Relação entre as características sociodemográficas, número de causas de insolvência e literacia financeira

Abstract

The globalization of financial markets, the increasing supply and complexity of financial services, and the evolution of marketing that stimulates consumption, often lead consumers to subscribe to financial products without fully understanding their effects and consequences, which in turn results in over-indebtedness and potencial insolvency of individuals. Thus, financial literacy plays a fundamental role in the lives of all citizens, with consequences not only at an individual level, but also at social and economic-financial levels. The general objective of this study is to analyze the relationship between sociodemographic variables, the level of financial literacy and the number of causes of Insolvency among individuals declared insolvent. The research was developed using a quantitative approach, through a questionnaire specifically designed for this purpose, based on the 3rd Financial Literacy Survey of the Portuguese Population conducted by Banco de Portugal in 2020. The sample consisted of 84 individuals declared Insolvent, and the data was processed using SPSS software – version 27. After analysis, the results reveal that insolvency declarations are more likely among specific sociodemographic groups, such as females, divorced individuals, those with low educational levels, and low income with the main causes of insolvency being economic in nature, such as unemployment or income reduction. Contrary to expectations, the data indicate that respondents possess a high level of financial knowledge and adopt good financial management practices, although they struggle with topics such as compound interest and are significantly influenced by advice received at bank brancher and from family members when choosing financial products. These findings highlight the need for measures to improve financial literacy, particularly among young people and low-income individuals.

Date of Award	22 Jan 2025
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Pereira (Supervisor) & António Mendes Ferreira (Co-Supervisor)