the Organisation for Economic Co-operation and Development (OECD). This is the first study of its kind for Mexican youths. Our results confirm that financial literacy levels among Mexican students are low. We offer evidence on the significant and positive impact of mathematical skills on financial literacy levels. Using an Ordered Probit model, we find that for every one unit increase in correct mathematical answers, the financial literacy level rises by 0.12 deviations. Intuitively, two additional correct mathematical answers translate into one-half of a point in the general OECD score. Our results are robust to different specifications for the explanatory variables and different estimation methods. Nevertheless, the study might have an endogeneity due to omitted variables or measurement error, for which we propose a method to correct it. The influence of mathematical skills remained significant and positive despite it.
Conference Paper
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Self-employment is one of the key elements for the restructuring of the labor market and the economic recovery. Th is paper observes self-employed persons as part of the labor force with the aim to determine their similarity with entrepreneurs and employed persons, but also their specifi cs that make them a distinctive category. Self-employment is analyzed at the level of an individual based on its personal characteristics as well as a macroeconomic phenomenon. Self-employment is infl uenced by two groups of factors: " push " (self-employment as an escape from unemployment) and " pull " (self-employment, which resembles the entrepreneurship). Th e results indicate that self-employment is more common among older people, men, in agriculture and among people without the necessary qualifi cations for running a sustainable business. While * Th is work has been supported by the University of Rijeka under the project number the EU underlines self-employment as a driver of the economy and as solution for unemployment in the vulnerable groups of the labor market, the paper shows that self-employment decreases at the EU level. In most countries, the dynamics of self-employment is infl uenced by the " push " factors, especially during the recession, which greatly aff ects unemployment. It is concluded that self-employment, in most EU countries, is a result of the discrimination in the labor market and the inability to create new jobs, rather than being a voluntary decision based on a perceived business opportunity. Th e analysis has shown that self-employment does not have a positive impact on macroeconomic indicators. Furthermore, it has a weak role in the creation of jobs due to the low share of self-employed who act as employers.
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En este artículo medimos los niveles de alfabetismo financiero en estudiantes preparatorianos entre 15 y 18 años de edad, utilizando una encuesta basada en las metodologías de la Organización para la Cooperación y el Desarrollo (OCDE) y de Lusardi y Mitchell, aplicada a estudiantes en la Zona Metropolitana del Valle de México. Nuestros resultados muestran bajos niveles de alfabetismo financiero. Utilizando las preguntas “L&M”, encontramos que 60% de los estudiantes encuestados entienden el concepto de inflación, 45.3% respondió de manera correcta a la pregunta sobre diversificación del riesgo y sólo 22.2% contestó correctamente la pregunta sobre interés compuesto. Resultados similares se obtuvieron cuando usamos la metodología de la OCDE. Finalmente, las diferencias en género fueron pequeñas, pero en favor de los hombres, mientras que las diferencias por tipo de escuela fueron mayores, favoreciendo a las escuelas privadas
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The ability of consumers to make informed financial decisions improves their ability to develop sound personal finance. This paper uses a panel data set from Russia, an economy in which household debt has grown at an astounding rate, to examine the importance of financial literacy and its effects on behavior. The paper studies both the financial and real consequences of financial illiteracy. Even though consumer borrowing increased very rapidly in Russia, only 41% of respondents demonstrate an understanding of interest compounding and only 46% can answer a simple question about inflation. Financial literacy is positively related to participation in financial markets and negatively related to the use of informal sources of borrowing. Moreover, individuals with higher financial literacy are significantly less likely to report experiencing a negative income shock during 2009 and have greater availability of unspent income and higher spending capacity. The relationship between financial literacy and availability of unspent income is higher in 2009, suggesting that financial literacy may better equip individuals to deal with macroeconomic shocks. (C) 2013 Published by Elsevier B.V.
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This report presents an overview of the industrial relations and employment and working conditions of self-employed workers in the European Union and Norway. It presents basic trends in self-employment, highlights issues concerning the definition of self-employment and offers an overview of the national situations regarding the legal framework. The study also examines social security as a crucial aspect of the regulation of self-employment and a source of differences between employees and self-employed workers. Recent reforms in this area have often focused on increasing protection measures. Finally, the report analyses the presence and regulation of ‘economically dependent work’, as well as the collective representation of self-employed workers. The study was compiled on the basis of individual national reports submitted by the EIRO and EWCO correspondents. The text of each of these national reports is available below. The reports have not been edited or approved by the European Foundation for the Improvement of Living and Working Conditions. The national reports were drawn up in response to a questionnaire and should be read in conjunction with it.
In this article, we investigate the role of local factors associated with the financial literacy of Italian adults (no. 945). Using a multilevel regression model, together with the common socioeconomic and sociodemographic variables already used in previous studies, we also add certain environmental variables at the local level. We separately analyze the three indexes that define the OECD financial literacy index—Financial Attitude Index (FAI), Financial Knowledge Index (FKI), and Financial Behavior Index (FBI)—because they show a dynamic of their own in each region. Our findings confirm that the FKI and the FAI are associated to some extent with environmental traits, while the FBI is not. We conclude that not only the sociodemographic and socioeconomic conditions of individuals but also certain features of the regional context where they live have an impact on their financial literacy. Consequences for financial education programs are highlighted.
