Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households

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Purpose: Our findings indicate that workers with more financial education were more prepared to face the negative effects on their finances from COVID. This ability reduces the probability of becoming financially fragile and experiencing financial stress. Design/methodology/approach: The authors app...

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Detalles Bibliográficos
Autores: Cardona-Montoya, Raul Armando, Cruz, Vivian, Mongrut, Samuel Arturo
Formato: artículo
Fecha de Publicación:2022
Institución:Universidad ESAN
Repositorio:ESAN-Institucional
Lenguaje:inglés
OAI Identifier:oai:repositorio.esan.edu.pe:20.500.12640/3290
Enlace del recurso:https://revistas.esan.edu.pe/index.php/jefas/article/view/642
https://hdl.handle.net/20.500.12640/3290
https://doi.org/10.1108/JEFAS-01-2022-0005
Nivel de acceso:acceso abierto
Materia:Financial fragility
Financial literacy
COVID-19
Households
Emerging country
Fragilidad financiera
Educación financiera
Hogares
País emergente
https://purl.org/pe-repo/ocde/ford#5.02.04
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dc.title.en_EN.fl_str_mv Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
title Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
spellingShingle Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
Cardona-Montoya, Raul Armando
Financial fragility
Financial literacy
COVID-19
Households
Emerging country
Fragilidad financiera
Educación financiera
COVID-19
Hogares
País emergente
https://purl.org/pe-repo/ocde/ford#5.02.04
title_short Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
title_full Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
title_fullStr Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
title_full_unstemmed Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
title_sort Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
author Cardona-Montoya, Raul Armando
author_facet Cardona-Montoya, Raul Armando
Cruz, Vivian
Mongrut, Samuel Arturo
author_role author
author2 Cruz, Vivian
Mongrut, Samuel Arturo
author2_role author
author
dc.contributor.author.fl_str_mv Cardona-Montoya, Raul Armando
Cruz, Vivian
Mongrut, Samuel Arturo
dc.subject.en_EN.fl_str_mv Financial fragility
Financial literacy
COVID-19
Households
Emerging country
topic Financial fragility
Financial literacy
COVID-19
Households
Emerging country
Fragilidad financiera
Educación financiera
COVID-19
Hogares
País emergente
https://purl.org/pe-repo/ocde/ford#5.02.04
dc.subject.es_ES.fl_str_mv Fragilidad financiera
Educación financiera
COVID-19
Hogares
País emergente
dc.subject.ocde.none.fl_str_mv https://purl.org/pe-repo/ocde/ford#5.02.04
description Purpose: Our findings indicate that workers with more financial education were more prepared to face the negative effects on their finances from COVID. This ability reduces the probability of becoming financially fragile and experiencing financial stress. Design/methodology/approach: The authors applied a survey questionnaire to 856 Colombian adults and used principal component analysis to build an index for each factor. Then, the authors used a linear regression model with the indexes to test our hypotheses and verify our results using a structural equation model. Findings: Our findings indicate that workers who have more financial education are more prepared to face the negative effects on their finances, which reduces the probability of becoming financially fragile and having financial stress. Research limitations/implications: The authors found that there is no significant relationship between financial literacy and financial fragility, neither between financial literacy and financial stress, so a better financial education will not lower financial fragility and stress unless it is being applied by households through better financial preparedness. Practical implications: It is important to highlight that the pandemic not only taught us to improve biosecurity measures but also that financial strength, ability to work remotely and income diversification were key factors in facing this adverse shock, the authors show that high levels of financial education have a positively relationship with the ability of individuals to manage their resources, so private and public institutions have to promote better financial education. Originality/value: This is the first study that applies the four different indexes to an emerging country (i.e. Colombia), and the first one to create and use a financial stress index.
