Impacto de las variables sociodemográficas en los niveles de alfabetización financiera en México

Abstract

Sociodemographic Variables Impact on Financial Literacy Levels in Mexico 

Objective: The aim of this research is to analyze how sociodemographic variables influence the level of financial literacy in the Mexican adult population. Data: The data is obtained from the Mexican National Survey of Financial Inclusion ENIF (2021). Method: A financial literacy index is constructed and, based on the Pearson correlation coefficient, the statistical relationship between the index and the variables age, gender, marital status, location, educational level and income level is measured. An ANOVA model is estimated to identify the incidence of exogenous variables on the index. Results: Results show that the educational level variable is the one that has the most impact on the financial literacy index, followed by the population's income level. Results also show that gender and marital status variables have a marginal impact. Originality: The construction of the exogenous variables enhancing the meaning of the estimated parameters of the econometric model. Findings: A marginal impact on the index based on gender was identified, unlike the importance of this variable in the scientific literature on financial literacy. Limitations: Almost 90% of the surveyed population has an income equal to or less than four minimum wages. This questions the representativeness of the data for the Mexican population.