Understanding how financial knowledge influences the financial behavior of millennials in Ecuador
Palabras clave:
Millennial, financial behavior, debt, consumption, savings, investment
Resumen
Millennials in Ecuador, numbering approximately 3.9 million people, representing 23.2% of the population, face unusual final challenges. The economic and social circumstances of the country, together with the development of digitalization, have had an impact on the monetary habits of the generation. Young people must combine consumption, savings, and debt in an environment where financial education is not available to everyone. The objective of the study is to evaluate the influence of financial knowledge on the financial behavior of millennials in Ecuador acknowledgments aspects that address (a) savings, (b) consumption, (c) indebtedness and (d) investment of the target group. The methodology was proposed with a quantitative, non-experimental cross-sectional approach using a stratified convenience sampling, gathering information in three of the main provinces of Ecuador (Guayas; Azuay and Manabí); with the use of validated questionnaires that allowed to identify significant relationships between the dimensions of knowledge and financial behavior. The results show that the Theory of Bounded Rationality (Simon, 2000) is a predictive model to show the relationships between financial knowledge in its subjective dimension and the constructs of financial knowledge, thus contributing with new variables that condition financial behavior millennial in Ecuador.
Citas
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Chou, H.-W., Lin, Y.-H., & Chou, S.-B. (2012). Team cognition, collective efficacy, and performance in strategic decision-making teams. Social Behavior and Personality, 40(3), 381-394. https://doi.org/10.2224/sbp.2012.40.3.381
Cogin, J. (2011). Are generational differences in work values fact or fiction? Multi-country evidence and implications. International Journal of Human Resource Management - INT J HUM RESOUR MANAG, 23, 1-27. https://doi.org/10.1080/09585192.2011.610967
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Deloitte y Touche. (2018). Encuesta Millennials Deloitte 2018. https://www2.deloitte.com/content/dam/Deloitte/mx/Documents/about-deloitte/2018/Encuesta-Millennial-2018.pdf
Dunn, S. C., Seaker, R. F., & Waller, M. A. (1994). Latent Variables in Business Logistics Research: Scale Development and Validation. Journal of Business Logistics, 15(2), 29. https://www.proquest.com/openview/637e8d52aaaf8b07270d50a0cb671508/1?pq-origsite=gscholar&cbl=36584
Egnatoff, W. J. (1999). Growing Up Digital. The Rise of the Net Generation. McGraw Hill.
Flynn, L. R., & Goldsmith, R. E. (1999). A Short, Reliable Measure of Subjective Knowledge. Journal of Business Research, 46(1), 57-66. https://doi.org/10.1016/S0148-2963(98)00057-5
Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39-50. https://doi.org/10.1177/002224378101800104
Friedline, T., & West, S. (2016). Financial Education is not Enough: Millennials May Need Financial Capability to Demonstrate Healthier Financial Behaviors. Journal of Family and Economic Issues, 37(4), 649-671. https://doi.org/10.1007/s10834-015-9475-y
Gaite, L., Ramírez, N., Herrera, S., and Vázquez-Barquero, J. L. (1997). Traducción y adaptación trans cultural de instrumentos de evaluación en psiquiatría: Aspectos metodológicos. Archivos de Neurobiología, 60(2), 91-111. https://www.researchgate.net/profile/Luis-Gaite-2/publication/230554750_Traduccion_y_adaptacion_transcultural_de_instrumentos_de_evaluacion_en_Psiquiatria_aspectos_metodologicos/links/0912f502fcacee3319000000/Traduccion-y-adaptacion-transcultural-de-instrumentos-de-evaluacion-en-Psiquiatria-aspectos-metodologicos.pdf
Instituto Iberoamericano de la Juventud. (2015). Millennial hijos de la era globalizada.
Hadar, L., Sood, S., & Fox, C. R. (2013). Subjective knowledge in consumer financial decisions. JMR, Journal of Marketing Research, 50(3), 303–316. https://doi.org/10.1509/jmr.10.0518
Hair, J., y Anderson, R. (1999). Análisis Multivariante (5ta.). Pearson Educación.
