Financial education in Ecuador: structural challenges and the need for integration with public policies

Abstract

Financial literacy is an essential pillar in the management of personal resources, facilitating more informed and responsible decision-making. Along these lines, several researchers have proposed a descriptive review of the main financial education programs implemented in Latin America, with the purpose of examining both their coverage and their impact on citizens' economic lives. Among the most relevant experiences are those of countries such as Chile, Mexico, and other nations in the region, whose initiatives have proven to contribute significantly to strengthening individual financial management capacity and promoting financial inclusion (Chile, Mexico, and others, cited in the original text). However, these advances coexist with significant structural challenges that hinder equitable access to financial services, especially among socially and economically vulnerable sectors. In the case of Ecuador, these difficulties are reflected in the limited territorial coverage of financial institutions, the low levels of banking access in rural areas, and the limited integration of financial education content into the national education system. The analysis concludes that, while financial education programs have generated positive impacts in terms of economic empowerment and greater participation in the financial system, their effectiveness is limited by the structural and institutional characteristics of each country. In the Ecuadorian context, these limitations are associated with the fragmentation of the financial system, the lack of inter-institutional coordination, and the weak presence of the State in the sustained promotion of financial education, especially among the most disadvantaged groups.