From inclusion to sustainability: the role of financial education in cooperatives in Ecuador
Article Sidebar
Cited-by
Main Article Content
Abstract
This study examines the impact of financial literacy on the sustainability of savings and credit cooperatives in Ecuador, considering the challenges faced by these institutions within the popular and solidarity-based financial system. A quantitative, causal research design was employed, using a non-probabilistic sample of 102 cooperative users. Data were collected through a structured questionnaire and analyzed with SmartPLS software applying the Partial Least Squares Structural Equation Modeling (PLS-SEM) technique. Findings indicate that financial literacy accounts for 32% of the variance in sustainability perception, with a positive and statistically significant effect (β = 0.570; p < 0.001). The reliability and validity of the constructs were confirmed, supporting the robustness of the proposed model. These results highlight financial literacy as a strategic factor to strengthen the resilience and stability of cooperatives by enhancing member trust and encouraging responsible saving and credit practices. The study provides relevant empirical evidence for the design of financial education programs and the development of public policies aimed at improving the sustainability of the cooperative system in Ecuador.
Downloads
Article Details
Section
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
References
Abbas Naqvi, N., Siddiqui, D. A., & Mir, M. M. (2025). Financial literacy and investment decisions of investors of Islamic banks in Pakistan: The role of intention to invest and religiosity. Interdisciplinary Journal of Management Studies, 18(2), 225–239. 10.22059/IJMS.2025.366223.676233
Agnoli, L., Le Fur, E., & Outreville, J.-F. (2025). Financial literacy and investment in wine: a two-country study on Generations Y and Z. Managerial Finance. 10.1108/MF-12-2024-0919
Allah Pitchay, A., Abdul Rahman, M., & Azhar, Z. (2024). Alleviating financial education debt through Zakah: proposing HOPE model to public higher education institution. Qualitative Research in Financial Markets. 10.1108/QRFM-01-2024-0021
Avcı, S., Demir, D., Candır, A., & Güven, E. (2024). Contribution of the social and financial leadership education program to students and teachers. Interchange, 54(3), 401–423. 10.1007/s10780-023-09496-6
Basheer, N., Ahmed, V., Bahroun, Z., & Anane, C. (2025). Sustainability assessment in higher education institutions: exploring indicators, stakeholder perceptions, and implementation challenges. Discover Sustainability, 6(1), 252.
Benayad, K., & Aasri, M. R. (2023). Behavioral Biases and Investment Decisions of SMEs Managers: Empirical Analysis within the Moroccan Context. International Journal of Financial Studies, 11(4), 120. 10.3390/ijfs11040120
Buratti, G., & D'Ignazio, A. (2025). Improving the effectiveness of financial education programs: A targeting approach. Journal of Consumer Affairs. 10.1111/joca.12577
Clark, R. L., Lin, C., Lusardi, A., Mitchell, O. S., & Sticha, A. (2025). Evaluating the effects of a low-cost, online financial education program. Journal of Economic Behavior and Organization. 10.1016/j.jebo.2025.106952
DeTroy, S. E., Rathgens, J., Ilvonen, O., & Becken, K. (2025). The barriers and drivers of building refurbishments: an investigation of attitudes and perceptions among German architectural designers. Discover Sustainability, 6(1), 396. 10.1007/s43621-025-01052-9
Endovitsky, D. А., Korotkikh, V. V., & Krivosheev, A. V. (2021). Financial sustainability of the Russian higher education institutions: Quantitative analysis. Vysshee Obrazovanie v Rossii, 30(10), 22–37. 10.31992/0869-3617-2021-30-10-22-37
Eti, H. S. (2025). The Effects of Perceptions of Economic Sustainability and Barriers on Organic Farming Implementation. Sustainability (Switzerland), 17(2), 786. 10.3390/su17020786
Fernandes, V. (2021). From education to nudge: Behavioral sciences in financial education programs. Sociologia e Antropologia, 11(1), 307–322. 10.1590/2238-38752021v11112
