Financial education and its relationship with the use of microcredit services by business managers in the city of Bogotá

Abstract

The importance of financial education has been declared by different organizations worldwide. Microfinance is a movement of worldwide scope that in its development tends towards the massification of credit taking it to populations, including companies, that are excluded from the ordinary financial system, through its main product, microcredit. The objective of this research is to determine if there is a relationship between various variables associated with Micro, Small and Medium-sized companies and the use of microcredit services, for which companies from the city of Bogotá are taken as the study population. A cross-sectional study is developed, with a correlational-descriptive scope. As results, the existence of an association between variables such as gender and company size, gender and studies, company size and access to microcredit services, studies and access to credit services was found; The existence of a correlation between the variables of perception of danger of taking microfinance services with formal institutions and their cost was also identified. Financial education is a determining factor for people to make decisions aware in the field of their personal finances.