*4.1. Savings*

The importance of the concept of savings in financial education derives from the economy, from both macroeconomic and microeconomic approaches. From the macroeconomic view, savings is the surplus of income over what is spent on consumption [52]. Likewise, good financial intermediation between savers and investors increases the economic development of a nation [53]. In this sense, [54] indicated that, if a nation has high savings rates, this is correlated with economic growth, pointing out that there is a cycle between savings and prosperity. Hence, macroeconomic principles have led several authors to explore diverse concepts that contribute to improving the development of a nation. From a microeconomic view, an individual demonstrates a saving behavior if he/she balances current consumption against expected consumption. This indicates that a well-informed individual will not consume all his/her income and will save for difficult times [55]. Likewise, some approaches have indicated that an environment of uncertainty is relevant to having such savings in the future [56]. Moreover, other studies have incorporated liquidity restrictions derived from imperfections in credit markets [57]. Additionally, savings behavior is driven

by externalities produced by inadequate financial intermediation and by imperfections in the credit and insurance markets [58].
