Effect of financial education practices on the relationship between financial literacy and the financial capability of members of a credit cooperative
DOI:
https://doi.org/10.22277/rgo.v19i1.8356Keywords:
: Financial Literacy, Financial Education., Financial Capability., Credit Cooperative.Abstract
Objective: This research aims to analyze the mediating effect of financial education practices on the relationship between financial literacy and the financial capability of credit cooperative members.
Method/Approach: A descriptive study with a quantitative approach was conducted using a survey, administered to 453 members of a credit cooperative headquartered in Southern Brazil. Structural Equation Modeling (SEM) was applied for data analysis, utilizing Smart PLS® software.
Main Results: The results indicate a positive relationship between financial literacy and financial capability, suggesting that individuals with a greater command of financial concepts tend to make more conscious and effective decisions regarding their personal finances. Furthermore, credit cooperative members perceive that financial education practices are directly associated with their financial capabilities, reinforcing the importance of educational strategies within the cooperative environment. These findings strengthen the notion that a higher level of financial literacy promotes the adoption of financial education practices, such as planning, expenditure control, and responsible credit use.
Theoretical/Practical/Social Contributions: This study advances the understanding of the mechanisms connecting financial knowledge to effective financial behavior. In practice, the findings reinforce the role of credit cooperatives as educational agents capable of transforming knowledge into action. Finally, it strengthens public policies and institutional initiatives for financial education within society.
Originality/Relevance: The study is original in investigating the mediating effect of financial education practices on the financial capability of credit cooperative members, thereby filling a gap in the literature. Its relevance offers practical subsidies for cooperatives and public policies in promoting financial autonomy and inclusion.
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