Financial literacy and retirement planning in Mexico

Bibliographic Data

ID2434834
AuthorsSergio Hernández-Mejía (0000-0002-5477-666X, Universidad Cristóbal Colón), Elena Moreno-García (0000-0001-9591-5921, Universidad Cristóbal Colón)
Year2023
Volume16
Issue3
Pages65-81
Publication date2023-09-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueEconomics & Sociology (JOURNAL)
Journal identifiersISSN: 2071-789X • E-ISSN: 2306-3459
PublisherCentre of Sociological Research, Szczecin, Poland (PUBLISHER • PL)
DOI10.14254/2071-789x.2023/16-3/4
OpenAlexW4387543223
LanguageEN
Citations received2
References cited45

According to the Mexican National Survey of Financial Inclusion 2021, Mexicans' behavior regarding retirement savings is of great concern because only one-third of the Mexican population saves for their retirement. This study measures the financial literacy level among Mexicans and determines its relationship with retirement planning and socio-demographic variables. A multinomial logit micro-econometric model was estimated and data from the last Mexican National Survey of Financial Inclusion 2021 were used. The results indicate that women, rural residents, poorly educated people, and low-income earners are more likely not to plan for old age. Furthermore, financial literacy positively influences the decision to formally plan for retirement. The findings may be useful in designing strategies to increase Mexicans' financial literacy levels and, consequently, their planning for retirement

Business · Demographic economics · Economic growth · Economics · Financial inclusion · Financial literacy · Financial plan · Financial services · Inclusion (mineral) · Literacy · Multinomial logistic regression · Population · Retirement planning · Sociology · Demography · Finance · Financial Literacy, Pension, Retirement Analysis · Housing Market and Economics · Psychology · Retirement, Disability, and Employment

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Open DOIOpen Access