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E1a Financial Literacy, Financial Inclusion, and Objective Financial Situation in México
Short Description
This study aims to build an indicator for measuring financial well-being and examine the extent to which financial inclusion and financial literacy contribute to financial well-being among the adult population in Mexico. We formulate indicators from a consumer's point of view instead of relying on supply and large aggregates. This model applies to geographically dispersed, economically unequal, and socially contrasting nations and can also be a referent to other emergent economies. We employed multiple correspondence analysis and a multiple linear regression model based on ordinary least squares. Our results constitute a baseline for further comparisons that can facilitate the evaluation of Mexico's financial inclusion policy. We show that all components of financial literacy and financial inclusion positively relate to financial well-being; however, they do not exhibit the same impact. The most relevant factors are financial behavior, access and tenure of financial products, and financial consumer protection and confidence. Similarly, we observed that education plays a preponderant role in explaining financial well-being, while age inversely associates with it. We also confirmed a significant gender gap in favor of males, while the retired exhibit the highest level of financial well-being, followed by workers, students, the unemployed, and homemakers.
Type of presentation
Accepted Oral Presentation