Financial Education and Personal Finance: A Systematic Review of Evidence, Context, and Implications from the Spanish Language Academic Literature in Latin America

Round 1

Reviewer 1 Report

Comments and Suggestions for Authors

Please see my attached reviewer's report. 

Comments for author File: Comments.pdf

Author Response

We are grateful for your feedback. Below, we detail the improvements made to the manuscript based on the recommendations provided.

 

Comment 1. Given the selection criteria employed by the authors, this study is extremely limited in its scope. There is nothing in the paper’s title to indicate that this article is solely focused on personal financial literacy education in Latin American nations. Without noting this critical aspect of the research, the title oversells the paper and is misleading. Recommendation: Amend the title to indicate the paper’s scope is limited only to Latin America.

Answer 1: We changed the tittle according to the suggestion, new tittle is:

Financial Education and Personal Finance: A Systematic Review of Evidence, Context, and Implications from the Spanish Lan-guage Academic Literature in Latin America

 

Comment 2. The authors do not establish clearly why they are focusing on Latin America. There may be very good reasons, but these facts deserve discussion up front in the introductory section of the paper. A few paragraphs are needed to make the case why the authors are looking at this portion of the world and why the readers of this paper should care. Furthermore, given the heterogeneity of institutional arrangements and cultures across the Latin world, a case needs to be made as to why the results of this survey are applicable across the nations included.

Answer 2: We incorporated this text in “Introduction”.

This study focuses specifically on Latin America due to the region’s pronounced financial inclusion gaps, high levels of economic informality, and institutional efforts to improve financial literacy through national strategies. Countries in this region have implemented diverse policies—such as Mexico’s National Strategy for Financial Education and Chile’s financial literacy programs—which make Latin America an important area for comparative analysis. Furthermore, despite cultural and institutional diversity, many Latin American nations share similar socioeconomic challenges (e.g., youth unemployment, access to banking services, informal labor markets), making cross-country insights relevant and mutually informative.

 

Comment 3. The selection criteria for choosing articles to include in this review are very severe and not welljustified. Much more explanation for why the researchers used each filter must be included. Why for example is the review limited to only papers published in Spanish? Given the prevalence of English to disseminate academic findings, why are papers written in English about research conducted in Latin American nations excluded from review? Does the language of a journal indicate something about the veracity and truthfulness of the results?

Answer 3: We incorporated this content in Materials and Methods:

The review was limited to Spanish-language articles for two main reasons. First, the intent was to explore financial education within its original linguistic and cultural context, as Spanish is the predominant language of academic communication in most Latin American countries. This focus enables deeper engagement with region-specific terminology, policy debates, and educational practices that are often underrepresented in English-language literature. Second, much of the relevant and context-sensitive research on financial education in Latin America is published in local and regional journals not indexed in global databases or available in English. While this linguistic and regional scope ensures contextual relevance, it also introduces limitations, particularly regarding generalizability and the exclusion of potentially valuable English-language or Portuguese-language studies. These constraints are further discussed in Section 6.

 

Comment 4. Why are only open access papers included in this review? Again, this filter narrowly limits the review and, in this case, has the potential for eliminating the most important research in the field that appears in the top academic journals that publish articles on financial literacy. Don’t throw out a paper for inclusion simply because it was published by a journal that is not open access. Not all of the background papers the authors cite to establish their arguments and document their research procedures are open access . . . so why limit the articles reviewed to only open access?

Answer 4: We incorporated this text in Criterion 5 (open access):

The use of an open-access filter was based on practical considerations of accessibility and transparency. Given that many institutions and researchers in Latin America face restrictions in accessing paywalled journals, focusing on open-access sources ensures that the reviewed literature is broadly available for verification, replication, and policy translation. Nonetheless, we recognize that this filter may have excluded high-impact publications that are not freely accessible, which is a limitation we acknowledge and recommend addressing in future research with broader access privileges.

