A Systematic Review of Financial Literacy Research in Latin America and The Caribbean

: Several well-known studies have remarked on the low ﬁnancial literacy (FL) levels in Latin America and the Caribbean (LAC), which represent a problem in an economic context of change and uncertainty. This fact gives us the opportunity to evaluate the current state of literature related to FL in the region. The main list of identiﬁed keywords allowed the PRISMA methodology to guide the systematic literature review and analysis procedure. During 2016–2022, the FL search yielded around 4500 FL manuscripts worldwide, but only 65 articles were related to the scope of our analysis (which involved looking at LAC countries). Being the ﬁrst review from an LAC country about all LAC countries, the ﬁndings highlight a lack of FL research focus on regional needs, gender gaps affecting women, and conceptual frameworks used to develop efﬁcient educational program interventions. Most studies in this review build on the OECD deﬁnition of FL, but the ﬁnancial attitude dimension often seems to be omitted from the analyses. These ﬁndings open the discussion about efﬁcient policy design concerning FL development in LAC.


Introduction
Recent decades have demonstrated that we are living at a time of fragility and constant uncertainty due to consecutive economic and political system changes [1]. These facts stress the increasing importance of raising financial literacy (FL) levels in the population to ensure that individuals achieve adequate financial wellbeing [1].  described FL as knowledge, attitudes, and behaviors that play a key role in enabling people to make assertive decisions regarding their financial wellness [2]. FL is crucial in facing challenging situations in a particular country and setting. It allows individuals to control their involvement with financial products in the market and to manage their finances [2]. With the expansion of financial services and financial-technological banking systems, the need for more in-depth financial knowledge (FK) has attracted the interest of scientists in developing research, experiments, and reviews about FL [3].
Researchers have also explored the impact of FL on key economic variables and related wellbeing levels by studying, for instance, individual wealth accumulation, debt, risk tolerance, and retirement preparedness. The relationship between FL and certain kinds of economic and financial behavior has been well documented [4,5]. This is reflected in the growing number of FL publications. Researchers try to map financial knowledge (FK) and how individuals act or what attitudes they hold toward A detailed analysis of the 65 articles resulted in a structured table scanning a lected papers for 14 proposed key variables based on our experience of what is rel and common in FL studies (Table 1). We offer a transparent and comparable schem analysis to accomplish the third objective of this study-"to provide an LAC studies  PRISMA and the proposed scheme allowed us to first describe the most imp contributions made in recent years in LAC. Second, it allowed us to determine th gress of this region in FL to find the approaches that FL research has taken in recen to delineate fields of interest. The PRISMA process allowed us to formulate a met find the 65 suitable manuscripts related to LAC (See supplementary materials). T shows a structured output that acted as the third research objective and allowed make the comparison needed to accomplish objectives 1 and 2.
Based on the above and to the best of our knowledge, the results section sho studies' analysis structure to meet the first two research objectives. The proposed s tions in the Results section are publications over time, publications by country, FL tions in LAC studies, type of FL studies (review, scale, intervention, longitudinal), a endogeneity bias in LAC studies.

FL Publications over Time
Despite producing increasing global and historical FL results, Figure 3 refle low output of articles related to FL in the LAC region during the last six years, increased along with the worldwide trend in 2021. This increase could be explain the higher accessibility of banking products and the FL background that navigating necessitates [21]. The 2021 studies focus on investigations involving younger gener primarily students, with stronger perceptions and attitudes toward financial issu lower financial skill and usage levels. The latter could be associated with gender gap For example, the technological gender gap intensifies when young adults have low of FL [23,24], with women lacking access to ICTs (information and communication nologies). The gender gap reflects-as has been reported globally-that these w seem to master FK to a lesser extent [25].
Individual behavior is a marked trend in the 2021 studies, as they provide information about what drives people to make decisions that influence their fin wellbeing. The study of Hernández-Mejia et al. (2021) contributed with an analysis behavior of individuals who own a credit card and have knowledge about finance were able to determine that women have a low level of financial culture and that who own a card are more likely to pay their debts [26]. This study was carried out on the increasing use of financial instruments such as credit cards. On the other han PRISMA and the proposed scheme allowed us to first describe the most important contributions made in recent years in LAC. Second, it allowed us to determine the progress of this region in FL to find the approaches that FL research has taken in recent years to delineate fields of interest. The PRISMA process allowed us to formulate a method to find the 65 suitable manuscripts related to LAC (See supplementary materials). Table 1 shows a structured output that acted as the third research objective and allowed us to make the comparison needed to accomplish objectives 1 and 2.
Based on the above and to the best of our knowledge, the results section shows the studies' analysis structure to meet the first two research objectives. The proposed subsections in the Results section are publications over time, publications by country, FL definitions in LAC studies, type of FL studies (review, scale, intervention, longitudinal), and the endogeneity bias in LAC studies.

