Knowledge, Application and Management of Personal Finances, and perception of the Well-being that it Generates in the Educational Community of the IU Digital de Antioquia

Abstract

Financial education allows people to have a better quality of life and build a future with economic security; however, recent studies show that the lack of knowledge in basic financial concepts causes people to make bad decisions, even acquire unsustainable debt exposing themselves to high levels of stress. To establish the level of financial education, its application in personal finance, and the relationship it has with the well-being of the educational community of the Digital University Institution of Antioquia, it is necessary to use a mix of quantitative and qualitative methodology. The survey applied to 417 individuals between teachers, administrators, and students, shows that 81.5% are students, 79.1% consider that it is somehow important to keep a daily record of expenses, more than 50% have ant expenses, and /or make compulsive purchases, 75.5% have debts, 50.6% consider that they have adequate management of their finances, 79.4% state that they need financial education to be well[1]being, 18.2% resort to new debts to pay their expenses and commitments for the month, 19.4% do not make any type of savings or have provided security for old age. Triangulating the results of the nominal group technique and the survey, it is concluded that in the educational community of the Digital University Institution of Antioquia, the management of personal finances is related to the level of financial education, that despite its importance, individuals do not adequately manage or plan their income and expenses, and that the vast majority have debts, making it necessary to design financial education strategies that benefit this population.