Financial education and investment decisions in Guayaquil: a cluster analysis
Keywords:
financial education, financial literacy, investment decisions, cluster analysisAbstract
The objective of the present study was to analyze the relationship between financial literacy, financial knowledge, and investment decisions in Guayaquil, in order to identify important profiles of retail investors according to their behavior and level of financial education. A quantitative, non-experimental approach was used, applied to a questionnaire with 164 participants selected through non-probabilistic sampling. The grouping of data into clusters (K-means) identified the following groups: first, Stock-focused investors (66.36%); second, Investments with currency preferences (22.43%); third, Investors with low financial literacy (11.21%). The results highlight that the level of financial knowledge significantly influences investment decisions, with higher literacy leading to informed choices. However, reliance on digital media as a primary source of information and low literacy in some groups exposes investors to insufficient decisions. This study emphasizes the need for financial education programs and public policies that strengthen individuals' financial knowledge through digital content, for women and SMEs in order to improve their behavior as a retail group and reduce vulnerabilities when making an investment.
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