 

Comment 5. On first mention of the PRISMA methodology (line 66), a citation is needed. This methodology is discussed in more detail later on, but many readers will not be familiar with it and more description is required. For example, what does the PRISMA acronym stand for?

Answer 5: We explained what PRISMA stands for in the first time we mention it (last paragraph of introduction).

To this end, the PRISMA guidelines (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) which provide a structured protocol to ensure transparency and replicability in evidence synthesis, was used to rigorously select studies indexed in Scopus and Scielo.

 

Comment 6. The adoption of a formal definition of personal financial literacy by Latin American countries as noted in lines 81-83 requires documenting citations. Which countries are formally including personal financial education goals in their policymaking?

Answer 6: We incorporated more text and citations:

For instance, in Mexico, the National Financial Education Strategy has been examined in recent empirical studies. It has been reported that higher levels of financial literacy are significantly associated with a greater likelihood of formal retirement planning [18]. Additionally, a close relationship between financial inclusion and financial literacy levels in the Mexican context has been identified [19]. In Chile, it has been found that only 47% of the population understood compound interest and just 18% understood inflation; nonetheless, a positive correlation between financial literacy and retirement planning behavior has been observed [20]. Moreover, strategic policy progress in countries such as Mexico, Chile, and Colombia has been highlighted in a recent systematic review of financial literacy research in Latin America and the Caribbean [21].

 

Comment 7. The citation and reference system used in this paper does not appear to follow this journal’s normal bibliographic style. This needs to be adjusted throughout the paper.

Answer 7: Although the instructions for authors indicate that it is not necessary to follow a specific citation style since the publisher will format the manuscript, we have adapted the references to APA 7th edition, as it is a widely used style in the social sciences.

 

Comment 8. Within the body of the article’s text, journal titles are used in several instances – for example, lines 234-236. These titles should be italicized following normal conventions and to help the reader distinguish the titles within the discussion.

Answer 8: We have now used italics for all instances where the name of a scientific journal appears.

 

Comment 9. Studies from only five Latin American countries make it through the filtering criteria and are included in the review. Are these nations representative of the heterogeneity of Latin America? Are the results and recommendations offered by the authors applicable to only these nations or to all Latin American countries? Discussion needed.

Answer 9: We have included this content under 6.7 (future research agenda).

6.7 Expand Geographic Representation Within Latin America

Future studies should seek to include a broader range of Latin American countries. The present review draws primarily from five nations—Mexico, Colombia, Peru, Chile, and Ecuador—which, although informative, do not fully capture the institutional, economic, and cultural heterogeneity of the region. While Mexico and Colombia represent two of the largest economies in Latin America, countries such as Bolivia, Paraguay, Uruguay, or the Central American nations remain underrepresented in empirical financial education research. Including a more geographically diverse set of countries would strengthen the regional applicability of future findings and allow for comparative analyses that reflect the full complexity of financial literacy challenges and policy responses across Latin America.

 

Comment 10. More justification is needed for the very short five-year date-of-publication window for inclusion of papers for review. Given the delays in academic publishing, it is hard to see how a paper published five years ago is “relevant” but one published six or seven years ago is not. Not sure what the proper limit is here, but this criterion seems too limiting for the purposes of the study.

Answer 10: We incorporated this text in criterion 1 (time frame):

The decision to limit the date range from 2020 to 2025 was based on the need to capture recent developments in financial education, particularly in the post-COVID context where digital tools, behavioral strategies, and policy interventions have evolved rapidly. While it is true that academic publishing delays can result in the late appearance of impactful research, the authors prioritized recency to reflect current trends, policy frameworks, and technological applications in financial literacy.

 

Reviewer 2 Report

Comments and Suggestions for Authors

Thank you for preparing the manuscript. I found the manuscript is a solid, accessible synthesis of the state of financial education research in Latin America, particularly in the Spanish-language literature. But it would benefit from a broader, more critical, and more deeply contextualized analysis.

