Keywords
Financial capability
Financial education
Financial system regulation
Protection system to financial consumers institutionalist approach
Financial capability index.
Financial education
Financial system regulation
Protection system to financial consumers institutionalist approach
Financial capability index.
How to Cite
PEREIRA, Fernando; CAVALCANTE, Anderson; CROCCO, Marco. A national financial capability plan: the brazilian case. Economia e Sociedade, Campinas, SP, v. 28, n. 2, p. 541–561, 2019. Disponível em: https://periodicos.sbu.unicamp.br/ojs/index.php/ecos/article/view/8657000. Acesso em: 27 sep. 2024.
Abstract
This paper discusses desirable formats for a financial capability plan from the perspective of the Brazilian experience. The conventional proposal has usually been to much focused on financial education, arguing that transfer of knowledge and information is the best way to promote financial literacy, financial capability and well-being. However, the critical analysis of this proposal shows that it is inadequate because: (i) the treatment must deal with the environment in which financial decisions are taken, and; (ii) financial qualification can not be achieved through primary education, but through financial advice provided by independent experts.
References
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COUTINHO, L.; BELLUZZO, L. G. 'Financeirização' da riqueza, inflação de ativos e decisões de gastos em economias abertas. In: FERRARI FILHO, F.; PAULA, L.F. (Org.). Globalização financeira: ensaios de macroeconomia aberta. Petrópolis: Editora Vozes, 2004. p. 59-77.
CROCCO, M. A.; SANTOS, F.; FIGUEIREDO, A. Exclusão financeira no Brasil: uma análise regional exploratória. Revista de Economia Política, São Paulo, v. 33, n. 132, p. 505-526, 2013.
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FINANCIAL SERVICES AUTHORITY. Measuring financial capability: an exploratory study. Consumer Research, London: FSA, n. 37, 2005.
FROUD, J. et al. Escaping the tyranny of earned income? The failure of finance as social innovation. Manchester: University of Manchester, Mar. 2009. (n. 66).
GLOUKOVIEZOFF, G. From financial exclusion to overindebtedness: the Paradox of difficulties for people on low income? In: ANDERLONI, L.; BRAGA, M. D.; CARLUCCIO, E. M. (Org.). New frontiers in banking services: emerging needs and tailored products for untapped markets. Berlim: Springer, 2006. p. 213-245.
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HASSAN, N. et al. Delivering money advice in South Africa: study into the provision of money advice to low-income persons. Johannesburg: Genesis Analytics, 2008.
HM TREASURY. Financial capability: the Government’s long-term approach. London: HMSO, 2007.
IDEC. Início conturbado. Revista do IDEC, p. 16-20, mar. 2012a.
IDEC. Mais caro do que parece. Revista do IDEC, jun. 2012b.
IDEC. Superendividamento no Brasil. São Paulo: IDEC, 2008.
IDEC. Tudo na mesma. Revista do IDEC, p. 24-27, set. 2012c.
JANUSZ, T. Kickback: confessions of a mortgage salesman. Tennesse: Insight Publishing, 2006.
KAHNEMAN, D.; TVERSKY, A. Prospect theory: an analysis of decision under risk. Econometrica, v. 47, n. 2, p. 263-292, 1979.
KEMPSON, E.; ATKINSON, A.; PILLEY, O. Policy level response to financial exclusion in developed economies: lessons for developing countries. Bristol: Department for International Development (DFID), 2004. p. 49.
KEMPSON, E.; COLLARD, S. Developing a vision for financial inclusion. 1. ed. Surrey: Friends Provident Foundation, 2012.
LUSARDI, A. Financial literacy: an essential tool for informed consumer choice? [manuscrito], 2008. Disponível em: http://www.dartmouth.edu/~alusardi/Papers/Lusardi_Informed_Consumer.pdf. Acesso em: 20 ago. 2016.
LUSARDI, A.; MICHAUD, P.; MITCHELL, O. S. Optimal financial knowledge and wealth inequality. Cambridge, MA: NBER, 2013. (Working Paper., n. 18669).
MANN, R. J. Charging ahead: the growth and regulation of payment card markets. New York: Cambridge University Press, 2007.
MARQUES, C. L. Fundamentos científicos da prevenção e tratamento do superendividamento. Caderno de Investigaçoes Científicas, Brasília, Ministério da Justiça, 2010.
MEZA, D.; IRLENBUSCH, B.; REYNIERS, D. Financial capability: a behavioural economics perspective. London: FSA, 2008. (Consumer Research., n. 69).
MONEY ADVICE SERVICE – MAS. Review of the Money Advice Service. London: MAS, 2015.
O’CONNELL, A. How effective is financial education? Policy Quarterly, v. 3, n. 3, p. 40-46, 2007.
OECD. Improving financial literacy: analysis of issues and policies. Paris: Organization for Economic Cooperation and Development, 2005.
PEREIRA, F. B. Notas de um plano nacional de capacitação financeira. 2015. Tese (Doutoramento em Economia)–Cedeplar, Universidade Federal de Minas Gerais, 2015.