In this paper, we study the relationship between financial literacy and self‐employment. We use established financial literacy questions to measure literacy levels. The analysis shows a highly significant and positive correlation between the index and self‐employment. We address the direction of causality by applying instrumental variable techniques based on information about maternal education. We also exploit information on financial support and family background to account for concerns about the exclusion restriction. The results provide support for a positive effect of financial literacy on the probability of being self‐employed. As financial literacy is acquirable, the findings suggest that entrepreneurial activities might be increased by enhancing financial literacy.
Using international OECD/INFE microdata, we show that the gender gap in financial literacy is highest in more developed countries. Only some of the gap can be explained by personal characteristics; the rest may be due to economic and social environment.
Economic literature identifies a gender gap in financial literacy. This paper tests to what extent this gender gap is due to a misspecification problem or whether it exists because boys and girls do indeed have differing ways of acquiring financial literacy. Our estimates show that the gender gap decreases by 20 per cent when the model includes the effect of non-cognitive skills, for 15-year-old students in Spain. However, differences between boys and girls in financial literacy remain statistically significant.
In this book addressing how best to reduce contemporary large-scale income inequality, Prof. Atkinson considers economic inequality from a new perspective, drawing on extensive historical data covering more than a century of evolution in modern societies. In the first of the book's three parts, the author explains his research motivation and poses the following questions. What does inequality mean? To what extent is it expanding today? Has history ever witnessed periods of declining inequality? How can economic theory explain inequality? The second part of the book is devoted to specific political and economic policies designed to reduce inequality. In the third part, the author assesses the extent to which the policies he proposes can be considered realistic, discussing the pros and cons of enacting and implementing them. The Journal of Economic Sociology publishes the first chapter "Setting the Scene," which puts readers in the picture by discussing the notion of inequality and its extent. Demonstrating the term's multiplicity of meanings, Atkinson argues that all questions concerning its main dimensions should be answered before searching for its foundations.
In an increasingly risky and globalized marketplace, people must be able to make well-informed financial decisions. New international research demonstrates that financial illiteracy is widespread in both well-developed and rapidly changing markets. Women are less financially literate than men, the young and the old are less financially literate than the middle-aged, and more educated people are more financially knowledgeable. Most importantly, the financially literate are more likely to plan for retirement. Instrumental variables estimates show that the effects of financial literacy on retirement planning tend to be underestimated. In sum, around the world, financial literacy is critical to retirement security.
We examine financial literacy in Germany using data from the SAVE survey. We find that knowledge of basic financial concepts is lacking among women, the less educated, and those living in East Germany. In particular, those with low education and low income in East Germany have low financial literacy compared to their West German counterparts. Interestingly, there is no gender disparity in financial knowledge in the East. In order to investigate the nexus of causality between financial literacy and retirement planning, we develop an instrumental variables strategy by making use of regional variation in the financial knowledge of peers. We find a positive impact of financial knowledge on retirement planning.
Financial literacy has become an increasingly important ability in today’s complex world. Young people are among the least financially literate demographic groups. In this paper we present the results of a financial literacy survey conducted among high school students in Mexico City, the first effort to measure financial literacy among teenagers in Mexico. The survey is based upon the instruments developed by OECD and Lusardi and Mitchell’s approach. Our results show low levels of financial literacy: 60% of the students surveyed understood the concept of inflation, 34.1 percent correctly answered the question about risk diversification, and only 31.7 percent correctly answered the question about compound interest. The OECD questions showed that less than 1 in 5 students understands basic financial concepts, around 57 percent get high scores on financial behavior, and about 70 percent have positive financial attitudes. We did not find generalized gender differences, though women score a bit higher on the OECD measure mostly due to a better financial behavior. We also did not find differences between private and public schools, or by household income.
The determinants of the gender gap in financial literacy, an important correlate of financial wealth, are largely unknown. We confirm the existence of the gap already among teenagers and report an association with gender stereotypes related to household finance.
In this paper, we draw on internationally comparable survey evidence on financial literacy and retirement planning in Canada to investigate how financially literate Canadians are and how financial literacy is linked to retirement planning. We find that 42% of respondents are able to correctly answer three simple questions measuring knowledge of interest compounding, inflation, and risk diversification. This is consistent with evidence from other countries, and Canadians perform relatively well in comparison with Americans but worse than individuals in other countries, such as Germany. Among Canadian respondents, the young and the old, women, minorities, and those with lower educational attainment do worse, a pattern that has been consistently found in other countries as well. Retirement planning is strongly associated with financial literacy; those who responded correctly to all three financial literacy questions are 10 percentage points more likely to have retirement savings.