• The manuscript reviews just 19 articles, with a strong lean towards Mexico. This might be a rather limited and potentially unrepresentative picture of the broader field and Latin America as a whole. Readers might be missing out on diverse perspectives and experiences.
• While the review outlines what was included, it doesn't seem to have thoroughly evaluated the quality of those studies. This leaves readers wondering how robust the findings truly are and if underlying weaknesses in the research might be affecting the conclusions.
• The discussion mostly highlights common themes, but it seems to avoid diving into any disagreements, inconsistencies, or ongoing debates within the subject area. Exploring these tensions could offer a richer, deeper understanding.
• The recommendations, while sensible and aligning with global standards, feel a bit too general. They don't quite offer the specific, fresh insights we might hope for, especially given the complex realities of financial exclusion in Latin America. They also don't fully tackle some of the deeper, structural issues.

Author Response

We are grateful for your feedback. Below, we detail the improvements made to the manuscript based on the recommendations provided.

 

Comment 1: The manuscript reviews just 19 articles, with a strong lean towards Mexico. This might be a rather limited and potentially unrepresentative picture of the broader field and Latin America as a whole. Readers might be missing out on diverse perspectives and experiences.

Answer 1: We incorporated the following content between tables 4 and 5:

Although the sample leans heavily toward studies conducted in Mexico and Colombia, this pattern may reflect publication dynamics in regional academic networks and access to indexed Spanish-language sources rather than an actual research monopoly. Notably absent are contributions from Central American countries, the Caribbean, and parts of the Andean region such as Bolivia or Paraguay. Future reviews should intentionally include broader regional coverage by expanding database reach (e.g., Latindex, RedALyC), including Portuguese-language studies from Brazil, and considering grey literature where appropriate. This would offer a more inclusive and representative view of Latin American financial education efforts.

 

Comment 2 While the review outlines what was included, it doesn't seem to have thoroughly evaluated the quality of those studies. This leaves readers wondering how robust the findings truly are and if underlying weaknesses in the research might be affecting the conclusions.

Answer 2: We incorporated this content in Materials and Methods, before Table 2:

To assess the methodological quality of the included studies, a structured appraisal was performed based on three criteria: (1) clarity and consistency of research design, (2) validity of instruments used for measuring financial literacy or behavior, and (3) robustness of data analysis methods. Studies that lacked methodological transparency or relied solely on descriptive statistics without justifying their approach were noted. While most studies adopted quantitative cross-sectional designs, only a few utilized multivariate analysis or longitudinal data. This quality assessment informed the weight given to each article in the synthesis, particularly in drawing conclusions and making recommendations.

 

Comment 3: The discussion mostly highlights common themes, but it seems to avoid diving into any disagreements, inconsistencies, or ongoing debates within the subject area. Exploring these tensions could offer a richer, deeper understanding.

Answer 3: We incorporated this content in Discussion:

Despite general consensus on the importance of financial education, several points of contention emerged. Some studies advocate for behaviorally oriented education that accounts for psychological biases (Rodríguez Cairo et al., 2024), while others remain rooted in traditional economic models (García-Santillán, 2022). This reflects a deeper debate: should financial literacy be taught as technical knowledge, or as a behavioral adaptation process? Additionally, while financial education is widely promoted as a pathway to empowerment, critical voices argue that it may shift the burden of systemic financial failure onto individuals without addressing structural inequities (Willis, 2008). These tensions highlight the need for financial education to be both pedagogically sound and socially conscious.

 

Comment 4: The recommendations, while sensible and aligning with global standards, feel a bit too general. They don't quite offer the specific, fresh insights we might hope for, especially given the complex realities of financial exclusion in Latin America. They also don't fully tackle some of the deeper, structural issues.

Answer 4: We incorporated this new recommendation:

5.8 Address Structural Determinants of Financial Exclusion

Finally, the effectiveness of financial education is limited unless accompanied by broader structural reforms that remove systemic barriers to financial inclusion. Several reviewed studies point to issues such as lack of formal identification, geographic distance from banking institutions, discriminatory lending practices, and predatory credit terms (Reus González et al., 2022; Rodríguez Cairo et al., 2024). These constraints disproportionately affect low-income, rural, and marginalized populations.

