Una aplicación del modelo de ecuaciones estructurales en el análisis de los factores determinantes de la alfabetización financiera de los estudiantes de la Facultad de Ciencias Económicas y Administrativas de la Universidad de Cuenca en el periodo marzo-agosto 2021

Abstract

Currently, financial literacy has gained greater relevance in both the scientific and practical framework, since it encompasses the growth and understanding of economic terms such as risk, investment, savings, interest, among others. In this way, it seeks to provide socioeconomic tools that enhance the financial development of people, through viable decisions. Organizations such as the OECD, CAF, the World Bank, among others, seek to implement educational strategies to improve financial literacy levels among young people. In this context, considering that literacy is the path to development, the role of universities is of vital importance for the progress and welfare of a globalized nation. This article explains the impact of factors that influence financial literacy such as financial attitude, family influence, saving capacity, peer group and trust in financial institutions, of students enrolled from fourth to eighth cycle during the period March-August 2021 in the Faculty of Economics and Administrative Sciences of the University of Cuenca. This analysis is carried out through the application of a Structural Equations model with Partial Least Squares. With a sample of 266 students, the main findings indicate that the variables financial attitude and trust in institutions have a positive influence on literacy rates. On the other hand, family influence has a negative relationship, while the variables peer group and saving capacity do not influence literacy level. Finally, this evidence emphasizes the importance of promoting financial literacy in university students, since the greater the literacy, the greater the capacity to make sound decisions that foster the economic and social development of a nation.