FL Publications over Time
Despite producing increasing global and historical FL results, Figure 3 reflects the low output of articles related to FL in the LAC region during the last six years, which increased along with the worldwide trend in 2021. This increase could be explained by the higher accessibility of banking products and the FL background that navigating these necessitates [21]. The 2021 studies focus on investigations involving younger generations, primarily students, with stronger perceptions and attitudes toward financial issues but lower financial skill and usage levels. The latter could be associated with gender gaps [22]. For example, the technological gender gap intensifies when young adults have low levels of FL [23,24], with women lacking access to ICTs (information and communication technologies). The gender gap reflects-as has been reported globally-that these women seem to master FK to a lesser extent [25].
Individual behavior is a marked trend in the 2021 studies, as they provide critical information about what drives people to make decisions that influence their financial wellbeing. The study of Hernández-Mejia et al. (2021) contributed with an analysis of the behavior of individuals who own a credit card and have knowledge about finance. They were able to determine that women have a low level of financial culture and that those who own a card are more likely to pay their debts [26]. This study was carried out based on the increasing use of financial instruments such as credit cards. On the other hand, the study of Ali et al. (2021) was based on individuals' access to financial products Sustainability 2022, 14, 3814 6 of 43 and the socio-political and economic situation experienced by Latin American countries, which may cause greater indebtedness of users [27]. The authors analyzed the FA and FB of history and geography university students, focusing on rationality and centrality. The behavior of individuals shows the gaps that can be caused by inequality of gender, socioeconomic level, and technology or all in a single case, as in the study by Hernández Rivera and Rendón Rojas (2021) [24].
During recent years, some studies have linked FL with various fields such as mental health, technology, and gerontology. These contributed new and creative approaches to the literature. For example, in the study by Notargiacomo and Marin (2021), the contribution was based on the description of a program developed with artificial intelligence called STIMA, which seeks to collect financial information from experts to provide favorable options to students at the time of decision making. A quasi-experiment was conducted to validate the program where a student used the tutor-supervised program for four months [28].
Other studies did not focus on measuring knowledge or demonstrating how dispersed groups can be found in terms of FL but on providing solutions to various problems that individuals experience in the financial sphere. In the study by Genta Maragni et al. (2021), their contribution was not only about the financial field; it included research on mental health. The authors sought to provide the possibility to undertake and improve the finances of people with mental illnesses, providing a new focus on the financial inclusion of a vulnerable population often undervalued in the workplace [29]. Duch et al. (2021) focused on a vulnerable group, retirees who receive pensions from private and public systems, and the authors carried out a field experiment to improve the retirees' financial wellbeing [30]. García  analyzed the effect of retirement planning, taking as an essential axis the gender of individuals to measure intentions after having answered several questions belonging to the National Survey of Financial Inclusion based on a theoretical financial planning basis [31]. may cause greater indebtedness of users [27]. The authors analyzed the FA and FB tory and geography university students, focusing on rationality and centrality. havior of individuals shows the gaps that can be caused by inequality of gender, s onomic level, and technology or all in a single case, as in the study by Hernández and Rendón Rojas (2021) [24].
During recent years, some studies have linked FL with various fields such as health, technology, and gerontology. These contributed new and creative approa the literature. For example, in the study by Notargiacomo and Marin (2021), the co tion was based on the description of a program developed with artificial intel called STIMA, which seeks to collect financial information from experts to provid able options to students at the time of decision making. A quasi-experiment w ducted to validate the program where a student used the tutor-supervised prog four months [28].
Other studies did not focus on measuring knowledge or demonstrating ho persed groups can be found in terms of FL but on providing solutions to various pr that individuals experience in the financial sphere. In the study by Genta Marag (2021), their contribution was not only about the financial field; it included rese mental health. The authors sought to provide the possibility to undertake and im the finances of people with mental illnesses, providing a new focus on the financia sion of a vulnerable population often undervalued in the workplace [29]. Duch et a focused on a vulnerable group, retirees who receive pensions from private and systems, and the authors carried out a field experiment to improve the retirees' fi wellbeing [30]. García  analyzed the effect of retirement planning, takin essential axis the gender of individuals to measure intentions after having answer eral questions belonging to the National Survey of Financial Inclusion based on a t ical financial planning basis [31].