Policymakers must therefore implement complementary measures, such as simplified know-your-customer (KYC) procedures, expanded rural banking networks, capped interest rates for microloans, and consumer protection laws. Financial education programs should be aligned with these efforts, ensuring that newly acquired knowledge can be applied in safe and accessible environments.

Multi-stakeholder coalitions (including regulators, consumer advocacy groups, fintech developers, and civil society) should be established to coordinate efforts and ensure systemic coherence. These coalitions can also monitor unethical practices, develop inclusive product standards, and promote innovation that prioritizes equity and transparency.

 

 

Reviewer 3 Report

Comments and Suggestions for Authors

The topic is interesting and quite pertinent, although the study presented is not very "ambitious".

Ultimately, the study aims to conduct a bibliographic review demonstrating the relationship between financial education and personal finance.

I think that more objectives could have been listed, which were not limited to establishing this relationship and determining the countries that carried out previous research.

The introduction fails to focus on the relevance of the study. I think the study is interesting, but it needs to be justified and shown what it brings to the area.

In chapter 2, they explain what financial education is and what we can find in the following chapters. In any case, the relationship between financial education and personal finance could be addressed here and the chapter could be a little more in-depth.

The chapter on materials and methods explains how the articles were selected. Some of the criteria end up restricting the demand too much. Why only Spanish-language articles? Why only articles from Latin America?

Chapter 3 Results is too long and contains too much information. Table 5 (which does not have a caption - it needs to be corrected) contains too much information and the reader gets lost with so many statements and quotes. It would be interesting to create a more summarized and simplified table, which would not "force" the reader to read all that information to understand what was written on the subject.

The discussion of the results ends up being too poor, with space and information for more discussion.

The recommendations should be consolidated with the authors/studies on which they are based. They appear a little "disjointed", without any basis for them.

Chapter 6 does not need to have so many subpoints. A continuous text with the same information would suffice.

Author Response

We are grateful for your feedback. Below, we detail the improvements made to the manuscript based on the recommendations provided.

 

Comment 1: I think that more objectives could have been listed, which were not limited to establishing this relationship and determining the countries that carried out previous research.

Answer 1: We replaced the last paragraph in section 1, so that we listed robust research objectives and problems:e

In addition to exploring the relationship between financial education and personal finance and identifying the countries contributing to this field, this systematic review pursues several broader objectives. It aims to synthesize the empirical evidence available in Spanish-language academic literature from Latin America, while also examining the theoretical frameworks, methodological approaches, and analytical tools employed by the selected studies. Moreover, it seeks to assess the quality and consistency of the research, identify common patterns and divergences, and evaluate the practical implications of financial education initiatives across different contexts and populations.

The review also aims to generate evidence-based recommendations for educational policymakers, financial institutions, and community organizations, as well as to propose directions for future research that address current gaps and expand the regional and thematic scope of the literature. Through this comprehensive approach, the study seeks not only to document what has been researched but also to offer critical insights that can inform more inclusive and effective financial education strategies in Latin America.

Accordingly, the review addresses the following guiding questions: What scientific evidence exists on the relationship between financial education and personal finance in Latin America? Which countries have contributed to this field through empirical research? What conceptual and methodological frameworks are used in these studies? What are the main findings and practical lessons reported? What contradictions or limitations emerge from the literature? And how can this accumulated knowledge inform future studies and policy development?

 

Comment 2: The introduction fails to focus on the relevance of the study. I think the study is interesting, but it needs to be justified and shown what it brings to the area.

We incorporated this content, by the end of the introduction:

Despite increasing global attention, there remains a scarcity of systematic analyses that synthesize Spanish-language empirical research on financial education in Latin America. This review fills a critical gap by focusing on contextually specific studies often overlooked in global syntheses dominated by English-language literature. By concentrating on this linguistic and regional subset, the study offers localized insights that are vital for tailoring financial education policies in Latin American countries. In doing so, it advances the field by providing a unique, culturally grounded understanding of how financial literacy manifests in diverse sociopolitical and economic environments.

