The Development Bank of Latin America (CAF) said that it is necessary to design financial education that take into account gender differences and that focus on behavior changes.
This, according to Diana Mejía, Senior Specialist in Financial Inclusion at CAF, as women have less confidence in financial matters and more aversion to risk.
In addition, because “they tend to cut expenses, while men prefer to find ways to earn extra money.”
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A survey on how long you could continue to cover your expenses without borrowing money and losing your main source of income, 69 percent of families said they could support up to three monthss, although in the case of women the result was higher with 71 percent compared to 67 percent for men.
The specialist from the Development Bank of Latin America also said that women “tend to save less and, therefore, accumulate less wealth, in a context where typically their position within the labor market is weaker ”.
He also assured that women who are involved in financial decisions in their homes show better levels of financial knowledge and behavior.
The report assures that inequality “is further reduced when policies are aimed at increasing the financial inclusion of women.”
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Financial education, the key
CAF mentions the need to develop financial products that take into account gender differential characteristics and that they can function as a vehicle to transmit some of the critical knowledge to improve women’s financial decisions such as credit products associated with programmed savings or microinsurance.
However, the specialist mentions aspects that Colombia must improve, such as financial education, since in evaluations on the subject, it ranks eighth in the region.
That is why, he said, it is important the Conpes policy document on financial education that the Government issued last week to improve financial inclusion indicators to help reduce equity gaps and lower poverty.
CAF also launched the second edition of the Financial Inclusion Laboratory to promote the generation of technological solutions that help solve the needs of the public and private sectors derived from the crisis generated by covid-19.
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ECONOMY AND BUSINESS – WEATHER