Economic and Financial Illiteracy

In Guatemala an Economic Culture Survey found that nearly 6 in 10 people do not know what interest rate is.

Wednesday, January 19, 2011

"39% of the population of Guatemala recognizes not to know what interest rate are and almost 20% has a misconception; the bottom line is that nearly 6 out of 10 Guatemalans do not know what interest rate means."

The survey on economic culture was conducted in Guatemala, but similar results would be obtained in other regional countries.

The article by Paulo De Leon of CABI; reveals major wounds in issues which prevent development of the Central American population: economic and financial illiteracy.

It's time to worry about responding and act accordingly, the question asked by De Leon: "Can the current modern individual operate, work, live, without knowing the terms, products and specifications of financial instruments such as debit cards, mortgages, insurance, etc.?"

More on this topic

Development, Democracy and Financial Education

December 2015

The more financially educated people are, more rational their economic and political decisions are, creating greater economic development and better quality of life in society.


This fact is clearly indicated by the results of a comprehensive study by McGraw Hill Financial on financial literacy, which is defined as the ability to understand how the money in the world works, what to do to earn it, and how it is administered.

Financial Access in Central America

September 2010

Bank Accounts per 1,000 adults: Costa Rica 1354, Guatemala 1140, Honduras 758, Panamá 412.

In branches per 100,000 adults, Guatemala is first with 35, followed by Costa Rica with 23, Panamá 18, El Salvador 9, and Honduras 2. No available data for Nicaragua.

Financial Access 2010 is the second annual survey of financial regulators in more than 140 countries covering the turbulent period between 2008 and 2009.

To Imitate: Education in Finland

April 2010

“In 2006, Finnish students scored the highest average in science and reading among developed countries”.

Finland must be visited by anyone in the education industry, to understand why this country is so successful in all educational levels.

In the past years, Finnish students have systematically placed their country in the first levels of the Science and Reading rankings tests, conducted globally by the Organization for Economic Co-operation and Development (OECD). Finland also tops the Programme for International Student Assessment (PISA).

New source of financial and monetary information

November 2008

Managed by CABI and financed by the Soros Foundation, the Mirador Monetario will contribute to transparency in the Financial System of Guatemala.

Managed by Central American Business Intelligence, the mission of the Mirador Monetario is "to be the leading source of information and education regarding financial monetary matters and to expand to the rest of countries in CA."

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