Gallego-Schmid, A., Vásquez-Ibarra, L., Guerrero, A. B., Henninger, C. E., & Rebolledo-Leiva, R. (2025). Circular economy in a recently transitioned high-income country in Latin America and the Caribbean. Journal of Cleaner Production, 486, 144429. 10.1016/j.jclepro.2024.144429
Garad, A., Riyadh, H. A., Al-Ansi, A. M., & Beshr, B. A. H. (2024). Unlocking financial innovation through strategic investments in information management: a systematic review. Discover Sustainability, 5(1), 381. 10.1007/s43621-024-00542-6
Hirdinis, M. (2024). The Risks to Investment Decisions: Can Financial Knowledge and Investor's Experience be Moderate? Studies in Business and Economics, 19(3), 137–155. 10.2478/sbe-2024-0048
Ho, H. W. L., Haaker, T., & Yishake, M. (2025). Barriers and Opportunities when Transitioning from Linear to Circular Business Models. Circular Economy and Sustainability. 10.1007/s43615-025-00524-4
Katnic, I., Katnic, M., Orlandic, M., Radunovic, M., & Mugosa, I. (2024). Understanding the Role of Financial Literacy in Enhancing Economic Stability and Resilience in Montenegro: A Data-Driven Approach. Sustainability (Switzerland), 16(24), 11065. 10.3390/su162411065
Lal, S., Sulemana, A.-S., Nguyen, T. X. T., Khan, M. S. R., & Kadoya, Y. (2023). Information Sources for Investment Decisions: Evidence from Japanese Investors. International Journal of Financial Studies, 11(4), 117. 10.3390/ijfs11040117
Lanciano, E., Previati, D., Ricci, O., & Santilli, G. (2024). Financial literacy and sustainable finance decisions among Italian households. Journal of Economics and Business, 106, 106220. 10.1016/j.jeconbus.2024.106220
Loebiantoro, I. Y., Cheng, E. H., & Annuar, N. (2024). Smart investing: Unveiling key drivers of strategic investment for investors in the Indonesia Stock Exchange. Investment Management and Financial Innovations, 21(4), 156–169. 10.21511/imfi.21(4).2024.13
Mandal, A., Saxena, A., Gupta, P., & Bagar, V. K. (2024). Financial literacy and investment awareness of working individuals: moderating role of risk tolerance. International Journal of Management Practice, 17(5), 600–619. 10.1504/IJMP.2024.140877
Margeviča-Grinberga, I., Siirilä, J., Lake, S., Surikova, S., & Pigozne, T. (2023). A pedagogical framework to promote sustainable financial literacy in competence-based vocational secondary education and training. Aula Abierta, 52(1), 61–70. 10.17811/rifie.52.1.2023.61-70
Mohammed, S. S., Saeed, M. M., Kumari, M., Borugadda, P., & Mohamed Ismail, N. B. (2025). Corporate social responsibility (CSR) and corporate financial performance (CFP): a panel data analysis of BSE 500 companies in India. Discover Sustainability, 6(1), 310. 10.1007/s43621-025-01113-z
Nisar, N., Nasruddin, E., & Goh, Y. N. (2023). Strategizing alumni to encounter financial sustainability issue: insights from public higher education institutions of Pakistan. Journal of Applied Research in Higher Education, 15(2), 509–520. 10.1108/JARHE-07-2021-0293
Núnez Chicharro, M., Mangena, M., Alonso Carrillo, M. I., & Priego De La Cruz, A. M. (2024). The effects of stakeholder power, strategic posture and slack financial resources on sustainability performance in UK higher education institutions. Sustainability Accounting, Management and Policy Journal, 15(1), 171–206. 10.1108/SAMPJ-07-2022-0375
Nyoka, S., Kakumura, F., Mutevere, M., Moyo, E., & Dzinamarira, T. (2025). Adapting social and financial education for adolescents in Zimbabwe: A qualitative study of the Aflateen+ program. Evaluation and Program Planning. 10.1016/j.evalprogplan.2025.102591
Oben, R., Seraj, M., & Eyüpoğlu, Ş. Z. (2024). Toward Environmental Sustainability in Africa: The Impact of Financial Technology, Human Development, and Renewable Energy Consumption Across Income Groups. Environmental Quality Management, 34(2), e22347. 10.1002/tqem.22347
Qamruzzaman, M., Monika, K., & Kler, R. (2025). Examining the Nexus between Education, Financial Development, Domestic Capital Formation, Openness and Renewable Energy Consumption in BRI. International Journal of Energy Economics and Policy, 15(3), 301–318. 10.32479/ijeep.18158
Romero-Carazas, R., Espiritu-Martinez, A. P., Villa-Ricapa, L. F., & Núñez-Palacios, E. L. (2023). Financial Literacy Transdisciplinary Approach In Education: Bibliometric Analysis Of Scopus. Bibliotecas, Anales de Investigacion, 19(3).