Hair Jr., J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2016). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks, CA: Sage Publications.
Hair, J., Bush, R., y Ortinau, D. (2004). Investigación de mercados. Mc.Graw Hill.
Henager, R., & Cude, B. J. (2016). Financial Literacy and Long- and Short-Term Financial Behavior in Different Age Groups. Journal of Financial Counseling and Planning, 27(1), 3-19. https://doi.org/10.1891/1052-3073.27.1.3
Hernandez, M. A. V., & Torres, V. G. L. (2018). Knowledge Management Model focused on the millennial generation. 2018 IEEE Technology and Engineering Management Conference (TEMSCON).
Hernández, R., Fernández, C., and Baptista, L. P. (2010). Metodología de la Investigación. McGraw-Hill: Interamericana.
Huston, S. J. (2012). Financial literacy and the cost of borrowing: Financial literacy and the cost of borrowing. International Journal of Consumer Studies, 36(5), 566-572. https://doi.org/10.1111/j.1470-6431.2012.01122.x
Howe, N., & Strauss, W. (2009). Millennials Rising: The Next Great Generation. Knopf Doubleday Publishing Group.
Instituto Iberoaméricano de la Juventud (2015). Millennial hijos de la era globalizada.
Instituto Nacional de Estadística and Censos- INEC (2017). Hablando de Milenials. https://www.ecuadorencifras.gob.ec/documentos/web-inec/Inforgrafias-INEC/2017/millenials.pdf
Instituto Nacional de Estadísticas and Censos- INEC (2015). Proyecciones poblacionales, Registro Administrativo de Nacimientos, Encuesta Nacional de Empleo, Desempleo y Subempleo-ENEMDU, Encuesta de condiciones de vida—ECV 2014.
International Labour Organization. (2022). 2022 Labour Overview—Latin America and the Caribbean. https://www.ilo.org/sites/default/files/wcmsp5/groups/public/%40americas/%40ro-lima/documents/publication/wcms_876565.pdf
Kim, K. T., Anderson, S. G., & Seay, M. C. (2019). Financial knowledge and short-term and long-term financial behaviors of millennials in the United States. Journal of Family and Economic Issues, 40(2), 194–208. https://doi.org/10.1007/s10834-018-9595-2
Lyons, S., Ng, E., & Schweitzer, L. (2014). Lyons, S., Ng, E. S., & Schweitzer, L. (2014). Launching a Career: Inter-generational differences in the early career stage based on retrospective accounts. (pp. 148-163).
Manteiga, M. T. G. (2012). Estadística aplicada: Una visión instrumental. Ediciones Díaz de Santos.
Mboga, J. (2017). Explorative Case Analysis of Ethical Financiers And Eliciting Millennials Perspectives Of Financial Market Scandals. European Journal of Economic and Financial Research, 2(4). https://doi.org/10.5281/zenodo.840879
Miller, S. (2014). Risk Factors for Consumer Loan Default: A Censored Quantile Regression Analysis. Business & financial Journal. http://www-personal.umich.edu/~mille/riskfactors.pdf
Mottola, G. (2017). The Financial Capability of Young Adults—A Generational View. Foundation Financial Capability Insights.
