Alfabetização financeira e serviços bancários: investigação com os microempreendedores individuais de Cabo Verde-MG

Abstract

This study explored the relationship between financial literacy and access to financial products and services among Individual Microentrepreneurs (MEIs) clients of a Financial Institution in Cabo Verde-MG, Brazil. The research is applied in nature, following a descriptive and exploratory approach. The method used was a survey, and the data were collected through a structured questionnaire via Google Forms. Through a non-probabilistic sample, 60 MEI clients of this institution were interviewed. Only 21.7% of the participants were considered financially literate. There was a significant association between higher education levels and greater financial literacy. A statistically significant difference was also identified between the age groups below 25 years and the group between 25 and 45 years, indicating a positive association between age and financial literacy within the considered age range. Although financial literacy did not show a statistical association with the use of financial products, it was related to more efficient financial management practices, such as the separate management of personal and business accounts, more informed methods and choices of financial products, and the way financial records are kept, whether electronic or manual. The cluster analysis, using the K-Means algorithm, identified homogeneous groups based on sociodemographic characteristics, such as gender and age, and the use of financial products and services, revealing six distinct clusters among the MEIs. These clusters varied in average age, predominant gender, level of financial literacy, and credit use, revealing financial behavior patterns within the sample. One of the clusters was composed of younger individuals, without financial literacy and dependent on credit. Another cluster included older individuals, with the highest number of financially literate individuals and low credit use. The binomial logistic regression evaluated several variables concerning financial literacy, highlighting age and education as significant factors associated with financial literacy. Age showed a statistically significant association, suggesting that an increase in age is associated with a higher probability of being financially literate. Overall, the research indicated that higher education levels are statistically associated with financial literacy. In an increasingly complex and dynamic scenario, financial education emerges as one of the fundamental pillars for the training and improvement of MEIs, allowing them to acquire essential skills for more efficient financial management, reflecting the financial well-being of entrepreneurs and the sustainability of their businesses.