International Journal of Humanities and Social Science

ISSN 2220-8488 (Print), 2221-0989 (Online) 10.30845/ijhss

Informal Entrepreneurs, Savings and Trust in the Colombian Financial System: A Case of the Informal Footwear Market in Bogotá
Sabogal, Mauricio; Salcedo-Pérez, Carlos

This article discusses the main findings of a local study in the Bogotá informal footwear market. The study was made with a survey to informal entrepreneurs, and its focus was to understand the consumer behavior of these entrepreneurs in terms of their relationship with the financial sector. This article focuses in the relationship between trust, savings and other key variables of financial consumer behavior for these entrepreneurs. A context on the definitions of trust and its relationship with other variables is addressed, then is discussed some numbers regarding access to financial services. The main findings of the article are: there is a negative relationship between trust in banks and trust in in informal lenders, also, there is differences in the type of access to the financial sector for informal entrepreneurs (type of products), based on if they save or not. Besides, there is a relationship in the main attributes that the financial services should have depending in if the entrepreneur saves or not. These results has implications for marketing and economic authorities that are discussed at the conclusions.

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