Financial fragility and financial stress during the COVID-19 crisis: evidence from Colombian households
Descripción del Articulo
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...
Autores: | , , |
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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 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/article |
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info:eu-repo/semantics/publishedVersion |
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Artículo |
format |
article |
status_str |
publishedVersion |
dc.identifier.none.fl_str_mv |
https://revistas.esan.edu.pe/index.php/jefas/article/view/642 |
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 |
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eng |
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Inglés |
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eng |
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urn:issn:2218-0648 |
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https://revistas.esan.edu.pe/index.php/jefas/article/view/642/525 |
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Attribution 4.0 International |
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info:eu-repo/semantics/openAccess |
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https://creativecommons.org/licenses/by/4.0/ |
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Attribution 4.0 International https://creativecommons.org/licenses/by/4.0/ |
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openAccess |
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Universidad ESAN. ESAN Ediciones |
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Universidad ESAN. ESAN Ediciones |
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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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La información contenida en este registro es de entera responsabilidad de la institución que gestiona el repositorio institucional donde esta contenido este documento o set de datos. El CONCYTEC no se hace responsable por los contenidos (publicaciones y/o datos) accesibles a través del Repositorio Nacional Digital de Ciencia, Tecnología e Innovación de Acceso Abierto (ALICIA).