Ruiz, T. A., Benito, L., & Penabad, M. C. L. (2023). Influence of behavioral biases on investment decisions. The importance of financial education during an economic crisis. Revista Galega de Economia, 32(1). 10.15304/rge.32.1.8190
Sahela, K. Z., Susanti, R., & Adjie, A. R. (2021). The Influence of Government Dimension on Financial Education and Empowerment of Micro-, Small and Medium-Sized Enterprises in Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 637–643. 10.13106/jafeb.2021.vol8.no3.0637
Sawitri, N. P. Y. R., Wiksuana, I. G. B., Wiagustini, N. L. P., & Candraningrat, I. R. (2025). Smart investment choices: navigating stock decisions across generations x, y, and z. Quality - Access to Success, 26(205), 372–378. 10.47750/QAS/26.205.37
Sepúlveda, H. A. Á. (2023). Financial education for sustainable development: Curricular analysis of a secondary education program in Chile. Prometeica, 28, 233–243. 10.34024/prometeica.2023.28.14972
Șimandan, R., Leuștean, B., & Dobrescu, R. M. (2022). An Uphill Battle: Financial Education in Romania in the Midst of Societal Transformation. Journal of Risk and Financial Management, 15(11), 494. 10.3390/jrfm15110494
Świecka, B., Kowalczyk-Rólczyńska, P., Pieńkowska-Kamieniecka, S., Śledziowski, J., & Terefenko, P. (2025). Circular Economy for Construction and Demolition Waste in the Santiago Metropolitan Region of Chile. Sustainability (Switzerland), 17(3), 1340. 10.3390/su17031057
Tran, C.-T. T. D., Dollery, B., & Fellows, C. (2025). Administrative Intensity and Financial Sustainability: An Empirical Analysis of the Australian Public University System. International Journal of Public Administration, 48(1), 55–72. 10.1080/01900692.2024.2314046
Trinh, T. M., Nguyen, T. T. H., Pham, O., & Pham, H.-H. (2025). The financial sustainability of Vietnamese higher education institutions: unveiling the hidden factors. Asian Education and Development Studies, 14(2), 267–282. 10.1108/AEDS-07-2024-0136
Uddin, M., Ali, M. A., Alhumoudi, H., Vivek, V., & Khan, M. A. (2024). The effect of financial literacy on investment decision making in Kingdom of Saudi Arabia: An empirical study. Journal of Infrastructure, Policy and Development, 8(10), 6732. 10.24294/jipd.v8i10.6732
Wang, D., & Zou, T. (2024). Financial literacy, Cognitive bias, And personal investment decisions: A new perspective in behavioral finance. Environment and Social Psychology, 9(11), 3050. 10.59429/esp.v9i11.3050
Xholo, N., Ncanywa, T., Garidzirai, R., & Asaleye, A. J. (2025). Promoting Economic Development Through Digitalisation: Impacts on Human Development, Economic Complexity, and Gross National Income. Administrative Sciences, 15(2), 50. 10.3390/admsci15020050
Xing, W., & Imran, A. (2025). Financial and Technological Drivers of Sustainable Development: The Role of Communication Technology, Financial Efficiency and Education in BRICS. Sustainability (Switzerland), 17(5), 2326. 10.3390/su17052326
Yuvaraja, N., & Perumandla, S. (2024). A bibliometric evaluation of financial literacy and investment: a three-decade study based on the Scopus database, current research trends, and future directions. International Journal of Process Management and Benchmarking, 17(1), 89–108. 10.1504/IJPMB.2024.137788
Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment? International Journal of Bank Marketing, 39(7), 1208–1226. 10.1108/IJBM-11-2020-0552
Zhou, Y., Yang, M., & Gan, X. (2023). Education and financial literacy: Evidence from compulsory schooling law in China. Quarterly Review of Economics and Finance, 89, 335–346. 10.1016/j.qref.2022.09.006