Paper
Assessing Indebtedness: Results from Pilot Survey among Steelworkers in Sao Paulo
Determining characteristics and implications of over-indebtedness
52 pages
This report summarizes findings from a study on indebtedness conducted in April-May 2006. The study sought to assess levels of over-indebtedness in the sample population and determine if there are any characteristics associated with people who are over-indebted.
The study surveyed the Steelworkers Union of the ABC region of São Paulo. The survey found that indebtedness is a problem for 15% of the sample. Findings include:
- No correlation is observed between socio-economic profiles and level of indebtedness;
- Certain forms of financial use are correlated with high levels of indebtedness;
- Payroll credit is used to liquidate more expensive debts;
- Vehicles are a source of financial stress;
- Bad credit record does not imply indebtedness.
The study recommends the development of a financial education program that would be group-based, historically grounded, family-oriented and objective-oriented in order to address indebtedness among the sample population.
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