FL Publications by Country
Regarding the country distribution of published articles (Figure 4), we found related to FL in only 8 of the 30 LAC countries. The highest number of studies we

FL Publications by Country
Regarding the country distribution of published articles (Figure 4), we found studies related to FL in only 8 of the 30 LAC countries. The highest number of studies were conducted in Brazil, with studies analyzing different aspects of FL and a focus on formal (business) education, again on gender differences. Being male results in higher levels of financial education [32,33]. A scale developed to measure the individual FL of Brazilians found that single women with low incomes and low financial education usually have low FL [18]. This article also highlighted Brazil's attempt to counteract the gender gap through women's financial support policies. The Bolsa Familia program, for example, was inefficient according to the findings of one study because giving women more money does not help them if they do not have an adequate level of FL to know how to manage it. That is why studies about financial education get a lot of attention in this country, focusing on personal finance courses [34] and designing innovative FL interventions, such as those based on video games, to impact FL in younger generations [35]. However, these studies consider the importance of adequately establishing financial education programs because FL is related to the individuals' characteristics [33]. Thus, diagnosing their profiles to develop financial solutions is crucial [36], for example, designing content focused on early levels of education to prepare children before they become adults or developing more specific courses that do not focus solely on theory but include practice examples to impact FA [17].
ability 2022, 14, x FOR PEER REVIEW 7 (business) education, again on gender differences. Being male results in higher leve financial education [32,33]. A scale developed to measure the individual FL of Brazi found that single women with low incomes and low financial education usually have FL [18]. This article also highlighted Brazil's attempt to counteract the gender gap thro women's financial support policies. The Bolsa Familia program, for example, was in cient according to the findings of one study because giving women more money doe help them if they do not have an adequate level of FL to know how to manage it. Th why studies about financial education get a lot of attention in this country, focusin personal finance courses [34] and designing innovative FL interventions, such as t based on video games, to impact FL in younger generations [35]. However, these stu consider the importance of adequately establishing financial education programs bec FL is related to the individuals' characteristics [33]. Thus, diagnosing their profiles to velop financial solutions is crucial [36], for example, designing content focused on e levels of education to prepare children before they become adults or developing m specific courses that do not focus solely on theory but include practice examples to im FA [17]. Furthermore, 15 articles were the result of research conducted in Mexico, with s of these studies involving high school and university student samples. The results p to low levels of FL without stating gender differences [24,[37][38][39][40][41][42]. Studies set up in C (n = 9) involved more complex samples, with some focusing on micro-entrepreneur which exhibited positive FL outcomes that were reflected in decreasing debt levels Micro-entrepreneurial women, who have lower levels of FL, may therefore benefit m from these interventions. Chilean studies also focused on pre-retirement samples [30] subjects with loans or loan intentions within the next three months [44], concluding Furthermore, 15 articles were the result of research conducted in Mexico, with some of these studies involving high school and university student samples. The results point to low levels of FL without stating gender differences [24,[37][38][39][40][41][42]. Studies set up in Chile (n = 9) involved more complex samples, with some focusing on micro-entrepreneurship, which exhibited positive FL outcomes that were reflected in decreasing debt levels [43]. Micro-entrepreneurial women, who have lower levels of FL, may therefore benefit more from these interventions. Chilean studies also focused on pre-retirement samples [30] and subjects with loans or loan intentions within the next three months [44], concluding that rich information about retirement plans and loans positively affects the quality of decision making. The reason behind the selection of samples with complex characteristics in Chile comes partly from scandals that have existed around issues related to loans, such as the case of "La Polar" and "Cencosud", who took advantage of individual clients' financial assets [44].
Colombia and Mexico mainly present studies involving students [23,45,46] focusing on FL, knowledge, and skills, emphasizing the lack of financial development in students, and noting higher levels of FL in students with higher cognitive abilities. On the other hand, in Ecuador, the implementation of tools to study FL interventions stands out, such as video vignettes [47,48] that have a significantly positive effect on FL levels when the intervention is extended. As far as Guatemala is concerned, the only publication from the sample used a research design with demand-driven interventions focusing on inclusive health insurance in vulnerable populations [49]. Finally, the studies conducted in Peru and Trinidad and Tobago emphasize financial education components that contribute to FL and digital (financial) skills.

