The Financial Behavior of Rural Residents: Findings from Five Latin American Countries
By Jacqueline Urquizo – Published: March 2012
This report provides the financial industry with important recommendations for creating and improving services to rural residents in Latin America. The study – based on market research conducted in Colombia, Dominican Republic, Ecuador, Nicaragua and Peru – provides a detailed portrait of access, use and attitudes towards financial services by rural residents, both farmers and microentrepreneurs. The study offers a unique opportunity to understand the financial choices rural residents make and the attitudes they bring when they interact with banks and microfinance institutions.
The study targeted heads of households who work in an independent activity, specifically entrepreneurs and small farmers. The study describes the rural population according to socioeconomic and psychographic variables, social interactions and financial behavior, considering credit, savings, investment and risk management. Financial education and awareness and use of formal financial services are discussed.