Ahorro para emergencias, la inclusión y la educación financiera en México

Abstract

Savings for emergencies, inclusion and financial education in Mexico

The aim of this research is to analyze the relationship between knowledge, education and financial inclusion of Mexicans and the owning of savings accounts for emergencies. The sociodemographic and financial determinants of savings accounts for emergencies are identified. For the analysis, the dichotomous Probit model is used with data from the 2018 National Survey of Financial Inclusion. Results show that financial knowledge, owning a financial accounts, financial training and owning physical assets have a positive effect on holding savings for emergencies. Holding a savings account is the most important predictor, whose effect on the probability of holding savings for emergencies is 12.96%. The people most likely to have an emergency fund are men, elderly, married, with a higher level of education, from an urban location, and those with few dependents. The findings may be useful for the design of financial education strategies that make it possible to enhance access of population to short-term savings products.