Education and Financial Culture in Colombia

Jeisson Balaguera final report: Sustainable Development ISG 2015

Colombia in recent years has developed in many social and economic respects, according to official information. Yet it is important to continue improving with many social projects to maintain the progress and also to do something about the weak points of the country and its citizens.  For these reasons was born the project ECFC – Education and Financial Culture in Colombia.

J. Balaguerra - cover photo

This presentation is divided into two parts.  Just below an English languge synposis by the author of the high points of the report.  And then, the full report which is available in Spanish.


The project objective is to provide the population of Colombia with an improved  financial culture to help them better manage financial resources and learn with financial education programs using the Internet with the help of the channels of the consulting company called AAA Values SAS located Bogota Colombia.  The company wants to include this project in their social programs.

This project seeks to contribute to social development with a training plan with no conflicts of interest with the banking sector, contributing to improve the increased savings and investment, reduced borrowing with financial institutions, and improving the use of financial products. According to the above, this project has a direct impact on the country’s development by generating a financial culture in the Colombian population. However it is important to support the National Government because it is necessary to regulate processes and regulations.

Here are several recommendations aimed at improving the financial laws implemented in accordance with good practice in other countries.


Today is very important excellent management of finances not only for businesses but also for the population because they are aspects that affect the financial future. Currently it is normal that people have many problems on this issue, for example, much debt, low savings, low investment, no money for basic necessities, ignorance the financial system, etc .. for these reasons, this project seeks to create a financial culture in Colombia that teaches people to optimally organize and manage their financial resources through financial education using the Internet with the help of the channels of the consulting company called AAA Values SAS located Bogota Colombia , the company wants to include this project in their social programs.

Importantly, this project does not belong to any financial institution in order to avoid conflicts of interest because the objectives focus on improving standards and Colombian regulation through recommendations and suggestions for the purpose of protecting consumers from different financial problems taking as points reference other countries with good practices on the topic

According to the above seeks to create a financial education program with improved regulation of financial institutions in the country to generate a financial culture and thus contribute to social and economic development and improve the quality of life and wellbeing of the population. Here an optimal solution is shown and what is the process to follow as needed.

It is considered a threat to sustainable development staff prolonged large-scale borrowing and this because people do not understand differences as financial concepts in the management of resources and this negatively impacts the country.


One conclusion to this project is that Colombia is not a good financial regulation in financial institutions to protect consumers and has no financial education. These points generated in the country increased delinquency rates, increased uncontrolled use of credit cards that have high rates of 30% annual interest. On the other hand the country has a low score on academic tests compared to other countries (OECD PISA tests).

This project has several proposals seeking a solution to the problems and want to help build a financial culture in the country for this reason suggestions and recommendations are shown to improve different problems that has Colombia.  This is an opportunity to contribute to sustainable development with education financial with a perspective different to generate financial culture in the population.

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* Click the following diagram for full twenty page final report in Spanish. To access, click the   ⊗ symbol on the bottom right of the image.

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Submitted in partial fulfillment of the requirements of the IMBA Seminar on Sustainable Development, Economy and Democracy of the Institut Supérieur de Gestion, Paris, March 2015.

In accordance with the French law “Informatique et Libertés” of the 6th of January 1978 amended in 2004, students have a right to access and rectify their personal information collected on this website (see the Legal Terms).


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