Financial literacy and educational level in Ecuadorian students: A Structural analysis

Jeaneth Lucía Bastidas Guerrón¹Gisselle Mariuxi Cárdenas Fierro¹Ana Cristina Mora Lucero¹Freddy Richard Quinde Sari¹Ángel Ramón Sabando García²Jenniffer Sobeida Moreira-Choez^3*

• ¹Universidad Politécnica Estatal del Carchi, Tulcan, Carchi, Ecuador
• ²Pontificia Universidad Católica del Ecuador, Santo Domingo, Ecuador
• ³Technical University of Manabi, Portoviejo, Manabí, Ecuador

Background: Financial literacy has been recognized as a key competency for making in-formed economic decisions, particularly in contexts where access to financial products exceeds the population's literacy level. However, in Ecuador, persistent gaps remain be-tween formal educational attainment and applied financial knowledge. In this context, the objective of this study was to analyze the relationship between educational level and financial literacy among Ecuadorian students; Methods: A quantitative approach was adopted, with a descriptive-correlational level, non-experimental type, and cross-sectional design. The sample consisted of 2,021 participants, selected through nonprobabilistic convenience sampling. A structured questionnaire of 33 items was administered, distributed across four analytical dimensions. Statistical analysis was performed using SPSS and AMOS, including reliability testing, factorial validity, and structural model fit; Results: The results revealed that educational level has a significant effect on financial literacy. Individuals with higher education exhibited the highest levels, while those who completed only primary education showed the lowest. Four latent factors were validated: technical knowledge, socioeconomic impact of financial education, practical application of knowledge, and financial self-management; Conclusions: The correlations between these factors were strong and statistically significant, highlighting the pivotal role of educational level in shaping financial literacy. The proposed model presents a valid and consistent structure, effectively reflecting the relationships between the key variables. These findings emphasize the necessity for tailored and context-specific educational interventions that address the diverse needs of different population segments, thereby enhancing financial literacy across varying educational levels.