FL Definitions in LAC Studies
Authors' definitions of FL in LAC build mainly on the OECD's definition [50], which considers FL to comprise FK, FA, and FB, where each is required to make appropriate financial decisions that improve an individual's lifestyle.
The context in which each author considers the definition of FL is also highlighted. In most FL studies, the focus is on the knowledge and skills of individuals, working on strategies of individuals involved in small and medium-sized enterprises [51], the capitalization of bonds [52], and how individuals manage their pension fund portfolios [53]. The focus on the different FL dimensions helps to explain the low FL levels in the region [21,23,24,[37][38][39][40][41][42].
According to Table 1, 44 of the 65 publications consider at least two of these dimensions in their FL definition, confirming the relevance of the conceptual framework across LAC studies. Fifty-nine (91%) publications consider FK in their definition, including knowledge of financial terms such as interest rates, inflation, purchasing power, and risk management. FB is tackled in 42 (72%) of the 65 publications, and 42% of the studies include FA as a critical research dimension. The lower focus on FA can be explained by the difficulty of measuring the opinions and judgments of individuals regarding finances, creating a risk of generating biases in FL measurements. This is related to authors having to use a proxy to measure FL given the limitations of the data [52][53][54]. However, the FA dimension has the same relevance as the other two dimensions, as is demonstrated when comparing the different approaches of the definition of FL [2] and the relation between the three dimensions [36].
The general research findings point to poor FK and FB in LAC. The results stress the need to strengthen the basic understanding of financial concepts and to build a financially responsible culture characterized mainly by rational decision making and adequate financial planning. Rational financial decision making is critical since the studies also remark the low self-control in money management and budget planning.
When comparing the situation in these countries with global development, the importance of FL in decision making is highlighted, as well as the need to consider all FL dimensions as pillars to achieve financial wellbeing [34,[55][56][57]. Most authors consider at least one dimension of FL in the available research, thus making it possible to pull together the results of different studies [13,[58][59][60][61]. Another shared feature is the emphasis on the impact of different levels of FL on managing personal finances in the short and long term [3,[61][62][63][64][65][66].

Type of FL Studies
Analyzing the research presented in the FL studies helps us to understand the development of FL research and to classify it as focusing on the measurement scale, FL intervention, longitudinal studies, and review studies. Figure 1 and Table 1 point this out and document the number of articles of each type.

Measurement Scales
As is presented in Figure 1, 33 articles reported ways to measure FL (50.77%). One of the most referenced scales is the FL-ABK questionnaire [67]. This scale is congruent with the above multidimensional FL definition with 40 questions that analyze the dimensions FA, FB, and FK.
Other studies build a scale to study FB-see the scale of Xiao and O'Neill (2018), the OECD (2013) scale, and the scale of Van Rooij et al. (2011). These scales measure FK based on questions tackling financial topics, calculating interest rates, and understanding the value of money, shares, mutual funds, and risk diversification [50,68,69].
Next, a considerable number of articles build on author-designed scales about financial perceptions [23,70], socioeconomic literacy [38,71], and a measure of FL in university students [23,45]. A particular study not only measured FL at one moment but generated a life cycle profile [72].
Many recent studies have provided contributions focusing on measuring FL and validating instruments known as scales. The study of Santoyo-Ledesma and Luna-Nemecio (2021) performed a descriptive experiment to validate a scale to measure the level of FL of the millennial generation [73]. In the study by Avendaño et al. (2021), a scale was also used to measure the level of FL, which collects the sociodemographic information, perceptions, and skills of individuals in various financial situations. It was possible to identify a low level of knowledge and a lack of programs that improve university students' competencies [23]. Scales can measure the level of FL in a general way and the dimensions' performance, depending on the purpose of the study. For example, in Paraboni and Da Costa's (2021) study, the three dimensions that make up the FL of university students were measured. Still, unlike the studies mentioned above, an intervention was carried out to measure their learning after a certain period [34]. Several studies in Latin America use scales to facilitate measurement. This fact potentiates a more significant number of articles adapting instruments, experiments, or quasi-experiments to increase the financial wellbeing of more and more people due to the greater access they have to financial products for which a higher level of FL is necessary.

