Abstract
The study seeks to explain the level of financial literacy of employees who participated in the company's financial education program, through socioeconomic and demographic variables. The sample is non-probabilistic, composed of 112 employees of a financial institution in Sao Paulo. Data analysis was performed using descriptive, inferential and multivariate analysis techniques. To measure financial literacy, three constructs were used: behavior, attitude and knowledge. The minority (38%) was classified with low level of financial literacy. An additional effort is suggested for employees under the age of 30, incomplete higher education, less than three years of professional experience, operational area, income of less than R$ 4,000 and no habit to savings. The positive relationship between attitude and behavior suggests the development of activities that promote changes in attitude. Attention in math is required.
Highlights
After the international financial crisis of 2008, financial institutions adopted new market parameters, ensuring financial products according to the consumer profile, so that investors make conscious decisions, considering all the risks involved in each situation
Fernandes et al (2014) share a similar view, where the authors state that people with certain psychometric profiles are more likely to engage in activities that contribute to raising financial literacy levels. Considering this scenario, this study has as main axis to explain the level of financial literacy of employees who participated in the company's financial education program, through socioeconomic and demographic variables
Chen and Volpe (1998) analyzed the level of financial literacy in 924 college students and the results show that non-business students, women, low-income students, under 30s, and low work experience have low levels of knowledge, limiting their ability to make financial decisions, giving opinions and making wrong decisions
Summary
After the international financial crisis of 2008, financial institutions adopted new market parameters, ensuring financial products according to the consumer profile, so that investors make conscious decisions, considering all the risks involved in each situation. Bayer et al (1996) state that during the 1990s individuals participated in financial education programs provided by their employers In reviewing these programs, the authors concluded that both participation and contributions to voluntary savings plans were significantly higher when they held retirement seminars, with a greater influence on employees who did not have high salaries. Analyzing data from an insurance company, they found that employees who participated in workplace financial education programs better understood personal finances and recognized how financial knowledge influenced their future financial expectations, increasing the likelihood of supporting the company in which they worked. Research indicates that the implementation of financial education programs by employers promotes an increase in the level of financial literacy of its employees, bringing positive results in the personal finances of its participants. The growing social and academic interest in the subject offers important contributions to direct the efforts for political and economic reforms established by the governments, as well as to contribute to the development of financial education programs by the government, companies and non-governmental and non-profit institutions
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