Figure 3
The diagram is divided into two sections, “Original variable” and “Key dimension”. Under “Original variable”, several financial indicators appear in groups on the left side and connect with arrows to corresponding dimensions under “Key dimension” positioned in the middle. “Variable income or Fixed income”, “Mean expenses variability”, and “Have automated payments” connect to the box labeled “Planning”. “Own a house” and “Ratio total debt or assets” connect to “Wealth”. “Basic expenses or Income”, “Non basic expenses or Income”, and “Paycheck to paycheck” connect to “Spending”. A group of indicators including “Have high liquid and low risk savings products”, “Have investments in mutual funds”, “Have stocks, bonds or foreign currency investments”, “Have a credit card”, “Have consumer and microcredit loans”, “Have mortgage or leasing loans”, and “Use of digital channels” connect to the box labeled “Financial sophistication”. Another group including “Credit score”, “Debt service or Income”, “Credit card utilization ratio”, “Credit card advances”, “Days past due”, and “Number of loans refinanced” connect to the box labeled “Debt”. “Savings or Income”, “Time covered by emergency fund”, and “Make regular savings” connect to the box labeled “Savings”. “Have home insurance”, “Have life insurance”, “Have children’s education insurance”, and “Have other insurances for example vehicle” connect to the box labeled “Protection”. All boxes under “Key dimension” then connect with curved arrows to a final box positioned at the far right labeled “F W I”. The lower part of the figure shows the labels “Stage 1” under the mapping of boxes of “Original variable” to the boxes of “Key dimension”, and “Stage 2” under the connection of boxes of “Key dimension” to “F W I”. A legend at the bottom right shows “Sub-indicator” and “Final Indicator”.FWI construction flowchart. Source: Authors' own work