Financial literacy and retirement planning in Mexico

IF 2.1 Q2 ECONOMICS

Economics & Sociology Pub Date : 2023-09-01 DOI:10.14254/2071-789x.2023/16-3/4

Sergio Hernández-Mejía, Elena Moreno-García

引用次数: 0

Abstract

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.

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墨西哥的金融知识和退休计划

根据《2021年墨西哥国家普惠金融调查》，墨西哥人在退休储蓄方面的行为令人非常担忧，因为只有三分之一的墨西哥人为退休储蓄。本研究衡量墨西哥人的金融素养水平，并确定其与退休计划和社会人口变量的关系。对多项logit微观计量经济模型进行了估计，并使用了上次墨西哥国家普惠金融调查(2021)的数据。结果表明，女性、农村居民、受教育程度较低的人和低收入者更有可能不为老年做计划。此外，财务知识对正式计划退休的决定有积极的影响。这些发现可能有助于制定策略，提高墨西哥人的金融知识水平，从而提高他们的退休计划。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economics & Sociology ECONOMICS-

CiteScore

5.40

自引率

6.70%

发文量

审稿时长

24 weeks

期刊介绍： Economics and Sociology (ISSN 2306-3459 Online, ISSN 2071-789X Print) is a quarterly international academic open access journal published by Centre of Sociological Research in co-operation with University of Szczecin (Poland), Mykolas Romeris University (Lithuania), Dubcek University of Trencín, Faculty of Social and Economic Relations, (Slovak Republic) and University of Entrepreneurship and Law, (Czech Republic). The general topical framework of our publication include (but is not limited to): advancing socio-economic analysis of societies and economies, institutions and organizations, social groups, networks and relationships.[...] We welcome articles written by professional scholars and practitioners in: economic studies and philosophy of economics, political sciences and political economy, research in history of economics and sociological phenomena, sociology and gender studies, economic and social issues of education, socio-economic and institutional issues in environmental management, business administration and management of SMEs, state governance and socio-economic implications, economic and sociological development of the NGO sector, cultural sociology, urban and rural sociology and demography, migration studies, international issues in business risk and state security, economics of welfare.