WILLEMSTAD - There is an alarming deficiency in financial literacy in Curaçao, resulting in serious financial issues. Research conducted by Jasmira Wiersma indicates that many residents lack a fundamental understanding of financial concepts.
Wiersma, who holds a doctoral degree in economics from the University of Groningen, examined financial behavior, financial literacy, and people's health, with a specific focus on Curaçao and the Netherlands. Her research is titled "Unlocking the Key to a Better Life: Three Essays on Financial Behavior, Financial Literacy, and Health."
Only 58% of the respondents fully comprehended the concept of interest. Wiersma emphasizes the necessity for financial education, especially for vulnerable groups.
"Providing information on financial concepts, including interest, is essential for making well-informed financial decisions. The lack of understanding leads to problematic debt situations, as people take out loans without realizing they have to pay interest," Wiersma explained.
The researcher advocates for a national strategy for financial education within the educational system to impart financial knowledge to young people.