Myers, K. K., & Sadaghiani, K. (2010). Millennials in the Workplace: A Communication Perspective on Millennials’ Organizational Relationships and Performance. Journal of Business and Psychology, 25(2), 225-238. https://doi.org/10.1007/s10869-010-9172-7
Navarrete, J. E. (2013). Las economías emergentes en los Flat Teens. Friedrich Ebert Stiftung México. https://library.fes.de/pdf-files/bueros/mexiko/10216.pdf
Pérez, D., and Garcia, I. M. (2022). La identificación del Talento en la Formación Profesional. Diseño y Resultados de una Estrategia. Revista Complutense de Educación, 19(1), 191-207. https://revistas.ucm.es/index.php/RCED/article/view/RCED0808120191A/15599
Raju, P. S., Lonial, S. C., & Mangold, W. G. (2015). Subjective, Objective, and Experience-Based Knowledge: A Comparison in the Decision-Making Context. En M. Levy & D. Grewal (Eds.), Proceedings of the 1993 Academy of Marketing Science (AMS) Annual Conference (pp. 60-60). Springer International Publishing. https://doi.org/10.1007/978-3-319-13159-7_14
Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60–70. https://psycnet.apa.org/record/2011-18553-005
Robb, C. A. (2014). The Personal Financial Knowledge Conundrum. Journal of Financial Service Professionals, 68(4). http://search.ebscohost.com/login.aspx?direct=true&profile=ehost&scope=site&authtype=crawler&jrnl=15371816&AN=97078170&h=SunMoAg%2FBqTf2VImppXZOEe2TlpvP%2FrEryIJgmlgUmGlneqK5L5sGVdf5JFiyxyLR1zbxm%2BK9WTCg3dX0XweaQ%3D%3D&crl=c
Scharager, J., & Reyes, P. (2015). Muestreo no probabilistico. Pontificia Universidad Católica de Chile.
Schawbel, D. (2012). Millennials vs. Baby Boomers: Who Would You Rather Hire? Time. http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire/
Simon, H. A. (2000). Bounded rationality in social science: Today and tomorrow. Mind & Society, 1(1), 25-39. https://doi.org/10.1007/BF02512227
Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164-176. https://doi.org/10.1016/j.joep.2016.04.005
Twenge, J. M., Campbell, W. K., & Freeman, E. C. (2012). Generational differences in young adults’ life goals, concern for others, and civic orientation, 1966–2009. Journal of Personality and Social Psychology, 102(5), 1045–1062. https://doi.org/10.1037/a0027408
Woodyard, A., & Robb, C. (2012). Financial Knowledge and the Gender Gap. Journal of Financial Therapy, 3(1). https://doi.org/10.4148/jft.v3i1.1453
Zemke, R. (2000). Generations at Work: Managing the Clash of Veterans, Boomers, Xers, and Nexters in Your Workplace. American Management Association.
Bado, B., Hasan, M., Tahir, T., & Hasbiah, S. (2023). How do Financial Literacy, Financial Management Learning, Financial Attitudes and Financial Education in Families Affect Personal Financial Management in Generation Z? International Journal of Professional Business Review, 8(5), e02001-e02001. https://doi.org/10.26668/businessreview/2023.v8i5.2001
Barclay, D., Higgins, C., & Thompson, R. (1995). The partial least squares (PLS) approach to causal modeling: Personal computer adoption and use as an illustration. Technology studies, 2(2), 285-309.
Beaton, D. E., Bombardier, C., Guillemin, F., & Ferraz, M. B. (2000). Guidelines for the process of cross-cultural adaptation of self-report measures. Spine, 25(24), 3186–3191. https://doi.org/10.1097/00007632-200012150-00014
Chou, H.-W., Lin, Y.-H., & Chou, S.-B. (2012). Team cognition, collective efficacy, and performance in strategic decision-making teams. Social Behavior and Personality, 40(3), 381-394. https://doi.org/10.2224/sbp.2012.40.3.381
Cogin, J. (2011). Are generational differences in work values fact or fiction? Multi-country evidence and implications. International Journal of Human Resource Management - INT J HUM RESOUR MANAG, 23, 1-27. https://doi.org/10.1080/09585192.2011.610967
Creswell, J. W. (2003). Research design: Qualitative, quantitative, and mixed method approaches (2nd ed). Sage Publications.
Deloitte y Touche. (2018). Encuesta Millennials Deloitte 2018. https://www2.deloitte.com/content/dam/Deloitte/mx/Documents/about-deloitte/2018/Encuesta-Millennial-2018.pdf
Dunn, S. C., Seaker, R. F., & Waller, M. A. (1994). Latent Variables in Business Logistics Research: Scale Development and Validation. Journal of Business Logistics, 15(2), 29. https://www.proquest.com/openview/637e8d52aaaf8b07270d50a0cb671508/1?pq-origsite=gscholar&cbl=36584
Egnatoff, W. J. (1999). Growing Up Digital. The Rise of the Net Generation. McGraw Hill.
