The financial literacy map of Baixada Fluminense

Considering the severe problem of indebtedness among individuals, families, and small entrepreneurs living in underprivileged regions of Brazil, the objective of this study was to map the level of financial literacy among adults in Baixada Fluminense, in the state of Rio de Janeiro. Over nine months, 688 interviews were conducted in the thirteen municipalities of Baixada Fluminense. The research team traveled over a thousand kilometers and accumulated twenty-six hours of face-to-face interviews. The results indicate that the level of financial literacy among adults living in Baixada Fluminense is low. In summary, 64% of the interviewed adults struggle with basic concepts regarding personal finance, 71% of participants exhibit inadequate financial behavior, and 43% have habits and beliefs that hinder their success in personal and family financial projects. Financial literacy is lower among women, Black people, individuals with low educational attainment, and people over 60 years old. The gaps in financial education among adults in Baixada Fluminense result in the population being financially vulnerable and, therefore, exposed to issues of over-indebtedness, delinquency, and negative records. This study contributes to the development of pedagogical practices in financial education by providing the reader with a current overview of the financial education of the population of Baixada Fluminense. These pedagogical practices can be applied in schools or universities, can be associated with teaching youth or adults, or can serve as a complementary training tool for educators in teaching financial education.