Young adult debt rate and financial education in Chile
Journal Title: RAN - Revista Academia & Negocios - Year 2017, Vol 3, Issue 2
Abstract
The ability to manage personal finances has become increasingly important when assessing savings and bank loans alternatives. However, different studies have shown that young people have not received a good financial education. This study determined both, the level of indebtedness and financial education of young adult population in Chillan City, Nuble Region. A randomized probability sampling was conducted as well as a 46-question survey was given to subjects whose age ranged from 8 to 39 years. 54.5% of the respondents declared having debts with banks or department stores. The average indebtedness rate was 12 times their monthly income. On the other hand, 51.5% tested on low financial knowledge, and 69.7% showed a medium level financial education.
Authors and Affiliations
Edinson Cornejo, Benito Humaña Hermosilla, Nataly Guiñez Cabrera
Keywords
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