Financial exclusion and financial literacy
Evidence from Mexico
The present study seeks to contribute to the understanding of the underlying factors that could explain the high levels of financial exclusion that persist in Mexico, in particular the role of financial literacy. Our analysis is based on the 2018 National Survey of Financial Inclusion in Mexico (ENIF). To address the potential endogeneity between financial inclusion and financial literacy we use an instrumental variable probit model. The empirical analysis shows that the low levels of financial literacy, socioeconomic vulnerabilities, personality traits, and lack of trust in financial institutions prompt holding a formal financial product in Mexico.
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Copyright (c) 2022 Maria Jose Roa
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