REPUBLIC OF SOUTH AFRICA. National Credit Act n. 34 of 2005. Government Gazette, South Africa, n. 28619, 2005.
RUSSIA’S G20 PRESIDENCY; OECD. Advancing national strategies for financial education. Paris: OECD, 2013.
SANTOS, A. C. Financial literacy, financialisation and neoliberalism. Finance and wellbeing. Leeds: Fessud, 2013. (Working Paper Series, n. 11).
SCHMIDT NETO, A. P. Superendividamento do consumidor: conceito, pressupostos e classificação. Revista da SJRJ, v. 16, n. 26, p. 167-184, 2009.
SERVON, L. J.; KAESTNER, R. Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers. Journal of Consumer Affairs, v. 42, n. 2, p. 271-305, 28 jun. 2008.
SHERRADEN, M. S. Financial capability: what is it, and how can it be created? St. Louis: Washington University, 2010. (Working Papers, n. 10-17).
SLOVIC, P.; FISCHHOFF, B.; LICHTENSTEIN, S. Facts versus fears: understanding perceived risk. In: KAHNEMAN, D.; SLOVIC, P.; TVERSKY, A. (Org.). Judgment under uncertainty: heuristics and biases. Cambridge: Cambridge University Press, 2001. p. 463-489.
TEIXEIRA, A.; TABAK, B.; CAJUEIRO, D. Finanças Comportamentais: aversão míope às perdas e efeito dinheiro em casa. In: ÁVILA, F.; BIANCHI, A. M. (Org.). Guia de economia comportamental e experimental. São Paulo: EconomiaComportamental.org, 2015. p. 200-209.
THORESEN, O. Thoresen review of generic financial advice: final report. London: HM Treasury, 2008.
U.S. DEPARTMENT OF TREASURY. President’s Advisory Council on financial capability: final report. Washington, DC: [s.n.], 2013.
WARREN, E. Unsafe at any rate. Democracy: A Journal of Ideas, n. 5, p. 8-19, 2007.
WILLIS, L. E. Against financial literacy education. Iowa Law Review, v. 94, p. 197, 2008.
WORLD BANK. Making sense of financial capability surveys around the world: a review of existing financial capability and literacy measurement instruments. Washington, DC: World Bank, 2013.
BARR, M. S.; MULLAINATHAN, S.; SHAFIR, E. Behaviorally informed financial services regulation. Washington: New America Foundation, 2008.
BRASIL. Brasil: Implementando a Estratégia Nacional de Educação Financeira. Documento elaborado pelo Conselho Nacional de Educação Financeira – Conef (2013). Disponível em: https://www.bcb.gov.br/pre/pef/port/Estrategia_Nacional_Educacao_Financeira_ENEF.pdf. Acesso em: 2 out. 2017.
BRAUNSTEIN, S.; WELCH, C. Financial literacy: an overview of practice, research, and policy. Federal Reserve Bulletin, v. 88, p. 445-457, Nov. 2002.
CAIN, D. M.; LOEWENSTEIN, G.; MOORE, D. A. The dirt on coming clean: perverse effects of disclosing conflicts of interest. Journal of Legal Studies, v. 34, p. 1-25, Jan. 2005.
CASADO, M. M. Proteção do consumidor de crédito bancário e financeiro. São Paulo: Ed. Revista dos Tribunais, 2000.
CONSUMER FINANCIAL PROTECTION BUREAU. Financial well-being: the goal of financial education. Iowa: CFPB, 2015.
COUTINHO, L.; BELLUZZO, L. G. 'Financeirização' da riqueza, inflação de ativos e decisões de gastos em economias abertas. In: FERRARI FILHO, F.; PAULA, L.F. (Org.). Globalização financeira: ensaios de macroeconomia aberta. Petrópolis: Editora Vozes, 2004. p. 59-77.
CROCCO, M. A.; SANTOS, F.; FIGUEIREDO, A. Exclusão financeira no Brasil: uma análise regional exploratória. Revista de Economia Política, São Paulo, v. 33, n. 132, p. 505-526, 2013.
DYMSKI, G. A. Exclusão e eficiência: a transformação global do core banking, um estudo de caso sobre o Brasil. In: PAULA, L. F.; OREIRO, J. L. (Org.). Sistema Financeiro – uma análise do setor bancário brasileiro. Rio de Janeiro: Elsevier, 2007. p. 255-283.
FINANCIAL SERVICES AUTHORITY. Measuring financial capability: an exploratory study. Consumer Research, London: FSA, n. 37, 2005.
FROUD, J. et al. Escaping the tyranny of earned income? The failure of finance as social innovation. Manchester: University of Manchester, Mar. 2009. (n. 66).
GLOUKOVIEZOFF, G. From financial exclusion to overindebtedness: the Paradox of difficulties for people on low income? In: ANDERLONI, L.; BRAGA, M. D.; CARLUCCIO, E. M. (Org.). New frontiers in banking services: emerging needs and tailored products for untapped markets. Berlim: Springer, 2006. p. 213-245.