There is a growing body of evidence that many entrepreneurs seem to enter and persist in entrepreneurship despite earning low risk-adjusted returns. This has lead to attempts to provide explanations—using both standard economic theory and behavioral economics—for why certain individuals may be attracted to such an apparently unprofitable activity. Drawing on research in behavioral economics, in the sections that follow, we review three sets of possible interpretations for understanding the empirical facts related to the entry into, and persistence in, entrepreneurship. Differences in risk aversion provide a plausible and intuitive interpretation of entrepreneurial activity. In addition, a growing literature has begun to highlight the potential importance of overconfidence in driving entrepreneurial outcomes. Such a mechanism may appear at face value to work like a lower level of risk aversion, but there are clear conceptual differences—in particular, overconfidence likely arises from behavioral biases and misperceptions of probability distributions. Finally, nonpecuniary taste-based factors may be important in motivating both the decisions to enter into and to persist in entrepreneurship.
A growing literature examines the relationship between personality traits and entrepreneurship, but no previous studies explore whether personality or psychological traits predispose individuals to benefit more from entrepreneurship training. To address selection issues, we use novel data from the largest-ever randomized control experiment providing entrepreneurship training in the United States. We find evidence indicating that individuals who are more risk tolerant benefit more from entrepreneurship training than less risk-tolerant individuals. We find some limited evidence that individuals who have a preference for autonomy benefit more from entrepreneurship training in the short run, but we find no evidence of longer-term effects and no evidence of differential effects of entrepreneurship training for individuals who are more innovative.
This study explicates the concept of financial literacy, which has blossomed in use this century. Scholars, policy officials, financial experts and consumer advocates have used the phrase loosely to describe the knowledge, skills, confidence and motivation necessary to effectively manage money. As a result, financial literacy has varying conceptual definitions in existing research, as well as diverse operational definitions and values. This study dissects the differing financial literacy definitions and measures, urging researchers toward common ground. A clearer definition should improve future research, in turn helping consumers better understand and adapt to changing life events and an increasingly complex economy.
We measure levels of numeracy and financial literacy in the Swedish population and link these to participation in two key asset markets: stocks and housing. Many adults have low levels of both numeracy and financial literacy, with large differences between demographic groups. Numeracy is positively correlated with participation in both markets, also when controlling for other individual characteristics, whereas financial literacy is correlated with stock ownership but not with homeownership. Our results corroborate the view that non-participation is a common response to deficiencies in numeracy and financial literacy, and also point to important differences between the stock and housing markets.
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy.
The complexity of financial decisions that households now face has increased to unprecedented levels. At the same time, households seem to lack the financial knowledge to cope with these decisions, including how to save and invest adequately for retirement. In this paper, we examine the relationship between financial knowledge and retirement planning in the Netherlands. For this purpose, we have designed a module on financial literacy and planning for the De Nederlandsche Bank (DNB) Household Survey. We find a strong and positive relationship between financial knowledge and retirement planning; those who are more financially knowledgeable are more likely to plan for retirement. Using information on economics education acquired in school, we show that the nexus of causality goes from financial literacy to planning rather than the other way around.
Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study (OECD Working Papers on Finance, Insurance and Private Pensions No. 15)
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Low risk aversion encourages the choice for entrepreneurship: An empirical test of a truism
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Financial Literacy Around the World: Insights From the Standard & Poor' s Ratings Services Global Financial Literacy Survey
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Klapper, L., Lusardi, A. y van Oudheusden, P. (2015). Financial Literacy Around the World: Insights From the Standard & Poor' s Ratings Services Global Financial Literacy Survey. Financial Literacy around the World, 1-27. Recuperado de: wp-content/uploads/2016/04/2015-Finlit _ paper _ 17 _ F3 _ SINGLES.pdf
Problemas y dificultades a los que se enfrentan las microempresas en México. En Las microempresas en México: un diagnóstico de su situación actual
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Martínez Rocha, V. M., Cruz Delgado, D. y Molina Morejón, V. M. (2017). Problemas y dificultades a los que se enfrentan las microempresas en México. En Las microempresas en México: un diagnóstico de su situación actual (1ª. ed, pp. 247-262). Recuperado de: https:// _ microempresaenmexico.pdf
Measuring Financial Literacy: Questionnaire and Guidance Notes for Conducting an Internationally Comparable Survey of Financial Literacy. París: OECD
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OECD INFE (2011). Measuring Financial Literacy: Core Questionnaire. Measuring Financial Literacy: Questionnaire and Guidance Notes for Conducting an Internationally Comparable Survey of Financial Literacy. París: OECD. Recuperado de: fin/financial-education/49319977.pdf
Determinants of financial literacy: Analysis of the influence of socioeconomic and demographic variables
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Pinzón Castro, S. Y., Maldonado Guzmán, G. y López Torres, G. C. (2017). Caracterización de la muestra de las microempresas en México. En La microempresa en México: un diagnóstico de su situación actual (1a. ed, pp. 37-57). Recuperado de: direcciones/dgdv/editorial/docs/ve _ microempresaenmexico.pdf Potrich, A. C. G., Vieira, K. M. y Kirch, G. (2015). Determinants of financial literacy: Analysis of the influence of socioeconomic and demographic variables. Revista Contabilidade e Financas, 26(69), 362-377. Recuperado de:
De 34%, la brecha salarial en México entre mujeres y hombres
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Module 3 : Multiple Regression Concepts
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El efecto del alfabetismo financiero en el ahorro para el retiro en México
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