FL Interventions
Reports on interventions were found in 17 studies (26.15%). Interventions studied the effects of formal and business education on financial education [32], the impact of communication of banking stress test routines from the perspective of the consumer on FL [74], and the effect of highlighting an operational focus on cash flow in loan decisions [75], personal finance courses [34], and the use of video vignettes [47]. Meanwhile, one study focused on associations with cognitive abilities [46]. Some interventions measure the FL level with a proxy. For example, an analysis of the effect of individual choice on pension wealth considered that individuals who move away from the default pension fund portfolio are more financially literate [53]. Another example is capitalization bonds instead of a savings account. In the Brazilian context, the returns of these bonds (chance of winning a prize) are lower than the returns of a saving account [54]. The intervention studies reflect implicit models about the nature of the relationship between the interventions, various dependent covariates (e.g., gender), and mediating/moderating variables. However, it is striking that the studies do not present a clear theoretical framework to ground the research questions or hypotheses. There is no established way to guide people's FL [2,33,43]. Therefore, most authors who want to impact FL levels quickly base their intervention designs on definitions associated with financial education [27,29,32,34,74]. All of them consider that FK without a proper theoretical approach ignores the need to improve behavior and attitudes of individuals.

Studies of FL Review Type
A review embraces a critical evaluation of earlier studies, which may or may not include an estimate of the effects [76]. Nine publications could be identified as FL review studies (13.85%). These reviews center on financial education in the Caribbean [77], access to bank credit for millennials [78], and financial innovation [79]. One meta-analysis stands out [33]. It sought to determine the background and consequences of FL. These kinds of reviews have either a global focus or a one-country focus, but none have studied the LAC region specifically. This is in keeping with the contribution of this work, which analyzes the evolution and principal axis of the FL studies in this region.

Longitudinal Studies
In total, six studies (9.23%) looked at variables within the same individuals over a more extended period. The studies focused on an extensive follow-up time window. One carried out an analysis of the relationship between financial education and household wealth in Bogotá over a 4-year period [80]. Another studied 66 years of discussion on FL in households in Mexico [81]. The shortest study looked at the effects of a video vignette intervention on participants' FL levels after one year [48]. The studies involved large samples [82] like Escudero and Ruíz's (2021) research looked at the influence of brokers' advice on people's willingness to pay, and small samples [83] like Téllez-León et al. (2019) looking for the main determinants of financial deepening. In general, the longitudinal studies look at later financial results-next to a focus on the intermediate changes in FL. These longitudinal studies become relevant when assessing the best way to impact FL on individuals. Financial education programs are more efficient in the long term [48]. This goes along with the considerations mentioned before, which highlight the adequacy of education programs to get better results.