 

Comment 3: In chapter 2, they explain what financial education is and what we can find in the following chapters. In any case, the relationship between financial education and personal finance could be addressed here and the chapter could be a little more in-depth.

We incorporated this content, in the second paragraph of chapter 2:

The relationship between financial education and personal finance is central to understanding how individuals acquire, interpret, and apply knowledge in real-life situations. Financial education not only increases cognitive understanding of economic concepts but also equips individuals with practical tools to manage income, budgeting, savings, investment, and debt. Several studies suggest that improved financial literacy leads to more informed financial behaviors, which in turn contribute to enhanced financial security and long-term well-being (Lusardi & Mitchell, 2014). This interplay highlights the need to examine both knowledge acquisition and behavioral outcomes in a unified framework.

 

Comment 4: The chapter on materials and methods explains how the articles were selected. Some of the criteria end up restricting the demand too much. Why only Spanish-language articles? Why only articles from Latin America?3

We incorporated this content, in the second paragraph of chapter 3:

The review was limited to Spanish-language articles for two main reasons. First, the intent was to explore financial education within its original linguistic and cultural context, as Spanish is the predominant language of academic communication in most Latin American countries. This focus enables deeper engagement with region-specific terminology, policy debates, and educational practices that are often underrepresented in English-language literature. Second, much of the relevant and context-sensitive research on financial education in Latin America is published in local and regional journals not indexed in global databases or available in English. While this linguistic and regional scope ensures contextual relevance, it also introduces limitations, particularly regarding generalizability and the exclusion of potentially valuable English-language or Portuguese-language studies. These constraints are further discussed in Section 6.

 

Comment 5: Chapter 3 Results is too long and contains too much information. Table 5 (which does not have a caption - it needs to be corrected) contains too much information and the reader gets lost with so many statements and quotes. It would be interesting to create a more summarized and simplified table, which would not "force" the reader to read all that information to understand what was written on the subject.

Answer 5: We appreciate the reviewer’s suggestion regarding the length and level of detail in Chapter 3 and Table 5. However, we respectfully wish to maintain the current format and depth of information. The decision to include detailed findings and lessons learned for each article was intentional, as it allows readers (particularly researchers and policymakers working in financial education) to clearly trace the empirical basis for the thematic synthesis, recommendations, and conclusions.

Given the diversity of contexts and populations addressed in the 19 studies, we believe that condensing the results further would risk oversimplifying the contributions and obscuring important nuances.

 

Comment 6: The discussion of the results ends up being too poor, with space and information for more discussion.

Answer 6: We added this content in the discussion section:

The review also reveals underlying tensions within the academic discourse. While some studies emphasize the role of formal curricula and policy frameworks, others argue that grassroots, community-driven models are more effective in fostering lasting financial behavior change. Moreover, inconsistencies emerge regarding the impact of financial literacy on behavioral outcomes: in some cases, higher knowledge levels did not translate into responsible credit use or improved savings, highlighting the complex mediation by psychological, cultural, and institutional factors. There is also debate about the responsibility of financial education—whether it should rest on the individual or be seen as a collective, structural endeavor. These points of divergence reflect the multifaceted nature of financial literacy and call for a more pluralistic approach to both research and intervention.

 

Comment 7: The recommendations should be consolidated with the authors/studies on which they are based. They appear a little "disjointed", without any basis for them.

Answer 7: We have rewritten the recommendations section, incorporating the citations from which the inputs for each of the eight recommendation elements were drawn.

 

Comment 8: Chapter 6 does not need to have so many subpoints. A continuous text with the same information would suffice.

Answer 8: We have removed the subtitles, as recommended.

 

Round 2

Reviewer 2 Report

Comments and Suggestions for Authors

Thank you. 

Reviewer 3 Report

Comments and Suggestions for Authors

I appreciate the effort made to improve the article, according to the suggestions given.

I believe the article is now ready to be published.