publishDate 2022
dc.date.accessioned.none.fl_str_mv 2023-01-13T14:07:35Z
dc.date.available.none.fl_str_mv 2023-01-13T14:07:35Z
dc.date.issued.fl_str_mv 2022-12-28
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dc.identifier.citation.none.fl_str_mv Cardona-Montoya, R. A., Cruz, V., & Mongrut, S. A. (2022). Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households. Journal of Economics, Finance and Administrative Science, 27(54), 376–393. https://doi.org/10.1108/JEFAS-01-2022-0005
dc.identifier.uri.none.fl_str_mv https://hdl.handle.net/20.500.12640/3290
dc.identifier.doi.none.fl_str_mv https://doi.org/10.1108/JEFAS-01-2022-0005
url https://revistas.esan.edu.pe/index.php/jefas/article/view/642
https://hdl.handle.net/20.500.12640/3290
https://doi.org/10.1108/JEFAS-01-2022-0005
identifier_str_mv Cardona-Montoya, R. A., Cruz, V., & Mongrut, S. A. (2022). Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households. Journal of Economics, Finance and Administrative Science, 27(54), 376–393. https://doi.org/10.1108/JEFAS-01-2022-0005
dc.language.none.fl_str_mv Inglés
dc.language.iso.none.fl_str_mv eng
language_invalid_str_mv Inglés
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spelling Cardona-Montoya, Raul ArmandoCruz, VivianMongrut, Samuel Arturo2023-01-13T14:07:35Z2023-01-13T14:07:35Z2022-12-28https://revistas.esan.edu.pe/index.php/jefas/article/view/642Cardona-Montoya, R. A., Cruz, V., & Mongrut, S. A. (2022). Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households. Journal of Economics, Finance and Administrative Science, 27(54), 376–393. https://doi.org/10.1108/JEFAS-01-2022-0005https://hdl.handle.net/20.500.12640/3290https://doi.org/10.1108/JEFAS-01-2022-0005Purpose: Our findings indicate that workers with more financial education were more prepared to face the negative effects on their finances from COVID. This ability reduces the probability of becoming financially fragile and experiencing financial stress. Design/methodology/approach: The authors applied a survey questionnaire to 856 Colombian adults and used principal component analysis to build an index for each factor. Then, the authors used a linear regression model with the indexes to test our hypotheses and verify our results using a structural equation model. Findings: Our findings indicate that workers who have more financial education are more prepared to face the negative effects on their finances, which reduces the probability of becoming financially fragile and having financial stress. Research limitations/implications: The authors found that there is no significant relationship between financial literacy and financial fragility, neither between financial literacy and financial stress, so a better financial education will not lower financial fragility and stress unless it is being applied by households through better financial preparedness. Practical implications: It is important to highlight that the pandemic not only taught us to improve biosecurity measures but also that financial strength, ability to work remotely and income diversification were key factors in facing this adverse shock, the authors show that high levels of financial education have a positively relationship with the ability of individuals to manage their resources, so private and public institutions have to promote better financial education. Originality/value: This is the first study that applies the four different indexes to an emerging country (i.e. Colombia), and the first one to create and use a financial stress index.Objetivo: Nuestros hallazgos indican que los trabajadores con mayor educación financiera estaban más preparados para enfrentar los efectos negativos del COVID en sus finanzas. Esta capacidad reduce la probabilidad de volverse financieramente frágil y experimentar estrés financiero. Diseño/metodología/enfoque: Los autores aplicaron un cuestionario de encuesta a 856 adultos colombianos y utilizaron un análisis de componentes principales para construir un índice para cada factor. Luego, los autores utilizaron un modelo de regresión lineal con los índices para probar nuestras hipótesis y verificar nuestros resultados utilizando un modelo de ecuaciones estructurales. Hallazgos: Nuestros hallazgos indican que los trabajadores que tienen mayor educación financiera están más preparados para enfrentar los efectos negativos en sus finanzas, lo que reduce la probabilidad de volverse financieramente frágiles y tener estrés financiero. Limitaciones/implicaciones de la investigación: Los autores encontraron que no existe una relación significativa entre la educación financiera y la fragilidad financiera, ni entre la educación financiera y el estrés financiero, por lo que una mejor educación financiera no reducirá la fragilidad y el estrés financieros a menos que los hogares la apliquen a través de mejores preparación financiera. Implicaciones prácticas: Es importante resaltar que la pandemia no solo nos enseñó a mejorar las medidas de bioseguridad sino que también que la solidez financiera, la capacidad de trabajar de forma remota y la diversificación de ingresos fueron factores clave para enfrentar este shock adverso, los autores muestran que los altos niveles de educación financiera tienen una relación positiva con la capacidad de los individuos para administrar sus recursos, por lo que las instituciones públicas y privadas tienen que promover una mejor educación financiera. Originalidad/valor: Este es el primer estudio que aplica los cuatro índices diferentes a un país emergente (es decir, Colombia), y el primero en crear y utilizar un índice de estrés financiero.application/pdfInglésengUniversidad ESAN. 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