GUÉRIN, I. Households’ over-indebtedness and the fallacy of financial education: insights from economic anthropology. Paris: Microfinance in Crisis, 2012. (Working Paper, n. 1).
HASSAN, N. et al. Delivering money advice in South Africa: study into the provision of money advice to low-income persons. Johannesburg: Genesis Analytics, 2008.
HM TREASURY. Financial capability: the Government’s long-term approach. London: HMSO, 2007.
IDEC. Início conturbado. Revista do IDEC, p. 16-20, mar. 2012a.
IDEC. Mais caro do que parece. Revista do IDEC, jun. 2012b.
IDEC. Superendividamento no Brasil. São Paulo: IDEC, 2008.
IDEC. Tudo na mesma. Revista do IDEC, p. 24-27, set. 2012c.
JANUSZ, T. Kickback: confessions of a mortgage salesman. Tennesse: Insight Publishing, 2006.
KAHNEMAN, D.; TVERSKY, A. Prospect theory: an analysis of decision under risk. Econometrica, v. 47, n. 2, p. 263-292, 1979.
KEMPSON, E.; ATKINSON, A.; PILLEY, O. Policy level response to financial exclusion in developed economies: lessons for developing countries. Bristol: Department for International Development (DFID), 2004. p. 49.
KEMPSON, E.; COLLARD, S. Developing a vision for financial inclusion. 1. ed. Surrey: Friends Provident Foundation, 2012.
LUSARDI, A. Financial literacy: an essential tool for informed consumer choice? [manuscrito], 2008. Disponível em: http://www.dartmouth.edu/~alusardi/Papers/Lusardi_Informed_Consumer.pdf. Acesso em: 20 ago. 2016.
LUSARDI, A.; MICHAUD, P.; MITCHELL, O. S. Optimal financial knowledge and wealth inequality. Cambridge, MA: NBER, 2013. (Working Paper., n. 18669).
MANN, R. J. Charging ahead: the growth and regulation of payment card markets. New York: Cambridge University Press, 2007.
MARQUES, C. L. Fundamentos científicos da prevenção e tratamento do superendividamento. Caderno de Investigaçoes Científicas, Brasília, Ministério da Justiça, 2010.
MEZA, D.; IRLENBUSCH, B.; REYNIERS, D. Financial capability: a behavioural economics perspective. London: FSA, 2008. (Consumer Research., n. 69).
MONEY ADVICE SERVICE – MAS. Review of the Money Advice Service. London: MAS, 2015.
O’CONNELL, A. How effective is financial education? Policy Quarterly, v. 3, n. 3, p. 40-46, 2007.
OECD. Improving financial literacy: analysis of issues and policies. Paris: Organization for Economic Cooperation and Development, 2005.
PEREIRA, F. B. Notas de um plano nacional de capacitação financeira. 2015. Tese (Doutoramento em Economia)–Cedeplar, Universidade Federal de Minas Gerais, 2015.
REPUBLIC OF SOUTH AFRICA. National Credit Act n. 34 of 2005. Government Gazette, South Africa, n. 28619, 2005.
RUSSIA’S G20 PRESIDENCY; OECD. Advancing national strategies for financial education. Paris: OECD, 2013.
SANTOS, A. C. Financial literacy, financialisation and neoliberalism. Finance and wellbeing. Leeds: Fessud, 2013. (Working Paper Series, n. 11).
SCHMIDT NETO, A. P. Superendividamento do consumidor: conceito, pressupostos e classificação. Revista da SJRJ, v. 16, n. 26, p. 167-184, 2009.
SERVON, L. J.; KAESTNER, R. Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers. Journal of Consumer Affairs, v. 42, n. 2, p. 271-305, 28 jun. 2008.
SHERRADEN, M. S. Financial capability: what is it, and how can it be created? St. Louis: Washington University, 2010. (Working Papers, n. 10-17).
SLOVIC, P.; FISCHHOFF, B.; LICHTENSTEIN, S. Facts versus fears: understanding perceived risk. In: KAHNEMAN, D.; SLOVIC, P.; TVERSKY, A. (Org.). Judgment under uncertainty: heuristics and biases. Cambridge: Cambridge University Press, 2001. p. 463-489.
TEIXEIRA, A.; TABAK, B.; CAJUEIRO, D. Finanças Comportamentais: aversão míope às perdas e efeito dinheiro em casa. In: ÁVILA, F.; BIANCHI, A. M. (Org.). Guia de economia comportamental e experimental. São Paulo: EconomiaComportamental.org, 2015. p. 200-209.
THORESEN, O. Thoresen review of generic financial advice: final report. London: HM Treasury, 2008.
U.S. DEPARTMENT OF TREASURY. President’s Advisory Council on financial capability: final report. Washington, DC: [s.n.], 2013.
WARREN, E. Unsafe at any rate. Democracy: A Journal of Ideas, n. 5, p. 8-19, 2007.
WILLIS, L. E. Against financial literacy education. Iowa Law Review, v. 94, p. 197, 2008.
WORLD BANK. Making sense of financial capability surveys around the world: a review of existing financial capability and literacy measurement instruments. Washington, DC: World Bank, 2013.
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