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P104 Consumer credit score and financial well-being in Mexico
Short Description
The primary goal of this study is to analyze the relationship between credit scores and the financial well-being of consumers in Mexico in three dimensions: present, future, and overall. During November and December 2022, we sent a survey to assess consumers' financial well-being to a private company that already had records of their credit scores and other sociodemographic variables. Data from 1305 consumers were collected.
This study follows a quantitative, cross-sectional, and correlational approach. First, latent variables (FWB present, FWB future, and FWB overall) were estimated. Later, three multiple linear regression models based on OLS were constructed, one for each financial well-being dimension.
Our study confirms that credit score is positively related to financial well-being among Mexican consumers. The coefficients in all three models are positive and significant. Additionally, the analysis shows that financial well-being is positively related to income level and having extra income.
This research contributes to the knowledge of financial well-being and credit behavior. Its results are helpful for policymakers and financial institutions seeking to assist financial consumers in improving their financial resilience. One of its primary applications is strengthening financial education strategies that help consumers improve their healthy credit behavior.
Type of presentation
Accepted Poster Presentation