The FL Endogeneity Bias in LAC Studies
Sekita et al. (2022) referred to the endogeneity bias in FL by explaining that wealthier individuals could, for instance, acquire higher FL through their higher exposure to risky financial assets [5].
The potential endogeneity of FL is addressed broadly by instrumental variable (IV) or generalized method of moments (GMM) techniques, according to Pesando (2018) [84]. Pesando (2018) grouped the IVs into three categories: (1) family background and financial knowledge of the peer or reference group, (2) information on past education and previous financial or math knowledge, and (3) instruments that exploit natural experiments or geographical variation in specified outcomes [84].
For example, in Japan, Watanapongvanich et al. (2021) controlled the endogeneity bias between FL and gambling behavior, using the education of respondents' fathers as an instrumental variable [85]. Noviarini et al. (2021) investigated the effect of FL on debt ownership, debt anxiety, and risk tolerance of older individuals in New Zealand. They found variate relationships by subsample cohort, and they remarked that the assumption of a simplified nature of the interrelation factors misleads relationship generalizations [4].
Looking at the endogeneity bias as a studied issue worldwide, the authors searched for FL plus endogeneity in the Scopus database. This revealed 33 published works dealing with FL endogeneity bias from 2016 to January 2022-45% of them from 2021. The increasing FL research production addressing the endogeneity bias is led by China, the United Kingdom, Japan, the United States, and Ghana. In the studied sample, Silva et al. (2021) from Brazil, a leading FL research country in the region, tested how consumers of banking services value stress tests performed by their banks [74] by applying IVs. This problem is not adequately recognized and registered as a common issue among LAC countries' FL research. Table 1. Articles detailed by title, journal, country, type, the scale used, citation, year, the total number (#) of applied dimensions (financial knowledge (FA), financial behavior (FB), financial attitude (FK)) by using the cross symbol (X), financial literacy definition by the author, validity/reliability (v/r), contribution statement, age scope, sample size, follow-up, and comments.

Discussion
The contribution of a designed scheme to scan and identify the fourteen variables as relevant content for each study allowed the authors to accomplish research objective 3, which may become a structured guide for future researchers. By adopting a PRISMAbased methodology [19] and the novel proposed scheme, this systematic review helped collect and process a sample of 65 articles that center on FL in LAC countries. Unlike earlier studies that adopted a narrower focus on the effects of FL [33], reviews of financial education programs [89,97], FL perspectives in the Caribbean [77], and a focus on links with health [100] or technologies [79], this review adopted a broader perspective while focusing on research published recently.
Without repeating the results reported above, the discussion section zooms in on critical elements that become obvious when summarizing the findings. First, LAC's FL research has only increased recently in the literature, especially in 2021. This result sharply contrasts with the observations of Goyal and Kumar (2021), who observed a consistent increase in studies during 2010-2021 [8], but the LAC countries do not appear in their FL review. Most research is set up in North America, Europe, and Australasia, with an apparent lower contribution of research in Africa and Asian countries, according to the study of Klapper and Lusardi (2020) [104]. The latter authors stress that, even in emerging countries, only about half of adults who use credit cards or borrow money are sufficiently financially literate. They consequently point to the risk of financially illiterate people being involved in mortgage delinquency and defaults. They emphasize the extent to which large percentages of people in such countries-and this seems applicable to LAC-lack "debt literacy", are financially fragile, and can hardly handle unexpected financial shocks as observed in the US [105].
A second observation is that most studies in this review build on the OECD definition of FL that stresses the integrated focus on knowledge, behavior, and attitudes. This definition seems accepted as a standard in research. This fact helps us to compare research findings and allows for intervention approaches that fit this FL definition and focus. The fact that up to half the studies share a comparable FL measurement instrument strengthens this position. We must stress that more studies are needed to tackle financial attitudes, an FL dimension that is often omitted.
Independent of the age focus, studies cannot neglect that FA (e.g., reflected through beliefs, self-efficacy, or perceptions) needs to be studied more extensively. The importance of this FL dimension is evident when looking at research in developed countries, such as the study of Fernandes et al. (2014) [106]. These researchers stressed the need to set up longitudinal analysis to examine how FL impacts future downstream FB. However, they noted that the effect of most available studies seems to disappear when considering the psychological traits of individuals. Lynne and Parrotta (1996) [107] underpinned financial attitude as a precursor for FK and financial behavior. The study of Qamar et al. (2016) [108] focused on the precursors to self-efficacy and attitudes when studying financial behavior.
Finally, the available research emphasizes that financial education should be a longterm undertaking. In the current study, we found few publications stressing the need for a long-term engagement with FL throughout an individual's life. Most studies seem to limit LAC FL interventions to short-term activities and to neglect what is consistently reported in the literature about the erosion of FL over time [109]. The latter cannot be overlooked considering the shifting focus of FL priorities depending on the age of citizens [110,111].
Next, the literature shows considerable differences in variables that depend on the levels of FL. The available research in other geographical areas presents a broader perspective on the downstream variables affected by FL [106]. This comment can also be linked to a final critical observation related to the present literature analysis' results. A clear description of how changes in FL are linked to key financial decisions or other outcome variables is often absent. These points lack a clear theoretical framework to explain how or why interventions might have an expected impact, a shortcoming already mentioned in earlier FL research [112]. Examples of such theoretical groundings are scarce but inspiring. For instance, Amagir et al. (2017) built on the self-determination theory of motivation to predict the impact of FL interventions [113]. Others work with the human capital theory [114], the theory of planned behavior (TPB), the theory of consumer socialization (TCS), or the social learning theory [8].
Theoretical frameworks could help clarify the dominant FL conceptualization's relationship between attitudes, knowledge, and behavior. They could be enriched with variables that might interact with changes in or levels of FL, such as gender or cognitive capacities. The latter variables are critical considering the consistent results pointing to gender differences in FL [22,24,25], highlighting the difficulties women experience in accessing and using technologies. , in their research, found that men have a higher level of FK than women, which is why they recommend working on financial inclusion programs focused on single and low-income women [17]. On the other hand, in FB, gender is significantly related to other variables such as income and marital status. As a result, women are less likely to be taxpayers. They are less involved in finance than men [28].
This study developed broad conceptualizations regarding FL since they can vary and include new terms depending on the research context. FL has been linked to topics such as sustainability [86], artificial intelligence [28], and health [29], which shows that there is a flexible interconnection with other areas of knowledge. This relation between literacy and other topics may seem alien to a financial approach, but it has allowed the development of programs and policies that promote financial inclusion. This was done in countries such as Mexico, given their low levels of FL in secondary education [37]. At a global level, there are also entities such as S&P Global FinLit that contribute to the design of policies intending to improve financial wellbeing and offer tools to measure the level of FL to identify the weaknesses and strengths of the population [115]. The importance of measurement tools known as scales or surveys lies in the fact that they allow us to see the situation and thus establish policies according to the needs of each country [46], such as those aimed at reducing gender or technological gaps [81].

