Regional Comparative Analysis on the Determinants of the Spaniards’ Financial Knowledge
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Oliver Márquez, Francisco José; Guarnido Rueda, Almudena; Amate Fortes, Ignacio; Martínez Navarro, DiegoFecha
2023-02-25Resumen
Are there regional differences in the determinants of financial knowledge in the Spanish adult population? To answer this question, we use data from the Span- ish Survey of Financial Competences to estimate qualitative response models in which each of the "big three" of financial knowledge (inflation, compound inter- est, and risk diversification) acts as a dependent variable on a set of explanatory variables concerning the particularities of individuals. We find that, while some factors determine financial knowledge in a generalized way in most regions and in the same direction (e.g., gender, education, self-confidence), others do so in different ways depending on the region analyzed. Among the latter are health status and financial fragility (where, in both, the different degree of social pro- tection between regions may play an important role), as well as birthplace and age, among others. Rurality also stands out as having different implications in Navarra than in the rest of the re...
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Financial literacy