Flynn, L. R., & Goldsmith, R. E. (1999). A Short, Reliable Measure of Subjective Knowledge. Journal of Business Research, 46(1), 57-66. https://doi.org/10.1016/S0148-2963(98)00057-5
Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39-50. https://doi.org/10.1177/002224378101800104
Friedline, T., & West, S. (2016). Financial Education is not Enough: Millennials May Need Financial Capability to Demonstrate Healthier Financial Behaviors. Journal of Family and Economic Issues, 37(4), 649-671. https://doi.org/10.1007/s10834-015-9475-y
Gaite, L., Ramírez, N., Herrera, S., and Vázquez-Barquero, J. L. (1997). Traducción y adaptación trans cultural de instrumentos de evaluación en psiquiatría: Aspectos metodológicos. Archivos de Neurobiología, 60(2), 91-111. https://www.researchgate.net/profile/Luis-Gaite-2/publication/230554750_Traduccion_y_adaptacion_transcultural_de_instrumentos_de_evaluacion_en_Psiquiatria_aspectos_metodologicos/links/0912f502fcacee3319000000/Traduccion-y-adaptacion-transcultural-de-instrumentos-de-evaluacion-en-Psiquiatria-aspectos-metodologicos.pdf
Instituto Iberoamericano de la Juventud. (2015). Millennial hijos de la era globalizada.
Hadar, L., Sood, S., & Fox, C. R. (2013). Subjective knowledge in consumer financial decisions. JMR, Journal of Marketing Research, 50(3), 303–316. https://doi.org/10.1509/jmr.10.0518
Hair, J., y Anderson, R. (1999). Análisis Multivariante (5ta.). Pearson Educación.
Hair Jr., J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2016). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks, CA: Sage Publications.
Hair, J., Bush, R., y Ortinau, D. (2004). Investigación de mercados. Mc.Graw Hill.
Henager, R., & Cude, B. J. (2016). Financial Literacy and Long- and Short-Term Financial Behavior in Different Age Groups. Journal of Financial Counseling and Planning, 27(1), 3-19. https://doi.org/10.1891/1052-3073.27.1.3
Hernandez, M. A. V., & Torres, V. G. L. (2018). Knowledge Management Model focused on the millennial generation. 2018 IEEE Technology and Engineering Management Conference (TEMSCON).
Hernández, R., Fernández, C., and Baptista, L. P. (2010). Metodología de la Investigación. McGraw-Hill: Interamericana.
Huston, S. J. (2012). Financial literacy and the cost of borrowing: Financial literacy and the cost of borrowing. International Journal of Consumer Studies, 36(5), 566-572. https://doi.org/10.1111/j.1470-6431.2012.01122.x
Howe, N., & Strauss, W. (2009). Millennials Rising: The Next Great Generation. Knopf Doubleday Publishing Group.
Instituto Iberoaméricano de la Juventud (2015). Millennial hijos de la era globalizada.
Instituto Nacional de Estadística and Censos- INEC (2017). Hablando de Milenials. https://www.ecuadorencifras.gob.ec/documentos/web-inec/Inforgrafias-INEC/2017/millenials.pdf
Instituto Nacional de Estadísticas and Censos- INEC (2015). Proyecciones poblacionales, Registro Administrativo de Nacimientos, Encuesta Nacional de Empleo, Desempleo y Subempleo-ENEMDU, Encuesta de condiciones de vida—ECV 2014.
International Labour Organization. (2022). 2022 Labour Overview—Latin America and the Caribbean. https://www.ilo.org/sites/default/files/wcmsp5/groups/public/%40americas/%40ro-lima/documents/publication/wcms_876565.pdf
Kim, K. T., Anderson, S. G., & Seay, M. C. (2019). Financial knowledge and short-term and long-term financial behaviors of millennials in the United States. Journal of Family and Economic Issues, 40(2), 194–208. https://doi.org/10.1007/s10834-018-9595-2
Lyons, S., Ng, E., & Schweitzer, L. (2014). Lyons, S., Ng, E. S., & Schweitzer, L. (2014). Launching a Career: Inter-generational differences in the early career stage based on retrospective accounts. (pp. 148-163).