Conclusions
FL has gained global relevance and importance over time, mainly due to the expansion of financial markets, the wider variety of financial products available for users, and the financial needs linked to the growing involvement of citizens in microlevel economic processes. This fact has introduced the need to include an adequate level of FL into education. Economic changes also affect countries in the LAC region. However, research focusing on mapping the FL of citizens from these countries is scarce. The present systematic review contributes to filling this gap in the literature. As a result, the assessment of the status of FL among LAC countries mirrors worldwide trends in that it shows deficiencies. The key finding is the low number of FL studies. They lack a clear theoretical framework and consistently aim to develop all FL dimensions, focus on short-and long-term objectives, and consider critical background variables in citizens.
The current research offers three crucial outputs: a picture of the state of FL research in LAC showing its progress and interest compared to the worldwide benchmark; a transparent process and guide to make and compare future evaluations of the FL research in the region; and a diagnosis showing the shortcomings concerning FL research and what can be done to enhance the results.
The needed improvements in FL research in LAC involve increasing the quantity of FL research production in the region and the quality of the publications. The quality factor implies, for example, a need to analyze FL with an enhanced conceptual framework, include the often-forgotten financial attitude dimension of FL, approach the FL endogeneity bias increasingly studied worldwide, and link FL changes to key financial decisions (house, pension plan purchasing, etc.).
LAC needs to counter the lack of debt literacy in the region and a financial fragility that can hardly handle unexpected economic shocks, as observed in developed countries. There is an increasing need for studies emphasizing long-term engagement since there are consistent reports in the literature about the erosion of FL over time. These factors should all be considered in our efforts to design better solutions that attend to all related needs.
This work contributes to a sample comparison of thirty LAC countries through a formal methodology named PRISMA. The contribution of a scheme designed for scanning and identifying the fourteen variables as relevant content may represent a structured guide and constitute a key output for future researchers.
The main limitation of our study is that we may have missed studies published in reports, dissertations, and books. Additionally, the focus on journals incorporated in Scopus may have limited our search. Future research could expand the search and start from an a priori FL framework to consider how regional analysis differs from generic models that look at the need for FL. Economic structures can interact with and amplify regional differences depending on specific cultural and socio-economic settings.