Manteiga, M. T. G. (2012). Estadística aplicada: Una visión instrumental. Ediciones Díaz de Santos.
Mboga, J. (2017). Explorative Case Analysis of Ethical Financiers And Eliciting Millennials Perspectives Of Financial Market Scandals. European Journal of Economic and Financial Research, 2(4). https://doi.org/10.5281/zenodo.840879
Miller, S. (2014). Risk Factors for Consumer Loan Default: A Censored Quantile Regression Analysis. Business & financial Journal. http://www-personal.umich.edu/~mille/riskfactors.pdf
Mottola, G. (2017). The Financial Capability of Young Adults—A Generational View. Foundation Financial Capability Insights.
Myers, K. K., & Sadaghiani, K. (2010). Millennials in the Workplace: A Communication Perspective on Millennials’ Organizational Relationships and Performance. Journal of Business and Psychology, 25(2), 225-238. https://doi.org/10.1007/s10869-010-9172-7
Navarrete, J. E. (2013). Las economías emergentes en los Flat Teens. Friedrich Ebert Stiftung México. https://library.fes.de/pdf-files/bueros/mexiko/10216.pdf
Pérez, D., and Garcia, I. M. (2022). La identificación del Talento en la Formación Profesional. Diseño y Resultados de una Estrategia. Revista Complutense de Educación, 19(1), 191-207. https://revistas.ucm.es/index.php/RCED/article/view/RCED0808120191A/15599
Raju, P. S., Lonial, S. C., & Mangold, W. G. (2015). Subjective, Objective, and Experience-Based Knowledge: A Comparison in the Decision-Making Context. En M. Levy & D. Grewal (Eds.), Proceedings of the 1993 Academy of Marketing Science (AMS) Annual Conference (pp. 60-60). Springer International Publishing. https://doi.org/10.1007/978-3-319-13159-7_14
Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60–70. https://psycnet.apa.org/record/2011-18553-005
Robb, C. A. (2014). The Personal Financial Knowledge Conundrum. Journal of Financial Service Professionals, 68(4). http://search.ebscohost.com/login.aspx?direct=true&profile=ehost&scope=site&authtype=crawler&jrnl=15371816&AN=97078170&h=SunMoAg%2FBqTf2VImppXZOEe2TlpvP%2FrEryIJgmlgUmGlneqK5L5sGVdf5JFiyxyLR1zbxm%2BK9WTCg3dX0XweaQ%3D%3D&crl=c
Scharager, J., & Reyes, P. (2015). Muestreo no probabilistico. Pontificia Universidad Católica de Chile.
Schawbel, D. (2012). Millennials vs. Baby Boomers: Who Would You Rather Hire? Time. http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire/
Simon, H. A. (2000). Bounded rationality in social science: Today and tomorrow. Mind & Society, 1(1), 25-39. https://doi.org/10.1007/BF02512227
Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164-176. https://doi.org/10.1016/j.joep.2016.04.005
Twenge, J. M., Campbell, W. K., & Freeman, E. C. (2012). Generational differences in young adults’ life goals, concern for others, and civic orientation, 1966–2009. Journal of Personality and Social Psychology, 102(5), 1045–1062. https://doi.org/10.1037/a0027408
Woodyard, A., & Robb, C. (2012). Financial Knowledge and the Gender Gap. Journal of Financial Therapy, 3(1). https://doi.org/10.4148/jft.v3i1.1453
Zemke, R. (2000). Generations at Work: Managing the Clash of Veterans, Boomers, Xers, and Nexters in Your Workplace. American Management Association.
Publicado
2025-07-28
Cómo citar
Baño Hifóng, M. M., Mendoza Villavicencio, C. R., & Salazar Torres, P. M. (2025). Understanding how financial knowledge influences the financial behavior of millennials in Ecuador. Revista Venezolana De Gerencia, 30(13), 420-439. https://doi.org/10.52080/rvgluz.30.especial13.28
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